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Equity Split

(14 Posts)
LifeChangingMe Mon 17-Mar-14 12:24:58

My husband is divorcing me. I left the family home to rent near my mum. We don't want to divorce through the courts with solicitors.

My husband wants to buy me out of the house so he can own it all and then rent it out, he would give me half of the equity on the house as it currently stands(£20,000). This £20,000 is all I would walk away with. I can't afford a solicitor it's out of the question.

We have a 14 and 9 year old, been together 20 years, married for 10. He is an airline pilot . He has also agreed to pay me 20% of his monthly income as child maintenance .

Would a court allow him to buy me out or would they say we have to both sell the house instead and split the equity to be fairer??

Creamycoolerwithcream Mon 17-Mar-14 12:44:34

You may be able to get some free advice from a solicitor. Where I live there is a solicitor that offers an hour a week as a drop in
Center or you can phone during that hour and get about 10 minutes advice for free. Do you have any savings to split? You need to find out your rights regarding your DH pension as you are entitled to some of that? Are you a SAHM?

LifeChangingMe Mon 17-Mar-14 18:45:13

Yes I'm currently a SAHM but am aware I may have to go out to work. I live in Manchester, all the solicitors want money they don't do anything for free unfortunately even the Cooperative don't offer anything cheap. It's £175 for an hours advice

LIZS Mon 17-Mar-14 18:46:25

what about his future pension ?

Creamycoolerwithcream Mon 17-Mar-14 18:52:49

LifeChangingMe, I think you would be entitled to more than 20% of salary and half the equity, spousal support possibly? Perhaps you could repost over in the Legal bit of Mumsnet. Good luck.

Only1scoop Mon 17-Mar-14 18:54:44

I would get some legal advice. It doesn't sound like a very fair amount at all.

Creamycoolerwithcream Mon 17-Mar-14 18:55:54

I have known women with a solicitor who have had the fees and costs paid by their ex, just a thought if you went down that route.

MooseBeTimeForSpring Mon 17-Mar-14 19:07:45

That doesn't sound fair to me. There's his pension to consider too. You're entitled to a half share of what accrued during the marriage. You need to know the value of his pension (it's called a CETV). It might be the case that in order not to take any of his pension you take all the equity. A fair outcome may even be all the equity and still some of his pension. It might be that valuable!

Landoni112 Mon 17-Mar-14 19:21:27

Not having been through what your currently are, but it does sound like you are getting thin end of the wedge.

What about pension, other savings, you lost of earning while bring-up the children?
Not sure that 20% of his wages would cover child maintenance for 2 children, esp as you now have to rent/buy another house to live in.

Please, Please pay for some proper legal advice, even if you have to borrow the money. I think a lot of spouses are duped into accepting a crap settlement offer because they are worried about the initial legal costs, esp if the other spouse is more dominate/has always controlled the money.

His offer sounds way too low. Even if you can't afford legal advice I think you can also go to mediation. From what I understand you go together and lay all your finances out on table in a transparent and honest way, you then work out together what is fair, you and your children deserve to get a fair amount/support.

Suzietwo Mon 17-Mar-14 20:44:13

Erm, where's he getting his 20k from?

Tell him you need full disclosure of all assets and income sources. Pilots are notorious for boosting their income with additional flights and long hours etc.

He can't just buy you out, your needs including for housing and outgoings need assessing. Then his ability to pay needs to be examined. It may be best to hang onto the house until youngest is 18 then sell and divide equity.

Lots of options but you need advice.
I'm a divorce solicitor. Lots will give you free advice. Call and ask for an initial meeting. Once they're on the hook ask whether they do the usual thing of the first hour free. They will. If not, phone another one. Drop in the fact ex is a pilot. They're worth pursuing for some cash

bamboostalks Mon 17-Mar-14 20:48:20

Do not be such a mug. Get yourself back in your family home ASAP. How come all you have is £40 equity after 20 years? Seems low for airline pilot income. You will need to pay for advice, it will gain you thousands in the end. You are being massively short changed here.

Preciousbane Mon 17-Mar-14 20:57:19

Message withdrawn at poster's request.

Nomama Sun 23-Mar-14 14:58:31

You don't get half the equity. The house is a marital asset and you get half of its value at sale, or he buys you out at 50% market value - ish, that can all be mediated or decided by a judge.

Don't let him screw you. Get proper advice.

CogitoErgoSometimes Sun 23-Mar-14 19:58:38

I would recommend you call round a few more solicitors. Plenty would be prepared to take on your case and be paid their fee out of the settlement. Failing that, tray CAB as they can offer a certain amount of legal advice. Just please don't go it alone or you'll end up agreeing to something that is way below fair.

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