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Equity Split

  • needallhelp
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05 May 16 #477815 by needallhelp
Topic started by needallhelp
Good Morning
I am currently seperated from my husband. We are both still living in the matrimonial home that is owned by him on the mortgage. The house is currently on the market to be sold and i wanted to know what a fair settlement will be from the equity. The divorce has been processed by solicitors for court.
I used to contribute 1/3 of my wages to our living costs until we had a daughter and then once I went back to work it was agreed that I pay the childcare and that he will continue paying the household bills and mortgage. He has said I could have 50% of equity. This will be the balance after balance of mortgage is paid off and all our debt (of which mine is £8k and his is £25). We have never had joined accounts. Should I seek help from mediation as I think I should be able to get at least 60% bearing in mind my daughter will be living with me. He earns £66k a year and I earn £19500 a year.
Thank you for reading.

  • hadenoughnow
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05 May 16 #477819 by hadenoughnow
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How long have you been married? How old is your daughter?

The house is a matrimonial asset as are pensions, savings etc regardless of whose name they are in.

I am not sure selling it without a financial settlement is a great idea. You need to register matrimonial home rights. This will stop him from selling without your agreement.

Financial settlement is based first on needs. Given that he is a high earner, it may well be reasonable for you to have a greater share to rehouse yourself with.

Hadenoughnow

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05 May 16 #477821 by needallhelp
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We have been married for 9.5 years and our daughter is 2.5

I have registered for home rights already.

  • chrishope
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05 May 16 #477823 by chrishope
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Where are you thinking of living after the house has been sold? What are your options?
How much is equity is in the existing house and how much will a 2 bed house in your area cost? Does either of you have any pensions?

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05 May 16 #477824 by needallhelp
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Due to my low salary I will not be able to get another mortgage to cover a house purchase. In our area a 2 bed flat is approx. £850 per month to rent which is what I am looking at doing.

Approx equity is £80k

Neither of us have pensions.

Thanks :)

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05 May 16 #477829 by hadenoughnow
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How big is the FMH?

There are various options that could help. These include a Mesher Order which would allow you to remain in the FMH until your daughter is older and sell and divide the equity then.

What is the purchase price of a two bed property?

Hadenoughnow

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05 May 16 #477830 by needallhelp
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It is a 3 bedroom house, I would not want to stay there as too large for me and my daughter. The mortgage is a lot higher than a rental property too and then I would still have household bills on top.

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