Want to end my marriage but I’m confused about this financial situation.

[FluffyUnicornSocks]

I’ve been married to husband for 14 years and wanted to get some advice about this financial situation as I’ve just decided I want out and haven’t got as far as solicitors yet but this is playing on my mind.

Before we met I had a quite substantial inheritance and I bought a small house outright. 3 years later now husband moved in with me. He didn’t own any property or didn’t have any savings and was living month to month.
we got married and had a child. Before I got pregnant with the 2nd DC we decided to move to a bigger more expensive property. House sold for £100k more than I previously paid for it 11 years later. We did some home improvements on the house that husband took out finance for, about £30k was spent on improvements. Old house was in my name only.

New house is in joint names, we still have approx £120k left on the mortgage.

Am I right in thinking if we sell up and go our separate ways we pay the mortgage company their outstanding money then divide the rest 50/50 between us?

The short answer is no.

The longer answer is that the courts will want to see a fair split. What that means depends on a range of factors. You may be entitled to more or less than 50% of the equity in the house. You can, of course, agree something with your husband that is different to what the courts would order and the courts will accept that provided it isn't clearly unfair. But you really need to take legal advice before agreeing anything. If you split 50/50 you may be selling yourself and your children short.

Oh that’s interesting thanks so much.

The problem I’m having is that housing prices have gone up so much where we live a 50/50 split won’t even get us a very small 2 bed house.

The courts will want to see that everyone has a roof over their heads. If the children live with you it may be that you will be entitled to more than 50% of the equity in the house.