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

01202 805020

Mon/Fri 9am-6pm       Sat/Sun 2pm-6pm
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.


Property Split - What Can We Realistically Expect?

  • katster1980
  • katster1980's Avatar Posted by
  • Junior Member
  • Junior Member
More
07 Jul 12 #341782 by katster1980
Topic started by katster1980
My partner is going through a divorce having being seperated for 2 & half years.
We have an 8wk old baby & he has a 9yr old who lives withhis ex in the former marital home.
We live in a rented home on a temporary basis whilst the divorce is settled.
The FMH is owned soley by my partner & is valued at £160k with a £140k outstanding mortgage. A second investment property is valued at £125k & has a £20k mortgage (it is currently rented out on a long term basis & is jointly owned by my partner & his ex.)
My partner wants to retain the FMH as a home for me & our new family...but I believe any judge would see it more appropriate for his ex & daughter to remain there as its close to her school & his ex''s family.
Is this a realistic view?
In an ideal world, ex would keep FMH & we would have investment property...but huge difference in equity is obviously a problem.
What can we expect? Will a judge deem it fair to sell all properties & leave all involved with cash but no home? I''m on maternity pay & my partner is in part-time work so even with a lump sum, we could not afford a new mortgage.
His ex earns £40k a year & has a partner with his own property. Her mortgage has been covered since the split.

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
08 Jul 12 #341831 by cookie2
Reply from cookie2
The total equity is 20k in the FMH and 100k in the other property. Realistically his ex would get the FMH and either the investment would be sold (with the bulk of the equity going to her) or else he would have to pay her a lump sum to keep it.

  • katster1980
  • katster1980's Avatar Posted by
  • Junior Member
  • Junior Member
More
09 Jul 12 #342142 by katster1980
Reply from katster1980
Why would his ex get the FMH AND the bulk of the equity in the 2nd property???
Would a judge not deem the needs of our baby as important i.e. the need for us to provide a stable home for her as well as my partners 9yr old whom we have custody of every other weekend?

  • SilverFir
  • SilverFir's Avatar
  • Platinum Member
  • Platinum Member
More
09 Jul 12 #342149 by SilverFir
Reply from SilverFir
Hmmmm ... Whilst I''d like to agree with you, I''m not convinced that any division of assets should be in your favour simply because you''ve decided to have a baby with your new partner. That was your decision, not your Ex''s, and he shouldn''t really have to ''pay'' for that.

(I''d like to agree because I''ve had a child with my new partner since my separation ... but I don''t see it happening.)

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
09 Jul 12 #342191 by cookie2
Reply from cookie2
katster1980 wrote:

Why would his ex get the FMH AND the bulk of the equity in the 2nd property???

Because he has a Y chromosome.

Would a judge not deem the needs of our baby as important

This might seem sexist and by the letter of the law you are right, but it''s just how it works in practice. If the wife gets pregnant by a new partner then what you say is true, her needs would be taken into account by a judge. But if the husband gets someone else pregnant, the attitude is often "well you should have thought about that".

Sorry this is not what you want to hear, and in theory you are right. But the wife usually holds all the cards.

  • Fiona
  • Fiona's Avatar
  • Platinum Member
  • Platinum Member
More
09 Jul 12 #342194 by Fiona
Reply from Fiona
What the law says is that when separating finances on divorce the priority is the welfare of children of the divorcing couple''s family. You and the child you have together are an "obligation" but responsibility to the first family comes first. See s25 Matrimonial Causes Act 1973.

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
10 Jul 12 #342221 by cookie2
Reply from cookie2
That''s true Fiona but in practice when the wife gets pregnant by another man, the husband finds that he gets the shaft. The wife most likely gives up work, goes from a respectable income with decent mortgage potential to zero, needs more FMH equity, claims SM, etc... other clauses of s25 rise up the list. Whereas if the husband gets another woman pregnant, it''s usually as you say "first family comes first" and the wife gets first pick, the new baby gets what''s left and the husband "should have thought of that".

But this is digressing from the point a little. I think the fact is that in this case the wife will have a significant claim on the assets of the marriage, including the 2nd property.

In fact I think the best thing you could do, is move into the 2nd property. If it''s kept as a rental and he can''t afford to buy his wife out, then a court might order it sold and the equity split. If the property is sold then it''s all too easy for the judge to say OK transfer 75% to the wife and the husband keeps 25% to re-house. Whereas if you live there with a baby, the husband would need to raise the money by means of a mortgage. It''s likely to be a lower figure IMO, probably closer to 50%.

After the divorce is done then you can either stay in the property or move, up to you.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11