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Amicable division of property and funds

  • Paddyodoors
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22 Jun 12 #338417 by Paddyodoors
Topic started by Paddyodoors
Hi,
Newbie seeking advice... probably a bit naieve (could never spell that..) and seeking some advice of how to seperate property and mortgage in divorce.
My wife and I are seperated and she lives with our 17yr old - in full time education for the foreseeable - daughter.
I live in a property i own 50% of with another family member.
We are amicably seperating and looking at a 50/50 split but... Mrs paddy wants to keep the FMH and her car.... and wants no mortgage! Unreasonable and possibly just a starting bid.

So the numbers
FHM - £340000
2nd home 50% share - £200000
My Savings £65000
Her savings - negligable as far as i know.
Mortgage on FMH - £85500
Joint Endowement pays Oct 2013 - £75000
surrender now £50000
Her car £15000
my car - £900
Pensions are on par... I think.

I would like to leave my daughter and ex living in the FMH if possible but cant see how without taking a big hit myself.

I currently pay child support 15% of income - plus 50% of endowemnet payments, house insurance and mortgage interest payments. I also pay half of extra curricular activities my daughter does and equipment for this purpose.

Only just started looking into this but any help would be much appreciated. I cant get my head around how the mortgage would fit in.

Thanks
Newbie Paddy.

  • maisymoos
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22 Jun 12 #338418 by maisymoos
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Hi PaddyOdoors

It would be helpful also to know your ages, length of marriage (including cohabitation and your respectives incomes? Including any benefits.

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22 Jun 12 #338422 by Paddyodoors
Reply from Paddyodoors
No benefits - unless she still gets child benefit? I never saw that.
She is 46 and i am 47
Both employed with similar incomes which are both in the region of £39000 each.
Married 20 yrs
Lived together with a mortgage 24 yrs.

Would Spousal maintenace come into it? She got a degree recently and will look to better herself.. increased salery and pension no doubt.

Thanks

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22 Jun 12 #338435 by maisymoos
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Ok that makes a difference.

Ignoring the endowment I make the rough 50/50 split £260,0000 each.

I think your ex is being over over optimistic to be mortgage free if she wants to stay in the FMH, but also it may not be worth selling and rebuying due to costs involved.

Fortiunately you are both housed. If she kept FMH you keep savings and shared home.
That would be:£254500 to her and £265,000 to you.

If you therefore gave her £10k of savings to even up split and then share the endowment when it matures.

This is just an idea, she will only have a larger mortgage for just over a year and then it will reduce significantly.

  • Lostboy67
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22 Jun 12 #338454 by Lostboy67
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Hi
With regard to the second property is the value 200000 your share or the total value ?
Do either of you have pensions?
You should both be able to get a mortgage, perhaps not a 25 year one based on your ages but it should be very possible.

The starting point for division would be 50:50 but that is just a starting point and some movement around this figure is expected.
How large is the current FMH, if it is more than 2 bedroom there is an argument that your s2bx is overhoused and could downsize if she wanted to be mortgage free.

LB

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25 Jun 12 #338888 by Paddyodoors
Reply from Paddyodoors
Thanks both,
FMH is a 4 bedroomed property, though she disputes this as we converted a bedroom to an office years ago! But it still has built in wardrobes etc! Weird that one.

Second property is shared with my mother. Total value expected to be £400000, my share being half that.

We both have pensions though she has not shared her details with me and i have not got a valuation on mine as yet. I would expect them to be reasonably similare though i have recently changed to an average salery scheme :(while she currently is on a final salary scheme. She recently passed her degree awhich obviously gives her added earning power.

I really would like to see my wife and daughter stay in the FMH but equally want my share from the marriage so i can live too.

Many thanks for your input.

  • Lostboy67
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25 Jun 12 #339146 by Lostboy67
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Hi
Well 3 or 4 bed it is still technically overhoused and in excess of her needs.
Leaving pensions out of things for now, assets are around 600k, so a 50:50 split would allow her with a small mortgage to buy you out of the FMH, essentially she gives you about 40k and you keep everything else apart from her car. Even if you simply sign over the FMH and keep the other assets it would probably still fall within what is concidered fair.

LB

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