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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?
Optional Information: Province/Country relating to question : England Already Tried: nothing yet
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
Yes
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
Experience: 25 years experience of all aspects of family law