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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

House Equity

20 replies

Meggymoo85 · 01/03/2024 19:38

I'm looking for some advice on splitting the house equity with my ex.

I have three DC living with me in the family home. My ex left a year ago and hasn't contributed to the mortgage since.
We are in the middle of a divorce but it's taking bloody ages and is likely to take a while yet.

We have £200k equity, which we are planning on splitting 50/50 - all fine. But I've paid the mortgage on my own for a year and that could go on for another 6months / year or so. I'll have paid £10/15k in mortgage payments by that point.
Will it be possible for me to ask for that extra money in my share of the money?

Or, I can I ask that the split in equity be shared at the amount it was when he left!?

I hope that makes sense!?

OP posts:

NorthernSpirit · 01/03/2024 19:45

You wouldn’t normally be entitled to any more money because you’ve been paying the mortgage.

Have you been contributing to his living costs for the last year?

The court round view that as you’ve had the sole benefit of living in the house & his equity is tied up - you wouldn’t be entitled to any extra.

Original poster

Meggymoo85 · 01/03/2024 19:56

No, I haven't been contributing to his living costs because I'm using all my money to pay the bills and feed and clothe our kids!

Meanwhile, he's walked out leaving me with a massive mortgage (which he should really be contributing to) and the kids to pay for. He doesn't pay maintenance.
I can't sell the house because we haven't got a financial agreement. I'd love to sell and but a smaller, more affordable place but I can't at the moment.

OP posts:

Original poster

Meggymoo85 · 01/03/2024 19:59

So, if finalising the divorce takes 2 years and, in the meantime, I pay £20k off the mortgage, he gets an equal share of the larger amount of equity?

OP posts:

BloodyAdultDC · 01/03/2024 20:01

Why no maintenance?

CMS Monday morning!

PaminaMozart · 01/03/2024 20:02

Can you share what your solicitor is suggesting?

Spirallingdownwards · 01/03/2024 20:02

Yes because as the previous poster stated it is assumed you should pay him rent for his half share of the property and he is paying to live elsewhere.

I would be asking your lawyer to see a better than 50/50 share in the divorce proceedings seeing as though you have 3 kids. Or after the marital assets are in the pot are you better off than him anyway?

Original poster

Meggymoo85 · 01/03/2024 20:05

He's not paying rent as he's moved in with his parents.
He gave up his job after the split so can't pay maintenance.
I'm not likely to get more than 50% despite having the kids on my own. because I earn £60k a year and he isn't working.

OP posts:

PaminaMozart · 01/03/2024 20:16

Sorry to repeat myself......... but...

Can you share what your solicitor is suggesting?

Mrsttcno1 · 01/03/2024 20:20

Meggymoo85 · 01/03/2024 19:59

So, if finalising the divorce takes 2 years and, in the meantime, I pay £20k off the mortgage, he gets an equal share of the larger amount of equity?

Yes, as previous posters have said you have had the benefit of living in the house with half of his equity tied up in it, so courts assume that you essentially are paying his “half” as rent for that benefit.

Original poster

Meggymoo85 · 01/03/2024 20:23

My solicitor is suggesting that

I wait a bit longer and hope he gets a job.
Keep paying the mortgage (I can't default anyway as my credit would be awful)
Try and use the fact that I've paid the mortgage for the last year to argue that I should get an equal split.

My pension is bigger than his and I'm working. So, despite me having the kids full time, there is a chance I will gey a smaller share of the house equity.
We are still in negotiations.

I have to house 3 kids and it's stressing me out because I'm just about covering all the bills. But I can't reduce bills and mortgage until we get a financial agreement.

OP posts:

Scareystress · 01/03/2024 21:50

Could you use the argument that you should get back any capital you’ve paid back since you separated? On the basis that you could have asked the mortgage company to go interest only and spent the difference.

JobMatch3000 · 01/03/2024 22:12

Agree with above. Can you ask your mortgage company for a payment break or to move to interest only?

