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I am in the process of getting divorced. The marriage has…

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I am in the process...
I am in the process of getting divorced. The marriage has ended with more debt than asset, personally I have £70,000 of debt and currently in an IVA. The house has no equity, but I am in a good job and I am currently paying the mortgage, servicing my IVA agreement and providing for my children. The children are 22, 19 and 15. I am paying my wife 15% of my net salary for the 15 year old and I am not reducing this amount, even though he is resident with me for about 50% of the time.

The main assets in the marriage are pension funds belonging to myself and my wife and 2 gifted assets from my wife's parents - namely a part share of an overseas property and a 10% shareholding in her family's business - a business that I work in and she does not have any involvement with.

The Matrimonial home does not have any equity and we have been married for nearly 25 yrs

How does the law stand on the split of the assets and the debts?
Submitted: 8 years ago.Category: UK Family Law
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6/17/2010
Solicitor: Clare, Family Solicitor replied 8 years ago
Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 35,313
Experience: 25 years experience of all aspects of family law
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hi

who is living in the house and can you give me figures for the assets/debts please

claire

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Customer reply replied 8 years ago
I am currently living in the matrimonial home. We split up approx 2 years ago and we now have a decree nisi. She initially lived here, but found she couldn't afford the costds of running the house, in Nov 09, she moved out and I returned back to the house.

I broad terms

The house is currently on the market for £499,000, with a mortgage on it of £456,000 and a secured debt from her business of £10,000. The estate agent has suggested a forced sale price of £425,000.

My debt, I have already mentioned are £70,000

She doesn't have any personal debts

Her assets are the 20% share of the house abroad, gifted to her by her parents in 1996. This is worth between £50-£60,000

Her 10% shareholding in the family business is worth apprx £55,000

She is currently working in her own business and claims she is earning £400 per month. She is on income support. She receives as I mentioned 15% of my net salary which amounts to £680 per month and I have been paying her an additional £300 per month, which I really would like to stop.

My pension policies have a combined value of say £50,000. She also has pension policies but I do not know what they are worth, except to say that they are less than mine.

Apart from house furnishings, she has jewellery worth maybe £15,000 and we have collection of Swarovski Crystal worth about the same.

I don't think there is anything else and look forward to your reply
Solicitor: Clare, Family Solicitor replied 8 years ago

hi

what were the debts used to pay for

claire

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Customer reply replied 8 years ago
The debts were built up over a period of time, but she ran a business from home - a limited company and money was invested through a director's loan account. Shortly after our split she decided to liquidate the business and at that time the director's loan account stood at £50,000 apprx
Customer reply replied 8 years ago
Hi Claire

Do you have any update for me on this question?

Martin
Solicitor: Clare, Family Solicitor replied 8 years ago

hi

the courts do treat inherited assets differently however they do still form part of the matrimonial assets for division

given the lack of other assets the length of the marriage and the fact that the bulk of the debt it attributable to her i think your suggestion would have more merit to the court - but 60/40 in her favour might be more reasonable

claire

Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 35,313
Experience: 25 years experience of all aspects of family law
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Customer reply replied 8 years ago
Hi Claire

thanks for the info.

In my original offer, I suggested that I take in the debt of the house - although the likehood of her being being taken off the mortgage, I suspect is remote. That in effect gave me a -£40,000 debt.

I mentioned to you the debt from her liquidated company of £10,000 - they said that she doesn't have the resources to discharge this debt and therefore propose to leave it until such time as she did.

Her share of the property in Florida is worth approx £60,000 and I offered to let her keep this - it was a gift from her parents.

This left the shares, she owns in her family business - I initially requested ownership of these as I work in the business. She and her family have refused, but it has been suggested to me that I can be assigned the benefit of those shares even though she retains ownership - is this correct?

I didn't deal with the debt I have with the IVA - but from what you have said, I can included this as it can be proved an element of the debt was invested in the company - am I correct in thinking this?

Finally a summary of my initial offer follows

Asset

Ownership

Value

1

1 St Marys Rd.

MJC

current value £420,000, although on the market for £499,000 for past 18 months with no viewings

2

GMAC mortgage

MJC responsible for payments

current liability £456,000

3

Loan to Barclays Bank

SJC

current debt circa £9,500

4

Furniture

MJC with various items to be split on agreement.

5

Signaltime Ltd

SJC

circa £60,000

6

Burns Jewellers Group

MJC

undetermined

7

Your Jewellery

SJC

undetermined

8

Swarovski collection

MJC

undetermined

9

Pension policies

Individual policies to remain in our own ownership,

values unknown.


My offer in effect split up the assets on a 50:50 basis , and the debt on a 100:0 basis in her favour. Her solicitor has suggested that my retains all the assets as they are gifts from her family and therefore should be excluded from the matrimonial assets and they are seeking a maintenance allowance - how would the courts view this scenario?

I am aware that there are several questions here, if there is additional charge then please let me know

regards

Martin
Customer reply replied 8 years ago
hi Claire

can you tell me, are you able to deal with my reply to your answer?

regards

Martin
Solicitor: Clare, Family Solicitor replied 8 years ago
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