im seeking a divorce, my house is 90% mortgaged would my spouse be entitled to half the value or half the equity?
Hi, thank you for your question, I will assist you with this question but would be grateful if you can provide a little more information.
Is the house in both names? or was it owned by one party prior to the marriage?
How long have you been married?
Are there any children of the marriage?
Are there any other "assets"?
And any other information that you feel is relevant.
The house is in my own name and was bought when i was single living their for five years on my own, we've been together six years in total but only married for two of these years. I have one child to my wife, who also has a further two children one of which was living with us. No assests at all, im currently £47,000 in debt not including the mortgage.
What about your wife? Does she have any assets at all?
Hi Kasare, my wife has no assets at all.
If you wife is seeking 50% of the property - and you want the simple answer to your initial question, it would be the equity not the value.
However, there is no exact science about division of assets and property upon separation or divorce, it is based on the individual circumstances of the parties, the length of the marriage and any children to the marriage etc. Therefore, I am sorry if you want a definitive answer, but I cannot give this.
Often the starting point used for couples to consider dividing property and assets is 50/50, but that is not fixed and in some cases a court could award a much different split.
In this instance, given the debts (you do not say if joint or sole) and the property being both owned by you solely for some time prior to the marriage and heavily mortgaged etc, it may well be unreasonable for your wife to receive 50% of the value of the equity in the property. However, as you have a child together, your wife could apply to the court to allow her to remain in the property until your child reaches the age of majority - if this was affordable.
To give you a better idea of what could be considered fair and reasonable, I would recommend you have a look at this link and the answer the questions contained therein on your specific circumstances, earnings, debts etc- https://www.moneyadviceservice.org.uk/en/tools/divorce-and-separation-calculator
This will enable you to enter into discussions on an informed basis on your financial ability.
If you need anything else, please ask.
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