Hi I've been married for just over a year and our marriage is on the rocks already. Shortly before we got married I paid for my wife to have an IVA (£15,000) so that she could avoid becoming bankrupt, so she entered the marriage with no assets at all. I own the house (and bought it shortly before we got married) and have a number of other investments, shares etc. I am not a high earner but bought these things with inherited money. How much of this will she be entitled to? Will the value of her entitlement be based on the date we apply for divorce or the date that it finally comes through (2 years time I pressume). Any help greatly appreciated....
Hi, the general rule of thumb in such a short marriage is for parties to walk away with what they came into the marriage with. As for the IVA i guess you would probably have to write that off but she would not be entitled to any share of the house or any of your other individual assets. Anything in joint names would obviously be split 50/50 or likewise any debt in joint names you would be jointly liable.
I am presuming there are no children involved, as this would obviously make a difference.
Thanks Sarah, no kids involved thank God. We are currently to trying to get things back on track but if this isn't working, how long do I have before my marriage is no longer a 'short marriage' and she has rights to my assets? Also I'm presuming we'd have to go down the 2 year seperation route - so would they base the calculations on when this commences or finishes. Sorry for all the questions!