So i am about to start this journey! I am perhapes in the niave stage, thinking we will be able to resolve amicably.
we have been with earch other 19 years, married for 13.
house was bought the year before our marriage, we both sold our own properties, we were engaged to be married when we moved into the house and have lived there for 12 years.
We have both always worked, our finances have been kept entirely seperate, no joint accounts. we both pay exactly the same amount towards the bills each month.
we have seperate vehilces, one has a drastically more expensive vehilce than the other.
one has debt, the other has savings.
My questions is. Will all of this be put in one pot and shared equally, debt and assets?
Will it be put in one pot?
- Based on the long marriage then in simple terms - yes all of your assets (minus the liabilities) would be put into one pot.
Will it be shared equally?
The law governing the fair division of the pot would take into account your financial needs and to a lesser extent your contributions.
If you both agree to divide it equally you can - and to make that happen you would get a Consent Order drawn up.
If you sought legal advice on a fair settlement then you might consider whether one of you has a greater need for assets than the other because for example:
- they earn less income and so cannot get as big a mortgage
- have health or other issues that affect there income or their cost of living
In short - you may adjust the split away from an exact 50/50 split if by doing so you make things fairer to the financially disadvantaged party.
Also you have not mentioned pensions - it is very common that the two spouse's have unequal pension provisions and part of the divorce settlement process should involve getting pensions valued and considering how to split them.
Thank you so much for taking the time to read and reply.
We both have decent pensions which are both worth the same amount.
Neither of us have health concerns and can both still work.
I earn slightly less than my husband.
He put a large deposit down to buy the house,
Given what you have said, I feel a fair offer is for him to get back what he put into as a deposit. We pay the small amount left of the mortgage and half what is left.
He has the far better vehicle but it’s his so only right he keeps it.
I have the debt which would be paid off with my share of the equity.
We keep our own pensions.
And he keeps the house as he could afford to buy me out.
It feels like I’m asking a lot but I think it’s less than if we went through lawyers.
If anything you are asking for less than you are entitled to.
After a 19 yr relationship (13 yrs married):
- he is not necessarily entitled to get his deposit back
- any debt is joint and so should not come out of your share of the equity
- if the vehicle value runs into many thousands it should be evened up in the split of the house equity
So in summary you are asking for perhaps significantly less than you should be getting.
But in the end its up to you to decide what offers to make or accept.