My wife has said she wants a divorce. We have a house worth abourt 700000, with a mortgage of 95000. We have children of 8,7 & 3. I have am joint owners of a number of buy to let properties, which have a fair bit of equity in them.
My question is what is she entitled to, she will probably be inheriting a house within the next few years which is worth about 280000
Can the equity in the buy to lets be taken into account as as I only own half of each property? is it not difficult fo value them ? as my business partner would not sell any of them as this would mean capital gains tax being paid?
Good post from Mike but I wouldn't be quite so pessimistic about the split. When the marriage is long and there are sufficient assets to meet both part's need the emphasis moves more towards sharing the assets equally 50:50. However, if there is a discrepancy in incomes SM might be a factor and one option is to capitalise SM and pay a lump sum to end any future claims and obtain a 'Clean Break.'
my income is about 35000 and she does not work. Surely i need somewhere to live and house my 3 children when I have them ? Do they take into account that she is likely to inherit a house worth about 280 within a few years as her father is not well and she is the sole heir ?
Only the tangible assets at the time of making the Consent Order are taken into account. What might or could come her way is not considered.
Of course you your needs are taken into account in the process. But as she has no income and will probably be the Parent With Care (PWC) of the children, their housing needs are paramount. Perhaps she does not need to live in a £700,000 house, so the house may be sold to fund adequate housing for both of you. It is hard to give a reasonable analysis and suggestion without the facts.
For example, if your share of the value of the buy to lets were three times the value of the family marital home (FMH), then it is highly unlikely that the sale of the FMH would be considered.
You need to provide a lot of financial information to enable someone to make a suggestion as to what the possible options are.
Unfortunately Divorce is not a simple x+y=z equation, and if it becomes contentious and goes to court, the outcome could be completely different depending on the judge on the day.
My share of the equity when ignoring the mortgages is about 145, so hat would you think that would mean for me ? A 3 bedroom house can be bought in the area for in the region of 340 to 400 !
Thanks again !