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Help re Division of assets

(6 Posts)
awishes Mon 17-Mar-14 20:15:50

Hello,
I am in the process of divorcing and desperately would like to keep the family home for the children to keep some stability. STBX is fighting over the finances as wants a 50/50 split meaning that I would be unable to buy a home for myself and the kids.
Can anyone tell me, if I am able to agree a 60/40 split, that this would include all our assets not just the house equity?
We don't have any liabilities other than a small mortgage.
My solicitor is telling me not to worry about the finances at this stage but I am having sleepless nights not knowing whether I can afford to buy him out or not sad
Many thanks in anticipation

awishes Tue 18-Mar-14 10:00:22

Anyone? confused

millymolls Tue 18-Mar-14 10:11:49

As far as I am aware all assets are to be included in the division, including savings, pensions (accrued during length of marriage) etc. Courts will look to achieve a 'fair division' but this is not necessarily 50:50, and will also depend on need, ability to earn, age, length of marriage etc. So e.g you may be able to get higher than 50% of equity but forgo some pension etc. Your solicitor is however, in the best position to advise you.

awishes Tue 18-Mar-14 10:30:50

Thanks millymolls, I'm just confused as to whether the split, for example if I was to get 60% would that be 60% of the savings as well as 60% of the equity as I'm trying to work out how much I can afford so if the cash isn't split 50/50 but 60/40 I will have more cash to give him. Does that make sense?!!

prh47bridge Tue 18-Mar-14 11:03:05

It is not necessarily the case that a 60/40 split (or any other ratio) is applied equally to all assets. If the house represents 60% of the assets a 60/40 split could mean you get the house but nothing else.

awishes Tue 18-Mar-14 15:15:50

Thanks, would be happy not to get anything else just to keep a roof over their heads!

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