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Being a bit thick here...

(5 Posts)
Butterflybows Tue 02-Aug-11 20:07:06

Hi, I'm feeling very dim. I am divorcing my husband for his adultery which he has admitted and he seems to be giving me everything I want financially including the house for our children (I'll take over the mortgage, thanks to help from my mother).

His solicitor has asked for two evaluations for the house which I have had done and given him photocopies of. He is disappointed by the low value and says having high equity will be beneficial for us both. I'm ashamed to admit I don't understand why. Please may someone explain this to me in simple terms smile

countydurhamlass Tue 02-Aug-11 21:25:24

it will help you in terms of you are remortgaging and getting a new mortgage in your sole name as you will get a better interest rate HOWEVER it will not help you at all when it comes to financial matters between the two of you because he is entitled to a percentage of the equity in the house, whether he takes it now or in the future. all the financial assets will be put in a pot and divided, probably on something like a 60/40 split

so for example say the house is worth £120,000 and the equity is £40,000. You have savings of £10,000 and he has £10,000. the total matrimonial assets will be £60,000. take off any matrimonial debts, eg loans for home improvements of say £10,000 there is then £50,000. this is what will be split between you, so he may want £20,000 from you, he may ask you to buy him out or he may take a charge on the property. obviously the more equity in the property the more money he will be entitled to!

he may say he will give you everything but the fact that he has requested valuations makes me think differently - he could have signed a disclaimer with his solicitor not to enter into financail negotiations and draw up a Consent Order on the terms he says! (It is not advisable and the judge may refuse it).

hope this helps

Butterflybows Thu 04-Aug-11 12:37:59

Thankyou for your reply. He has given me a letter declaring he is giving me the house and not wanting his share of the equity...He says his solicitor asked for it as a procedure she has to go through...confused

countydurhamlass Thu 04-Aug-11 16:46:30

it is a procedure BUT the piece of paper he has given you means absolutely nothing in the eyes of the law so be a little cautious. also just because he says he doesnt want anything it is down to a judge to approve the agreement between you and if it looks like you are getting considerably more than him then he wont allow it

Butterflybows Thu 04-Aug-11 16:52:04

Damn! That is what I was worried about. Thankyou for your reply.

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