Hi,
I am posting for a bit of advice on experiences.
My ex and I separated two years ago after 16 years together and ten years married. I remortgaged and bought him out of our house and we did a transfer of equity. He bought his own house. All was amicable. I gave him £16,000 with the remortgage and we said if I was ever to sell the house I would give him an additional £5,000. At that time there was around 30-40k equity in the house.
We have two children and we co-parent 50/50.
Now it has been two years we decided to start the divorce. However my ex suddenly demanded I get the house valued as he wants more money now that house prices have increased. He had previously signed a letter with the conveyancer stating that he gave up his rights to any equity.
At the time of the split we were left with equal amounts of savings- mine was from the joint savings account (which only I had contributed to) plus a compensation payment and his savings were from the sale of his car as he was getting a company car. My ex is saying his savings can not be taken as the “marital pot” as they came from his car sale whereas mine came from the joint account.
In terms of the equity in our houses there is around 40k equity in his and around 75k equity in my house. We both have similar salaries but he will have more pension as he is ten years older.
I have worked out an agreement based on the total equity equaling 115k- so 57.5k each. He already has 40k equity in his house, plus the 16k I have given him, meaning I owe him £1,500.
Please could someone tell me if I am working this out correctly? He is adamant it should go off the prices originally paid for the houses vs the value today and he is demanding we go down the legal route despite knowing I can not afford legal costs
Thank you