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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


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House Value before Marriage

  • andy_munro
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03 Feb 08 #12706 by andy_munro
Topic started by andy_munro
Hello,
My wife disappeared one day and has set up home in another town. The Divorce is going through now. I have provided all my financials and so has she.

What seems to be a vague area is the value of the family home.

I bought the house in 1987 and got married in 1991. My solicitor has said the asset is from 1991 to 2007 but my wofes solicitor has said forget that it is the value today split in half.

Also, and I have paid every houshold bill since day one. My wife had part time jobs etc but never really contributed a lot. We have no kids.

Can anyone advise me if my solicitor or hers is right?

Thanks

Andy

  • DownButNotOut
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03 Feb 08 #12718 by DownButNotOut
Reply from DownButNotOut
Andy,

Unfortunately it is my understanding that her solicitor is more right than yours. :(

The house price rise since marriage (1991) is a marital asset.

In a short marriage assets held pre-marriage are generally returned to the original owner (i.e. value of house as it stood in 1991).

In a long marriage then during the course of the marriage those assets that used to belong solely to one party or the other gradually become joint.

The wikivorce calculator for example works on the basis that each year 10% of the value of the pre-marital assets are converted into marital assets. So after a 10 year marriage everything is joint. There is actually no written rule - but this 10% per year is a working model.

And who paid the mortgage during the marriage is irrelevant as a housewifes(or house husbands) contribution to the marriage in taking care of the home is given equal weight vs the bread winners contribution.

(Even if the housewife had a home help that did all the cleaning /washing/ironing...and thus spent the whole marriage doing lunch and shopping. :dry:Go figure! as the say in the US of A)

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