UK Family Law
UK Family Law Questions Answered by Verified Experts
I'm going to ignore the initial property because it appears thatjust within the marriage it was bought and sold the way that people buy andsell our house, and move house, within a marriage, as people normally do.
So you have a long marriage of nine years +3
you have 2 houses, one worth 360 with 135 of equity
the other with £70,000 of negative equity
so the equity in the marriage is £65,000.
On this as being a relatively long marriage. It would add inalso, at the time you were together before marriage.
Regarding the division of assets, if there are no childrenthe starting point is 50-50.
That then gets adjusted depending on time married and need toprovide for children and who has them and unequal inputs.
For example a girl with nothing marries a millionaire and getsdivorced after 12 months. She wouldn't get 50%
If they had been married for 40 years but never worked she isstill unlikely to get 50% but would get a substantial chunk.
If he wasn't a millionaire and she worked and contributed, after40 years she would get 50%, maybe more.
It isn't an exact science or calculation. The fact that a housemay now be in one name only matters not a jot. If one party put all the equityin, say from an old house, that will adjust the split in their favour,diminishing as time goes on.
"With all my worldly goods I thee endow" doesn't work inlaw!.
This may be useful http://www.bbc-law.co.uk/divorce-finances-faq.php
Youhave no children and I think therefore all the assets, would be lumped togetherand split 50-50. Your ages in this case are immaterial.
Thereis one potential fly in the ointment and that is the gift from the family.
Itwould depend when that was made and whether it was a gift to the pair of you.
Ifit was made very recently and just to him, the chances are that would be takeninto account and would go in his share in the balance divided. If it was a giftto you it would simply go into the pot. If it was a gift to him but made sometime ago, would be divided. Once again, there is no exact formula.
There is a very slim possibilityof a liability for spousal maintenance, maintenance paid to keep a spouse , asopposed to children. Although most commonly paid from husband to wife, that isnot necessarily the case. Spousal maintenance is based on both incomes, abilityto earn money, previous lifestyles and most importantly, need. It is not aboutequalising incomes. There is no exact formula, but these links will give somereading..
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Thank you. I understand there is not an exact calculation and that's the reason we are finding it so difficult to reach an agreement.
You say "If one party put all the equity in, say from an old house, that will adjust the split in their favour,diminishing as time goes on." Does this mean that after 12 years his share would still be higher or is it normal to expect a 50/50 start. As we are negotiating outside of court, the starting point for us is quite important. Should he get +60% or 50% to start with?.
In regards XXXXX XXXXX gift from his family, it was given +5yrs ago. I think it was a gift to the marriage but he argues it was to him only. This was invested in the property that is in negative equity. So based on this, his share of the loss is bigger? or would that mean that from the total equity of the two properties we first have to return the "gift money" to him and split the rest?
I am not interested in maintenance.
Sorry if I am trying to be too detailed but it is the base to our negotiation.
After 12 months, as you were getting divorced, each would properly come out with what they came in with.
But as time goes on, the split flattens out till eventually, it becomes 50-50, and I think that you are approaching that point indeed, if you have not got to it already
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