Help! Someone who’s good at maths, how much do I owe ExH?

[PuddleCake]

I’ve sold family home and we are splitting the profit (just the profit, not my equity) 70/30 to me. Ex and I have come up with different calculations….

House sold for 710k

I bought it for 327k (this included mortgage of 175k, I have £155k left to pay on it). Ex wasn’t on mortgage and didn’t put any money into sale.

I've spent 100k on renovations, this includes all legal and estate agents fees

Ex spent 27k on renovations

I owe ex 7k from previous house renovation

I wouldn't give him anything !

Shouldn’t the solicitors be dealing with this?

@PuddleCake

Do you have kids?

Hiw much has he contributed to expenses (gas/electric/water/council tax etc)

How much have you paid for your mortgage. I presume more than 20k as the interest keeps adding on.

Why do you owe him £7k from previous renovations and is this part of the £27k he spent?
Why was this not being sorted as part of divorce?

Well it's messy, but a crude calculation would be
You are owed 327+100
He is owed 27
That leaves a profit of 256
of which you're due 70% = 179.2
and he's due 30% = 76.8

After that you owe him 7 grand from a separate transaction leaving you with £172,200 and him with £83,800

We have 2 DC and I have DC from previous marriage. DC will be with me most of the time.

He did a lot of the work so I feel it’s fair to stick to what we agreed. Obviously don’t want to give him more than that though.

327 + 100 + 27 = 454
710 - 454 = 256 (profit)
30% of 256 = 76,800
70% of 256 = 179,200
You get 327,000 + 100,000 + 179,200 = 606,200
He gets 27, 000 + 76,800 = 103,800

Then you give him 7k.

So cost to you is 327k plus 100k renovations, 427k.
Cost to your ex is 27k.

Profit is 710-427-27=256k. You get 70% of this, he gets 30%. That is 76.8k to him.

Then you also have to give him back the 27k he put in and the 7k you owe him, so a further 34k.

Total of 110.8k.

Depends how you're defining profit really.

If you MUST split it that way then you take the profit split it 70:30

You take 100k from his portion and he takes 45k(27+7) from yours. Unless what you meant was paid him back 20 of his 27k in which case he takes only 7k from yours

I think ... I can't see your numbers as I'm on the app. I think that makes sense

I’d say £122,000 - unless you know how much the renovations added to the value it’s difficult to adjust to that (and you seem to have paid for the renovations roughly in proportion to the profit share anyway)

So 30% of valuation less purchase price, then add on the £7k you owe him.

But agree the solicitors should be sorting this out.

I don't think it's a divorce - I thought it was a relationship split.

Oh my bad, didn't read the original post properly. As you were.

Mind you I'd definitely subtract estate agents & solicitors' fees and stamp duty on the original purchase etc before calculating profit.

(710-(327-175)-155-100+27)x0.3 + 7 ?

I gave mine £10 as a flat deposit to get shot of him. The judge accepted that as it meant he would be 'adequately housed'.

So what's a flat deposit in your area at the moment? That's really your starting point.

(The judge's assumption was, btw, that the DC would share a room / utilise living room on their visits to his. No presumption of a room each or anything like that.)

So sale price minus fees; minus final mortgage payment; minus your deposit; minus any other costs that come up to do with the sale.

710-155-your deposit- all the fees etc

It's bloody confusing when people get divorced and then later on try to deal with the financial arrangements!

Chat gpt will calculate it for you.

Thanks all, yes not married and yes I’ve already added on all the fees.

my result was just under 100k to him, his was more like 120k!

Ex husband or ex partner? That obviously makes a difference

ExDP not ExH!!! Sorry

My method, see above gives £106k but you should deduct fees from the 710k before you start.

Depending on how much time has past, you should also consider adjusting amounts for inflation. 155k 20 years ago was as worth much more than 155k today. There is a standard price index used for adjusting for inflation. It’s not a difficult shift to make.