My inheritance used to buy house

[DoingItForMyself]

When my parents both died I received a substantial sum (6 figures) and put it into a savings account (I think in my name, but could have been joint).

When we lost money on the house we were living in we had to use my inheritance as the deposit on our current house. We still have a large mortgage (60-70% I think) and as I have only been working P/T, H has been paying all the bills with his salary from our joint current account.

Now that we are separating, is there any way this chunk of money will ever be mine again? Or does the fact that H has been paying the bills balance that out?

I don't want to seem grasping or selfish, I just want to know if this is something that can even be taken into account when deciding how to split assets.

FWIW he wasn't working when I got the money, as we'd sold our business and he said it wasn't worth him finding a job while the house & business premises were still up for sale so he could do viewings etc. This took a year to sell, hence we lost a lot of money.

Now that he has seen that I can get I.S. on top of my PT wage, he seems less inclined to rave about how he is planning to support us to still live here, so I need to find a way to be financially secure just in case.

Any divorce advice appreciated really. Ta.

Sorry have no advice but most solicitors offer a free half hour session you could use this to find out more, good luck

I'm no expert on this subject but I do remember that when dh and I brought our house the solicitor asked us to sign a piece of paper (but I can't remember what it's legal name was) which confirmed our individual % of the property. We both had to sign in agreement that we were (in our case) 50/50 for any profits or losses on the property.

Did you do one of these when you purchased?

I don't know. I imagine we would have gone 50/50, so then any equity is jointly owned, presumably that means that even though he has paid the mortgage we are entitled to half the equity each.

I suppose if I add up the number of years he's paid £1k a month, it will cover the half of my inheritance that I feel I've 'lost' so it would be churlish to mention it in any settlement. Thanks.

You need to get proper advice on this though - do try the free half hour with the solicitor.

It will be a factor taken into account, although the weight given to it will depend upon a number of factors.

Chief among those factors is need, although also relevant are:

1. How long ago it was that you received it.
2. How long ago it became a joint investment.
3. How long you've been married.

There are also other factors that affect the final settlement generally - look up s25 of the Matrimonial Cuses Act 1973 on google for the full list. However the ones above have particular regard to the question of inheritance.

I agree you need to take some advice from a solicitor.

Will do when it gets to that stage thanks Thumb, he hasn't actually moved out yet, so I'm just musing really, as we had a little 'financial' chat earlier about working out exactly what help I would be getting from I.S. and then working out how much it costs to run this place.

I had to point out that his contribution won't end at 'what it costs to run this place' and then all the spare cash will be his. We will work out what it will cost to run his place and this place and then any left over will become family money which needs to be shared 5 ways. He went a bit quiet then!

OP in your post from 16:14 you're not being fair to yourself. When he's been earning during the marriage that is considered by a divorce court to be joint marital funds, and he's contributing from a sourse internal to the marriage.

Your contribution of inheritance was from a source wholly external to the marriage.

Thanks Collaborate.

Yes, I suppose he was only free to earn that money for all those years because he had me at home doing the family stuff without him having to be involved. We both earned that money, it was just paid in his name.

Go and see a solicitor now, you don't even have to be definitely splitting up to seek legal advice.

I'm just aware that getting solicitors involves escalates things and says "i don't trust you". He assures me he will not do anything underhand and i want so much to believe it. Am I an idiot?!

Getting advice from a solicitor doesn't need to escalate things, you don't even have to tell him. However if you do split up, you may well discover that he has also been consulting solicitors and more "behind your back". When couples split it is rare that both sides have been totally open and honest with each other, and actually that is a survival thing for you and any children.

At the end of the day it is how things stack up - can either one of you afford to stay living in the current house, how much would you both need to be adequately rehoused etc.

2 things

The advice DH was given was that inheritance was irrelevant in a long standing marriage - marital assets would be split, as it turned out he willingly gave ex 100% of equity just to get off mortgage.

And this *
I had to point out that his contribution won't end at 'what it costs to run this place' and then all the spare cash will be his. We will work out what it will cost to run his place and this place and then any left over will become family money which needs to be shared 5 ways. He went a bit quiet then!*

That is niave in the extreme - regardless of what he agrees to, his contribution, legally, will be what the CSA it is, even if it doesnt cover the cost of running your home.

How things start, with best intentions, is rarely the way they end up.

whydo - the OP is married, so is not limited to child support via the CSA - perhaps one of the family lawyers could elaborate.

My Understanding is after division of assets Inc. Pension - spousal maintenance is very rare these days.

For the masses anyway rather than the super rich.

OP, can you confirm you live in England & Wales? If you live in Scotland it would be different.

Yes England

Yes babyb, but what it actually says is that it is not given special status as non-matrimonial property, but it can still be taken into account as a contribution from one side or the other, and in practice it is actually taken into account. I had one such case recently when after a 3 day final hearing W got 40% of the assets when H had contributed everything, which ended up as a jointly owned farm. It's a bit of a fudge IME.

Hi. if you are separating the main consideration is an emotional one. Most fathers will want and need to spend a good deal of time maintaining a positive relationship with their children. These days most enlightened mothers and fathers share the care of their children and the finances needed to look after them. If he still lives close by it would not be unreasonable to expect him to take on 50% of the childcare. In turn that would release you to pursue career/interests of your own. THis is best for the children. KIndly yours