Hi what happens in a divorce if say one partner put down 50% of the price of the marital home and the couple had a mortgage on the other 50% and what if one partner received inheritance from relatives what happens to that?
Province/Country relating to question : England
HiThis depends on a number of factors - how long have the parties lived together and are there any children.How much are the assets and debts and when was the inheritance received?Claire
Parties lived together 20 years, the one party Part A put down £31,000 deposit and the balance £30,000 was financed on a joint mortgage which after about 15 years the one party Part A paid off, there were two lots of inheritances, £50,000 from Party A's Grandparents and £100,000 from sales of a Party A's parents house both inheritances were used to purchase properties that are rented out.
HiAre there any children involved and what assets are there and how much are they worth?Claire
2 Children, Marital Home worth about £175,000, the inhertiances used to buy two flats both now worth about £80,000 each, plus both parties have occupational pensions and Party A has a private pension which was stated many years before the marriage.
HiAre all the properties in joint names?Claire
HiHow old are the children and who do they live with?Claire
The children are age 4 and 12 and they live with both parents in the marital home.
HiWhere will they live after separation?Claire
Tha has not been decided both parties probably want custody but the Mother has alcohol problems which are known to the family doctor, Party A the Father is happy to have custody and give up employment if necessary.
HiGiven the length of the marriage the starting point for division of all the assets is 50/50.The fact some of the assets were purchased using money from inheritances means that the court will consider ring fencing it in some way - but realistically in a case such as this where there are ample funds they are likely to be looking at ensuring that Party B has a mortgage free home - with the rest going to Party AClaire
25 years experience of all aspects of family law
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).