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.


Need help and advice!!!

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
01 Aug 12 #346585 by cookie2
Reply from cookie2
It''s pretty unlikely that initial contributions would be taken into account at all. However as the lower earner and carer of the children you will probably get a greater share anyway.

You say he shares a flat with a mate, how suitable is this accommodation? ie. is he in a permanent housemate situation, or is he crashing on a sofa? This will be relevant in determining whether his housing needs are met or not.

  • TBagpuss
  • TBagpuss's Avatar
  • Platinum Member
  • Platinum Member
More
01 Aug 12 #346608 by TBagpuss
Reply from TBagpuss
Contribtuins can potentially be taken into account, but it''s not necessarily an argument you want to run. If you raise the higher initial contribution her may well raise the issue that as the higher erner he has probably contributed more since then.


A court will look at whet is fair over all.

On the face of it, you hagve a hosue with equity of around £100K.
You have two childrne who are reaching the end of their childhood
Neither or you is a high earner, but he earns more than you.

In terms of pension i think thee are likely to be of limited relevance as they are not large.

On the face of it, it is likely to be fiar for you to have a slightly higher share of the capital as you ar the lower earner and, at least for the next year or two, have a shild who is dependent on you.

it may be reasonable for the sale of the hosue to be delayed until your younger child turns 18.

What your ex is looking for is effectively a 60/40 split of the capital which on the face of it does not seem wildly unfair.

If you have made significant capital investments / reduction of the capital on the mortgage since you and he separted it *may* be reasonable to look at working out the split based on the equity available when you separated (i.e you get credit for the value of improvements since then) but he has been paying half the mortgage in addition to whatever housing costs he has for himself, so I don;t think yuou have a very strong argument there.

Of course, it may be worth your exploring whether you can make an offer - if you are able to offer (say) £25K now with him being released from the mortgage, that may be attractive to him if the alternativ is £40K but only in 2 years time and with his name staying on the mortgage in the mean time.

If the house isn''t sold striaght away, then it would be iusual for any split to be expressed ads a % of the gross value of the hosue, based on his current interest in the net equity.
(e.g 40% of the euity is about £40,000, which is 20% of the £200,000 value of the house. So his charge back might be for 20% of the hoseu value at the time it is sold.)

If he were expected to carry on paying towards the mortgage in the mean time it is likely that his share would be x% of the net equity, so you and he both benefited from your payments towards the mortgage.

  • blank2000
  • blank2000's Avatar Posted by
  • Junior Member
  • Junior Member
More
01 Aug 12 #346624 by blank2000
Reply from blank2000
Yes he is sharing a flat with a friend ona full time basis, they share the rent but he pretty much lives with the girlfriend and her children which is why we had initial agreement for him to sign over to me and stop paying mortgage so he would be free to do something with her. The letter i got from his solicitor said he wanted his initial £15000 he put in and half the equity which i felt was a little unfair. I have always contributed more to the house as he has always been bad with money so i bought the furniture, paid for decoration, paid for repairs etc...
Looks like only option is to sell as i wont be able to raise extra money to buy him out, most i could do would be £5000.

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
01 Aug 12 #346639 by cookie2
Reply from cookie2
jmjspurs1 wrote:

Looks like only option is to sell as i wont be able to raise extra money to buy him out, most i could do would be £5000.

That is certainly not the only option. Offer him the £5k and say you cannot afford more. If he says no, then ask him to make a sensible offer because £40k is simply not possible.

  • MrsMathsisfun
  • MrsMathsisfun's Avatar
  • Platinum Member
  • Platinum Member
More
01 Aug 12 #346642 by MrsMathsisfun
Reply from MrsMathsisfun
If he is still paying half the mortgage, I dont think he would go for 5k, especially as his initial input was 15k.

Personally I think your best option would be to try to get him to agree to wait until youngest is 18, with you paying the whole of the mortgage until such time.

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
01 Aug 12 #346656 by cookie2
Reply from cookie2
MathisFun wrote:

Personally I think your best option would be to try to get him to agree to wait until youngest is 18, with you paying the whole of the mortgage until such time.

No I do not think that is her best option at all. If she were to do that then he would surely say, "right there are no dependent children any more, we should sell the house and split the equity 50/50". And what would her response to that be?

By settling now, I think she could probably get much more than 50%. Maybe he will refuse the £5k but it''s worth offering that first. If he does refuse then go for a Mesher with something like a 70/30 split. You might have to haggle a bit but when you''re haggling you don''t start with your best offer or even a middle ground offer. You start with the minimum you think you can get away with, he starts with the most he thinks he can get, and you meet somewhere in the middle.

  • blank2000
  • blank2000's Avatar Posted by
  • Junior Member
  • Junior Member
More
01 Aug 12 #346667 by blank2000
Reply from blank2000
That was my concern if i leave it although the children will still be at home as 1 will be doing an apprenticeship by then they wont be classed as dependants so i risk not getting as much.
I appreciate hes paying half the mortgage at the moment which is why we made the agreement in the beginning to free him from that so he would save at least £8000 in mortgage payments.
Do i have to pay half of all costs involved? This is why i really do only have £5000 to offer him. Reading other posts its confusing whether estate agents fees etc are taken off his share even if i did take over. The figures dont really add up anyway as os mortgage and other fees would come to around £100,000 and i reckon could sell for £190,000 which means time weve had our deposit back each would only leave £30,000 equalling £15,000 if go 50/50 on equity each giving him £30,000 at most.
I cant afford to buy another property and cant downsize so really stuck.
I cant afford a solicitor and he said he couldnt which is why im in this mess now.
Not sure what a Mesher is?

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11