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Splitting up. Can I have advice on assets when married please?

(35 Posts)
StartingAgain101 Sat 29-Dec-18 14:35:04

DH and I are separating. He is going to move out at some point.

We have a house, he has a decent pension.

House is worth 160k, mortgage is 55k. I had an inheritance and savings and paid 75 k deposit and I've spent about 15k on home improvements. DH pays 're mortgage, which is low at £291 a month.

I work part time and have a disability so cannot increase my earnings. DH has a good job with decent money.

I'll be blunt, I want the house. I have put 90k cash into it in the last 4 years. He has paid 5k off the balance. We have always had equal spending money, I've always been able to save, he has no savings and nothing to show for it (we don't have joint accounts).

I've said if I can have the house I wont touch his pension. He doesn't seem keen on the idea and thinks he is entitled to 50%, which he isn't because he has more earning capacity and I will be the primary carer (2 DCs) and limited earning capacity. I can't won't be able to borrow enough to by him out. I've also but spent 7k getting the house finished.

What are the chances of this being realistic do you think?

BubblesBuddy Sat 29-Dec-18 20:26:08

I would see a solicitor. You usually start at 50% of all assets each. You can then negotiate. Pensions, houses and savings are all up for negotiation and obviously what you have contributed is part of the negotiation too. It’s possible he would argue he couldn’t make bigger contributions towards the house as he put money into s pension. A solicitor will go into the finer details such as this if you cannot agree amicably.

HoneyDoo Sat 29-Dec-18 22:58:30

It's a 50/50 split. How old are the children? It would be difficult for him to force you to sell if they are still dependants.
All assets are seen in the beginning as a 50/50 split, including his pension.
Have you discussed maintenance?
You could negotiate with him...
Give you the house and you will not go anywhere near any other asset and will not chase him for maintenance, this is dependant on you being able to care for the children without his financial input. It may be controversial, but a good Solicitor will simply be looking to negotiate the best deal. You're better off doing that yourself, if amicable, and adding it to your divorce proceedings via a consent order which is binding on both parties and he may be interested to know that the consent order would sever all financial ties between you including any claim you would otherwise have to his future earnings even AFTER you're divorced.

StartingAgain101 Sun 30-Dec-18 00:56:20

Not getting maintenance is not an option. Their his children too and he should pay.

prh47bridge Sun 30-Dec-18 09:19:40

If the children live with you he must pay child maintenance. That is not up for negotiation. Even if you agreed a consent order giving no child maintenance you would be able to go to the CMS to force him to pay maintenance after 12 months. What is up for negotiation is whether or not you get spousal maintenance.

You need to see a solicitor.

Collaborate Sun 30-Dec-18 09:52:35

It is not necessarily a 50/50 split.

BubblesBuddy Sun 30-Dec-18 20:42:47

No it’s not. That’s the starting point but lots of other factors come into the negotiation which is why seeing an experienced solicitor is best. Having this house but no pension might not be in your best interests. A smaller house and some of his pension could be better. This is the discussion you need as well as child maintenance and possible maintenance for you. Doing it yourself might not take all aspects into account and do you know exactly what his monetary assets are?

Collaborate Sun 30-Dec-18 21:17:36

Your needs may dictate that you get more than half the assets anyway. Having to work part time and having a much lower income means you need more capital to meet your housing needs.

redastherose Sun 30-Dec-18 21:30:21

Please go and get proper legal advice from a solicitor who specialises in divorce. There are lots of factors you need to take into account. In particular his pension assets may be worth considerably more than the equity in your home.

StartingAgain101 Thu 03-Jan-19 20:52:37

We've been able to roughly work out that his pension will be worth about 150k. House is currently worth about 160k with 105k equity.

Collaborate Thu 03-Jan-19 23:12:08

We've been able to roughly work out that his pension will be worth about 150k. House is currently worth about 160k with 105k equity.

