Posting for colleague. She's been married 35 years, 2 adult dcs. 17 years ago she had a number of affairs and left family home to live with one. It didn't work out and she ended up at her mums. She admits she was in the wrong..no abuse from h, she just wanted excitement After a year her h said she could come back as dcs were missing her Since then there has been a strained relationship.... Virtually no sex and none at all for last three years. Neither are happy. They never go out or on holiday. No shared interests, just grinding it out.
He had told her this can't go on. She is worried about finances and split if house. She works full time in a low paid job but her name isn't on mortgage. No joint accounts. Would there be a 50/50 split on house?
I've told her to go to a solicitor but she is worried about the cost
- Their ages - Their income difference - The total value of each pension, incl additional state pension - Whether the house has enough capital for them both the be rehoused out of it - The value of any other capital (cars, investments,savings) - The total of any debt - capability to raise a mortgage & how much they could raise (could be difficult given their probable ages)
The starting point is 50/50 for all assets, but one asset can be offset against another (however pensions are not offset £ for £, often 25%, but this increases the nearer to pension age they are, no set formula though).
If there is enough capital for each to buy a 1-2 bed flat, then they will be expected to sell the home/use savings/sell investments, and downsize. Regardless, if the house is more than a 2 bed, they will be expected to sell because neither of them needs a house bigger than that...unless one of them can afford to buy the other out of their share.
It would be different if they had young children, but because their children are grown, the only housing need is for each of them to be adequately housed.