My husband & I married in September 2010.
In 2009 we bought a house together (joint names) and in order to fund the deposit for the mortgage I had to sell my flat which was solely mine. The funds from my sale were used to pay for the deposit towards the mortgage and our wedding (£30K in total) My husband contributed nothing towards the deposit for our mortgage or the wedding.
The mortgage we have is ‘interest only’ therefore over the past 3 years we have not been able to reduce our mortgage.
A recent valuation on the house was provided as between £235K – 245K.
We owe £202K on the mortgage
In 2010 my husband was made redundant and we jointly funded a business together which has grown to be very successful. The business was originally a ‘sole trader’ and now is a limited company as the business moved into a bigger premises.
I have recently started divorce proceedings against my husband due to unreasonable behaviour. He has a cocaine & alcohol addiction (which he blames me for) and has also been violent on occassions.
My question: bearing in mind we have been married for such a short period of time, with no financial contribution into the initial funding of our mortgage. What would he be entitled to?
1) Will the Courts split the equity 50:50? Or will my circumstances be considered, i.e what money I originally contributed? The money I funded for his business?
2) Would my husband have any claims on my pensions?
We are now separated pending the divorce and he no longer pays any money for the ‘interest only mortgage’ or bills
At first my husband seemed happy to walk away with the business as I was happy to not make a claim for any assets as long as I was able to keep the house.
I am very worried he would be entitled to 50% of the equity in the home leaving me with losing the money I contributed when I sold my flat. I have also just discovered that he set up the limited company failing to list me as a Director!