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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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i own a plot of land in devon i wish to sell the land it is

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i own a plot of land in devon i wish to sell the land it is in my sole name my wife and i are seperating now , we sold the house and half an hectare about six years ago of which she had half of the proceeds out of my proceeds i paid the mortgage off which i took out before we were married at the time she did not want anything to do with this land so i put this plot in my name only, the question is is she entitled to half the proceeds
Submitted: 2 years ago.
Category: UK Family Law
Expert:  Thomas replied 2 years ago.

 

Hi,

 

Thanks for your question.

 

If you are to divorce then all the assets and debts of the marriage, both yours and hers, are included in a notional matrimonial asset pool. You and your wife would then negotiate a settlement over those assets, what you would each be entitled to depends on if there are minor children of the marriage who are to reside with one resident parent or (to a much lesser extent) if there is a large disparity between earning capacities of the parties or where one requires more in order to cope with the financial burden of living with a health condition

 

If you cannot negotiate a settlement then either party can involved the courts in order to determine what is a fair split of the assets.

 

So, although the land is in your name only and you a free to sell it and receive the proceeds of sale your wife would be able to say that the money you received for the land should be included in the amounts of assets you have.

 

So although you are not legally obliged to give her 50% of the money you receive for the land, your wife would be able to state that it should be included in the assets you hold when determining what settlement she should receive in divorce.

 

If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question.

 

I will answer your follow up questions you may have.


Kind regards,


Tom

Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6309
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 2 other UK Family Law Specialists are ready to help you
Customer: replied 2 years ago.
what if we dont divorce
Customer: replied 2 years ago.
many thanks for the answer tom but asked another question which i need an answer to please and that is what if we dont divorce
Expert:  Thomas replied 2 years ago.
Hi

If you don't divroce then you are the legal owner of the land and therefore entitled to the proceeds. Provided you did not force her to give you the land then she could not force ypou to give her half the money

Thanks for the accept.

Kind regards

Tom
Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6309
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 2 other UK Family Law Specialists are ready to help you

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