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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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Does wife get half of ALL equity?

  • iyell
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09 Feb 08 #13364 by iyell
Topic started by iyell
Aargh! Can't seem to find anything straightforward online. Here's the problem - how to split equity in house.

We have no kids. Only asset is our house and we want a Clean Break. House worth c.£200,000, mortgage £120,000, so split 50/50 = £40,000 each, right?

BUT - we bought the house in joint names to begin with before we were married. We paid £180,000. That was financed by said mortgage and rest was from place I owned when we met. So of the current £80,000 equity, I put £60,000 of it there out of my own pocket.

I have always paid the mortgage but I know that counts for little. But what happens to what I put in to start with? In fact wifey put in less than nothing, I paid off a loan she had out of my sale proceeds.

Anyone got a clue? Don't want to argue over money, divorce hard enough already!

  • mike62
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09 Feb 08 #13365 by mike62
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iyell,
Key consideration here is length of marriage. If a short marriage (2yrs ish), then parties take out what hey put in, and split any profit / loss 50:50

If a long marriage (10 years ish), then parties divide assets starting at 50:50, depending on compatability of earnings, future earnings capacity, pension provisions etc.

Hope it helps

Mike

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09 Feb 08 #13366 by iyell
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Cheers Mike, that might help. Been married just under 2 1/2 year, cohabited c. 2 yrs before that. Can see how easy it could be to get to hate each other JUST over the financial side of all this (never mind one walking out of the relationship in the first place). Want to keep things amicable and quick.

Are you answering just from general knowledge, or have you seen this online somewhere?

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09 Feb 08 #13368 by mike62
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No, legal precedent - variable is definition of a short or long marriage - some feel short is 1 yr, others say short is up to 3 years.

Might be worth going to mediation to get this resolved, if it is becoming difficult.

Mike

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09 Feb 08 #13372 by iyell
Reply from iyell
Thanks again. All early days, only found out about new man a week ago and only yesterday she left (if taking a weekend bag counts). I'm on happy pills from the gp and signed off work. But got raging mad last night at the idea of what she was up to and thereby oddly found some peace with it all being over. Think I'll suggest one of us goes to a solicitor, if the other isn't happy with what's suggested they can get a second opinion. Don't want to end up dragging this out over money. Hard enough without that.

Had to laugh, saw a quote on one site, "I don't plan on marrying again. I'll just find a woman I don't like and give her a house." Makes you wonder if there's any point. But love's blind, eh?

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10 Feb 08 #13379 by FB2002
Reply from FB2002
iyell - Thanks for that reply. That quote you gave me laugh which is something I'm not doing a lot of recently.

My situation similar to yours - only in theory we have spent the last 6months - year allegedly discussing how to resolve our marriage through useless counsellors etc. Shame that I now know that my stbx was happily having an affair at the same time, whilst denying anything was happening.

Think your views on trying to keep everything calm as possible about money etc is right. Wish my wife agreed. Like you say - is hard enough anyway.

Take care and all the best mate.

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