This is currently hypothetical but could become reality I guess. I’m interested to hear from knowledgeable people about how much of a financial hit I would take if my marriage ended.
Our circumstances are not the traditional set up with a high earning male and low earning female.
Married 6 years (2014), 1 DD 1yo
DH declared bankrupt in 2015 from failed business. Has worked full time since but relatively low income to mine (circa £25k).
As part of bankruptcy it was agreed by insolvency service that my assets were mine and not his (but I know divorce is different).
I bought our first house together, using equity from another house I owned as deposit (about £100k) with a £150k mortgage. We have since moved again and equity is probably about £140k in the residential home and £100k in the BTL (which was my former home, rented out when we met).
Mortgage and deeds for both in my name only. Zero savings save a few £k now as we spent it all on my mat leave. My income pre maternity was £50k plus £10k gross rental income. I return slightly part time so income will be circa £40k plus £10k rental income. Credit card debt in my name only due to bankruptcy of £5k.
DD will be in nursery.
DH has not made any sacrifices to support my career or vice versa. I have done 90% of childcare to date as been on mat leave. He has brought nothing financially to the marriage although has contributed to all bills since.
We currently pool all money as family money but don’t have a physical joint account due to DH bankruptcy as we can’t have any financial associations.
DH has practically zero pension provision, I have fairly substantial final salary and average salary ones if I stay in my sector to do the full 40 years. Currently done about 20 years. Most of this obviously accrued before the marriage.
Is the default going to be 50/50 for everything in a no fault divorce or would any of these circumstances impact?