Advice needed please! My husband moved us into our new family home in 2011. The aim was to be there until the children left school. At the time, the children were both Pre school and I wasn't working. After ten weeks, husband left and set up home with a woman from work. Hours of solicitors, failed Mediation and a financial agreement that enabled spousal maintenance (I clearly couldn't survive without it) on top of child maintenance. I stayed in the house, but if and when sold, he would receive 40% of the equity. I have, very recently been informed that he should in face then have been paying 40% of the mortgage. Plus, half any repairs and half home insurance. Is this correct?
Is the spousal maintenance supposed to cover mortgage and repairs? Is the 40% the final value on sale, or is it 40% of the equity valued when he left?
Acquaintance of mine got spousal maintenance and CM, which was all calculated to include his half of the mortgage and other payments. Then when her dc turned 21 she had to give him his 40% of the equity.
She got round it in various ways (which I don't agree with btw) by not doing any repairs, redecoration, gardening, or maintenance in the 15 years the house was still jointly owned, and remortgaged to "raise money the kids needed". So when the house was valued it was a very low valuation as it needed completely re-modelling, and the equity payment was shockingly low.
As soon as he was bought out she completely redid everything, new kitchen, bathroom, extension, landscaped the garden. It's now worth nearly double the valuation.