Original poster

Meggymoo85 · 01/03/2024 22:26

Yes. I think that could be an idea actually. I just want to make sure I don't damage my credit rating as I will need a mortgage in my own name soon.

OP posts:

Jonathan70 · 02/03/2024 08:46

I would ask for a payment break and think about getting the house on the market - decide on estate agent etc. Once you’ve got to the point of drafting a financial agreement/sending it off to be sealed - you could put the house on the market, as it will probably take longer to market and sell the property than to draft and get the agreement sealed.
As the other posters have said, you’re generally expected to cover the bills and mortgage if you are the party staying in the house (even if he had been working as he would have been paying maintenance) - it shouldn’t affect his share of the equity as he isn’t benefitting from being in the property - he’s also housing you and the children with the equity remaining there. He can’t share the housing of the children himself because he can’t buy or rent anything suitable until it’s sold. He therefore gets the benefits of his investment being tied into the property until the point of sale, in the same way his investment could lose from the time he moved out, if the housing market meant that the house ended up selling for less than it would have done a year ago.
The equity split should take into account what he will be earning assuming he returns to similar employment to what he had before, how much maintenance he would then pay you, how you’ll share the children once he is housed, how much equity he will need to house himself and accommodate the kids when they’re with him, how much you will, your earnings/assets/pensions, etc so a fair amount could be more or less than 50/50 for one party for it to be fair to both.
Good luck with it all.

Wafflethewonderdoggy · 02/03/2024 08:49

Agree with above that I do know lots of people who have sold the house before everything else has been agreed on. Or you could at least start that process

BloodyAdultDC · 02/03/2024 09:50

What was his salary before he quit his job op? Is there much demand for his previous role, does he have transferrable skills? I assume he didn't give it up due to medical reasons, or to be a stay at home dad? Good that he's been supported by his parents at the moment, but that's not a long-term solution, nor is unemployment.

I ask because during financial resolution he will ABSOLUTELY be expected to maximise his income and won't be able to use the excuse of unemployment to gain a higher % of the matrimonial assets.

Women are told this all the time, several posts on here a week about women who have been primary carer now expected to find work in order to support themselves post-separation. He can't just expect that because he's quit, and you're still in work that you should continue to subsidies him. If your solicitor isn't telling you this then you should possibly consider changing.

BloodyAdultDC · 02/03/2024 09:51

*My solicitor is suggesting that

I wait a bit longer and hope he gets a job.
Keep paying the mortgage (I can't default anyway as my credit would be awful)
Try and use the fact that I've paid the mortgage for the last year to argue that I should get an equal split.

My pension is bigger than his and I'm working. So, despite me having the kids full time, there is a chance I will gey a smaller share of the house equity.
We are still in negotiations.*

You need a better solicitor.

OriginalFloorboards · 02/03/2024 10:00

Definitely check if the payment break etc affects credit rating. I think it does, despite what they say but do check. I could be wrong OP.

Like other posters say it might be worth a change in solicitor.

Jonathan70 · 02/03/2024 11:40

I think if you speak to your lender about taking a three month payment holiday for example or something else they suggest, your credit report should be ok as it’s a short term solution, not long term. It’s better than defaulting anyway. Check with them.
As @BloodyAdultDC says, he won’t be able to use unemployment as a reason to get more equity unless it’s for very good reason eg health issues.
Have you put a 50/50 split to your ex? If that’s been agreed (as per your original post) drop the idea of getting back your mortgage contributions whilst he’s living at his parents and go ahead with this. You could stand to lose more while arguing for that extra £10k. Get the financial agreement drafted and if you’ve got your conditional order, off to the Court and get the house on the market.

Nimbus1999 · 03/03/2024 21:31

OP - have you heard about the government mortgage charter? You can go to interest only for 6 months and it does not impact your credit.

Anything else - mortgage holidays etc will impact your credit. I’m in a similar boat and doing everything I can to pay the mortgage because I want to buy a house in my own name and am worried bad credit will limit my mortgage choices.

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