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Thomas
Thomas, Solicitor
Category: UK Family Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi I have been married 15 years. My wife purchased the property

Resolved Question:

Hi I have been married 15 years. My wife purchased the property we live in 13 years ago for £56,000. I have carried out extensive alterations and extensions over this time and the value at this present time is well in excess of £250,000. Am I entitled in law to anything if I decide to divorce for breakdown of our marriage
Submitted: 4 years ago.
Category: UK Family Law
Expert:  Thomas replied 4 years ago.

HelloCustomer


Thanks for your question.

 

If you are to divorce then the house, or the proceeds of sale of the house, will form part of the matrimonial assets (together with all other assets/liabilities of you and your wife) upon which you will have to achieve a financial settlement over in the process of your divorce.

 

In marriages of your length there is a presumption that each party shall be entitled to an equality (50/50) of the matrimonial asset pool, the Court is generally very reluctant to depart from equality unless there are children who will be cared for post-divorce by one party, where there is a significant imbalance in earning power between parties or where one party requires more money in order to maintain a reasonable standard of living (eg. because of ill health).

 

It is a matter for negotiation between divorcing parties (or their solicitors) if one is insisting on receiving a larger share than the other and sometimes people settle on the basis that they do not wish to incur the expense, stress and time needed to litigate.

 

If this has been useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

Kind regards,


Tom

Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6392
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 2 other UK Family Law Specialists are ready to help you

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