I do hope you weren't hoping to get some reliable advice based on this post. Sit down with a solicitor and get some proper advice.

bastardkitty Sat 05-Jan-19 13:20:06

If your sums are correct you will be seeking the house plus a share of his pension
Plus child maintenance, obviously. He should have bitten your hand of when you offered to take the house and forego his pension.

worridmum Sat 05-Jan-19 14:30:33

Also remeber £1 in pension is NOT worth £1 cash or in house equity and the courts have a formula to work this out. (As in pension £ is worth less then cash or property).

So i doubt you will get the house (as in all of it) and a large chunk of pension as i do not know the ins and out of your situation so get proper legal advise.

Collaborate Sat 05-Jan-19 15:49:42

Do not rely on any advice based upon the paucity of information in this thread. See a solicitor.

Xenia Mon 07-Jan-19 11:02:44

You need specific advice from a solicitor. Eg a £150k pensino fund yields an income in retirement currently of about £5000 before tax so is not the same as £150k in cash and he can't live in it in the mean time so he may well not want to set it off against equity. You might get 60% of the equity as you earn less and have the children etc and persuade him of that to give him a clean break. We are assuming you are in England - Scottish law can differ.
It sounds like there is £105k equity in the house so your starting points might be £52,500 each but you earn less and have a disability (never mind put in more not that that tends to count) and he has the large pension. He wants £52,500 and you want £105k so somewhere between those two figures is a sum you both might compromise on particularly if you have a relative who could come on the mortgage in order to take the husband off to leave him free to buy another place.

Find out what he is prepared to settle for eg he might settle for 40% not 50% of equity if you don't claim spousal payments nor claim on his pension. You might be able to remortgage to pay him off. Make sure it is in a court sealed consent order before decree absolute - to get finality.

Collaborate Mon 07-Jan-19 12:29:00

You shouldn't rely upon any speculation in this thread about what you might get. It is pure guesswork. Please make an appointment to see a solicitor.

Also there is no one formula used by the court to discount a pension for offsetting purposes.

StartingAgain101 Mon 07-Jan-19 22:10:21

I've made an appointment with a solicitor who has been recommended, it's next week.

I can't afford to buy him out. From looking online, max I can borrow on wages alone is 47k. Mortgage is 55k. In order to buy him out with a lump sum I'd need a mortgage of around 80k and I won't get that.

Xenia Tue 08-Jan-19 11:25:56

See what the solicitor says and as there is not a lot of money at stake do not spend too much on the costs of any case. Also you may have a relative able to come on the mortgage with you to help you get an £80k mortgage.

MissedTheBoatAgain Fri 11-Jan-19 06:49:17

It's a 50/50 split

This myth dies hard.

To OP

No two Divorces will ever the same. So as Legal have said you need to seek the advice of a family solicitor.

Only comment I would make is to try and settle amicably as involving courts guarantees only two things:

Lots of stress
Lots of costs

Worst case scenario is that courts make an order that neither partner wanted.

Good luck

ChristmasFlary Fri 11-Jan-19 06:54:04

Before anything can be agreed you need the house valued by an independent estate agent. You need CETV on all pensions. Also need to fill in Financial Form E.

ChristmasFlary Fri 11-Jan-19 06:56:32

If l hadn't done what l advise, l would have lost the house.

Transpired XH pension was worth so much that l off set the house against it.

He of course, didn't want to go down the formal route and said we could do it all ourselves which was heavily waited in his favour

ChristmasFlary Fri 11-Jan-19 07:00:08

Have you started a benefits claim? My mortage company took my benefits into consideration.

StartingAgain101 Sat 12-Jan-19 00:27:05

I can't start a benefit claim until STBEXH moves out and he thinks it will be 6 months before he's saved enough for rent and deposit and little bit extra.

He wants to do it without solicitors because of cost. He has now agreed I can have the house and he will keep his pension. Turns out pension is likely to be worth 200k, house is prob worth 160k

Weenurse Sat 12-Jan-19 00:30:24

Still seek legal advice

StartingAgain101 Sat 12-Jan-19 00:37:22

I am. Appointment is next week. STBEXH doesn't appear to be getting legal advice though.

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