Buying stbx out of the house, advice please

[Sparrowlegs248]

This is something that I hope to do, will be assisted by my parents. I'm going to get the house valued by 3 different agents to start.

We haven't started divorce proceedings, but just wondering how it works? The mortgage remaining is about £110,000 . Last mortgage valuation put it at £170,000 which I feel is a bit ambitious, but if it's valued at 170, leaving roughly 55000 equity (taking fees etc into account) is it normal to split 50/50?

We have 2 small children who live with me, I work pt. Care for children rest of time. We've put approx the same into the house.

All of your assets & debts will he put in to a pot and divided. If you want to buy ex out ask for more of the equity, may be offset against ex’s pension? You should probably get more anyway if you are the prinary career of the children.
The priority will be for them to be housed. If there is enough equity for you both to be housed in similar homes then that should happen, rarely is there enough to do that though as it stands to reason 2 homes are more expensive than the 1 you shared.

Not necessarily 50/50 on just house. Need to take savings, pensions etc into account. 50/50 of all assets can be a starting point; can get agreement for eg 60/40 if children involved. We helped daughter in this way, offset equity against his pension. But didn't go to mediation or court - private agreement with financial order drawn up by solicitor and signed off by court.

Thank you. He has no pension. I do but not huge. Also have a bit of credit card debt from times where he was unemployed, or when I was on maternity leave and still contributing 50/50, I don't think he has any debt.

He's renting somewhere now , but only a 1 bed. House is only 2 bed, and 2 small children but it's big enough for us.

My ex bought me out and in a similar situation to you nottalotta. My ex got 3 evaluations 1 really low, the other two more realistic and we met somewhere in the middle at a mediation session. I had the option to get my own evaluations but was happy with the amount we agreed on.

My ex couldn’t get the cash to buy me out completely so I kept most of my pension which was around the same as the amount to buy me out.

A few times after we came to an agreed settlement my ex tried it on and tried get me to take less than agreed in mediation. I simply said “I won’t take anything less than we agreed, that’s what the mediation was for”

There’s usually some sort of compromise needed on both sides, but stick to your guns for a fair deal. I also got everything written up in a consent order.

Both of us filled in financial form E so could see all assets, pensions etc.

Then negotiations started. Can't negociate if you don't include everything.

I got the house.

All agreed in Consent Order

In Scotland and perhaps England,

You only get 50% of what was jointly earned DURING MARRIAGE.

If you can prove you contributed £X before marriage then you can ask for an unequal share.

Children's lives come first then your own needs.

The award is also weighted according to how long marriage was. Less than 5 years means you are more likely to keep what was not earned jointly during marriage. This includes pensions.

As my STBXW is about to find out.

Also deduct any marital debts and assets you will each keep.