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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

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Original poster

Divorce and equity in marital home

21 replies

MumOfsix22 · 22/03/2023 18:40

I am 2 years divorced and ex has bought financial dispute to court. According to paperwork his income is half mine self employed 8000 estimate and mine is 20000 permanent employed. I have a small pension and life insurance he has none. We have no other assets only rental vehicles. The property has been valued and equity is £100,000. I am primary carer for 3 kids age 4,8,13. i have offered for him to transfer the property to me and I take on the home and also soft loans to my mum which we took out to improve the home and weren’t cleared when he left. Will the judge force me to buy him out?

OP posts:

Timeforachange2023 · 22/03/2023 19:52

He earns £153 per week?

A judge is going to tell him to get off his arse and get a proper paying job. According to that he’s on just over £4 per hour. The national living wage is much higher.

Original poster

MumOfsix22 · 22/03/2023 20:10

He is recently self employed and work cut during pandemic. Previously worked for family business. I anticipate this will increase over years

OP posts:

millymollymoomoo · 22/03/2023 20:26

A judge is unlikely to award you 100% of equity and is likely yi expect you to buy him out ( the share and amount is begin)

Original poster

MumOfsix22 · 22/03/2023 20:49

He previously asked me for £20000 equity release to sign the house over but I have been told I can keep it until our youngest is 18

OP posts:

NorthernDrizzle · 22/03/2023 20:51

MumOfsix22 · 22/03/2023 20:49

He previously asked me for £20000 equity release to sign the house over but I have been told I can keep it until our youngest is 18

What makes you think that?

MrsKeats · 22/03/2023 20:55

It's a very bad idea to get divorced before the finances are sorted.
Did you not take advice?

Original poster

MumOfsix22 · 22/03/2023 21:15

My friend who works in law suggested this and I have assumed ever since

OP posts:

Original poster

MumOfsix22 · 22/03/2023 21:16

How so?

we we’re both in new relationships so wanted the divorce fast in pandemic but then disagreement came when we sold a second property as I kept the profit to clear debt (only £5000)

OP posts:

NorthernDrizzle · 22/03/2023 21:25

Can you get a big enough mortgage to but him out?

Otherwise it will be a sale.

Original poster

MumOfsix22 · 22/03/2023 21:30

I can possibly release equity for lower amount but don’t feel like I should as he left me when our son was newborn. If I increase the mortgage I will struggle financially

OP posts:

Timeforachange2023 · 22/03/2023 21:31

MumOfsix22 · 22/03/2023 21:16

How so?

we we’re both in new relationships so wanted the divorce fast in pandemic but then disagreement came when we sold a second property as I kept the profit to clear debt (only £5000)

Because if you are no longer legally married you cannot make a claim for periodical payments and you would not be entitled to things like a widow’s pension.

Normal (best) practice is to agree child arrangements (if necessary) first, then finances and then finalise the divorce.

If you were advised to divorce first then I’m sorry to say I think that was very poor advice.

NorthernDrizzle · 22/03/2023 21:39

MumOfsix22 · 22/03/2023 21:30

I can possibly release equity for lower amount but don’t feel like I should as he left me when our son was newborn. If I increase the mortgage I will struggle financially

You don't say what the house is worth but basically you could need a mortgage for that amount less your £50,000 of equity.

NorthernDrizzle · 22/03/2023 21:41

Plus he cant transfer the house to you as it has a mortgage- it needs to be remortgaged.

Original poster

MumOfsix22 · 22/03/2023 21:44

The house is worth £180,000 and the mortgage is £80,000 joint names. I got an agreement with the bank to get mortgage in sole name but he wouldn’t transfer equity without buyout. How much would I have to raise? £130,000mortgage? Is my equity considered deposit then?

OP posts:

Barbecuebeans · 22/03/2023 21:44

I don't see why you think you should get all the equity. It sounds really unfair to me, whether or not he left you.

PeekAtYou · 22/03/2023 21:49

Divorce in the UK is non-fault. He will not be financially penalised for his actions.

You will need to buy him out. 50% is fair. Are the soft loans to your mum documented ? How much are the loans?

Original poster

MumOfsix22 · 22/03/2023 21:54

Some of them are however he offset them due to his dad also making a large contribution to our wedding cost. There’s no official agreement as such but In 2017 the loans in my mums name were in the region of 30,000, then are almost cleared off now. He has a debt from credit card that was 10000 and is now only 3000 that he stated he will pay solely.

OP posts:

PeekAtYou · 22/03/2023 21:59

It is good that your mum has most of her money back.

SD1978 · 22/03/2023 22:00

I would get proper legal advice. I don't see how you can assume to walk away with all the assets, especially with his income being low. Whilst it may not be a 50/50 split- it definitely won't be a 100% in your favour.

PeekAtYou · 22/03/2023 22:06

MumOfsix22 · 22/03/2023 20:49

He previously asked me for £20000 equity release to sign the house over but I have been told I can keep it until our youngest is 18

With that kind of deal you will have to make all the mortgage payments then pay him interest when the child is 18. Would you want to give him 50% of all the equity you gain when child is 18?

This kind of arrangement is very unusual these days primarily because the person who leaves might want another mortgage alone or with the next partner.

BetterFuture1985 · 22/03/2023 23:35

MumOfsix22 · 22/03/2023 21:15

My friend who works in law suggested this and I have assumed ever since

Works in law how? Unless they are an experienced family solicitor or legal executive with extensive experience of adversarial family cases that go to court and you have divulged intricate details of your finances to them then at best they could have given you a rough guesstimate. Even family solicitors get it wrong an awful lot of the time these days because the kind of order your friend is thinking about (either a Mesher Order or a transfer with chargeback) still happen in negotiation at their recommendation quite frequently but they are exceptionally rare if things get to court.

In your case your ex is asking you for an amount that is likely to be less than your legal fees, unless you self rep. Court could therefore be lose/lose for you.

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