A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Pre-marriage Equity

  • bobbeckit
  • bobbeckit's Avatar Posted by
  • Premium Member
  • Premium Member
More
23 Jun 12 #338614 by bobbeckit
Topic started by bobbeckit
I have been trying to work out a reasonable starting point for a consent agreement and one thing has occurred to me that I have not really taken into account.

When I met my wife I was already in the process of buying my home. At that point I believe I had about £45K equity. When we married we decided to move and bought a new house using the £45K as a deposit.

Does the £45K that I brought into the marriage go into the pot, or does this get excluded because it was a pre-marital asset.

I fear the answer is that it will go into the marital pot, as everything about divorce seems to be illogical when it comes to the finances.

Bob...

  • MrsMathsisfun
  • MrsMathsisfun's Avatar
  • Platinum Member
  • Platinum Member
More
23 Jun 12 #338616 by MrsMathsisfun
Reply from MrsMathsisfun
I think it will depend upon the length of the marriage and if there is enough assets to provide for the needs of both parties.

My partner was in a similar position, in that he put the equity from his first property into the MH. There wasnt enough assets for the pre martial asset to remain totally his, but it did mean he got a 50/50 share rather than the usual 40/60 in the ex wife favour.

  • livinginhope
  • livinginhope's Avatar
  • Platinum Member
  • Platinum Member
More
23 Jun 12 #338620 by livinginhope
Reply from livinginhope
Equity from a property I owned before Marriage was sufficient to pay more than 50% deposit on the house we purchased together.I was told this wouldn''t be taken into consideration as the marriage lasted 15 years.I had owned my own property outright before the marriage.
The length of your marriage is probably an important factor for you.

  • maisymoos
  • maisymoos's Avatar
  • Platinum Member
  • Platinum Member
More
23 Jun 12 #338622 by maisymoos
Reply from maisymoos
You have been married 7 years and have 3 children I am pretty sure it will be part of the marital pot as the money was used to buy matrimonial home, therefore matrimonial property.

Sorry prob not want you wanted to hear.

  • bobbeckit
  • bobbeckit's Avatar Posted by
  • Premium Member
  • Premium Member
More
23 Jun 12 #338623 by bobbeckit
Reply from bobbeckit
We have been married 6 years next month, and were co-habiting about a year before that.

The MH has about £60K equity, and I have 3 rentals in my name which have about another £100K to £120K equity.

The rentals were bought inside of the marriage. What I really want from this is to let the wife take the MH, and if I have to another one of the properties, and leave me with at least 2.

The only thing is she does not work and her earning potential is probably quite low. Where my market rate is £35 to £50K.

So what I fear is that a judge would want to liquidate the 3 rentals so that the MH mortgage could be paid down to a level she could afford.

Would it go in my favour that I am approaching 40 and she is 30. It would take me until retirment to pay a new mortgage off, presuming I can get one...

I fear the worst....

  • MrsMathsisfun
  • MrsMathsisfun's Avatar
  • Platinum Member
  • Platinum Member
More
23 Jun 12 #338625 by MrsMathsisfun
Reply from MrsMathsisfun
The fact that there is a 10 year age gap, a shortish marriage and that you owned the property before the marriage will be considered, but the needs of the children will be more important.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11