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What are we each entitled to in our divorce settlement?

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House in my name

  • fish
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03 Feb 08 #12679 by fish
Topic started by fish
Hi

We have been together for 8 years, living together for 4 years, married for 18 months. There are no dependents involved at all.

We live in my house which is mortgage-free [technically - actually I have an offset mortgage which is 100% offset, so zero balance, but still a mortgage] and still in my name only.

She sold her flat and has the profits in a bank account in her name.

Since marrying, the value of my house has remained flat.

She has recently paid for the new kitchen from 20% of the proceeds from her flat, but I have paid for other improvements of a similar value.

Any clues as to what will happen if she decides to move out (it will be her moving in with a new partner) and this goes through to a divorce - I would like to stay here, but I want to know the likely impact, whether I would have to sell-up for example?

Many thanks for any advice.

  • attilladahun
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03 Feb 08 #12688 by attilladahun
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Firstly it will be an income and capital Clean Break case...even if W gets SM for a specific period to adjust..

Look at value of your home at date she started co habiting less the then outstanding mortgage =Equity

I would look at whether the capital assets less liabilities has grown and if so divide equally

I would also take into account any growth in the pensions and equalise by way of giving the other party extra capital which is in essence a pensions offset.

"She has recently paid for the new kitchen from 20% of the proceeds from her flat, but I have paid for other improvements of a similar value"=so what you are likely to keep the benefit of that asset......that may be the difficult adjustment for if genuinely if the property has not gone up in value at the very least she will get a good proportion of that back at worst

A factor also when applying s 25 MCA factors may be her need.......depending on her ability to get a home and fund running it.

What is income positions? On occasions a W can get SM for a time to get her on her feet...need more info!

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03 Feb 08 #12694 by fish
Reply from fish
Thanks!

Both of us are currently working and both have similar reasonable incomes. If she chooses to move out, it will be to set up home with someone else, who is also working, so her ability to get settled should be very good and her need should be limited.

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