I’m hoping someone can kindly give me their advice please?
Relationship for 9 years (married for 5)2 kids (3 years and 6 months). Kids stay overnight every night at their mothers. I see them every day but they do not stay overnight with me.
Equity 400k (900k value, 500k mortgage)
Car 10k (paid for by me)
Declaration of trust:
Our house deposit and renovation costs were funded through initial contributions of 150k from my wife and her parents and 15k from me.This was entered into before we were married to protect my wife in the event we split up. It was on the understanding I would pay 66.6% of the mortgage and my wife 33% (which I have done for 5 years).
The DOT states that upon a sale our contributions would be repaid first and any balance (after repayment of mortgage) would be split 80/20 in her favour.
However since then:
we have since remarried
we have repaid 100k of her 150k initial contribution from remortgaging
I have paid for all significant purchases (holidays, furniture, car, white goods etc)
I have paid 80% of all mortgage and other outgoings (for 5 years) and her the remaining 20%
We have not updated/revised the DOT
My wife is in the house and I am staying with parents on a short term basis. I am happy for my wife to stay in the marital home but I would like to come to a Clean Break settlement so I know how much money I will have spare every month to buy my own house.
Could anyone kindly give me a sense of what a fair settlement looks like based on the above please (in particular the equity split on the marital home bearing in mind the DoT)?
Thanks very much in advance for your time.
Last edit: 04 May 21 by NYK4946. Reason: Formatting
It is impossible to give a view based on limited information beyond saying that the needs of the parties and especially the children will be the priority. The question here is how needs for housing and income now and in the future can be met (and afforded). A Deed of Trust may be overturned if needs cannot be met if it stays in place. If there is a paper trail showing funds have been repaid, this would strengthen the case against it staying in place.
What would it cost to buy a suitable alternative property? This should be big enough for the children to stay in either place. How much mortgage can you each raise independently? Can she afford to take on the FMH mortgage and raise a sum sufficient to buy you out?