What happens about dividing a shared property when you split?

justfindingmyway · 2024-05-07T16:08:28+00:00

Hi all at MN, Hope everyone is OK. I am dealing with a very stressful split from an emotionally abusive man with whom I jointly own a property. I have done lots of obsessive reading online about where to start, but would be super grateful for any advice from someone who is less naive than me in all of this. If the mortgage is in both of our names jointly, is it simply a 50/50 split in the equity, or can he argue this and take it to court? I want to get the ball rolling to safeguard myself. He's been giving me the silent treatment for over a week now and I think he's buying time to avoid discussion so he can work on his own plan. Is there anything he can do to screw me over without me knowing in terms of equity? Does anyone have any tips/advice on what to do / not to do? Are there any actions I should take now? I am unclear who to contact, and do we both get our own solicitors? It feels a bit of a minefield. I should also add he's expressed he wishes to buy me out. Sadly I do not think I can afford to offer to buy him out. Should I let him? Thank you for any help, it is greatly appreciated!

FatfunandADHD · 07/05/2024 17:27

I'm sorry your going through this. A few answers which I hope might help.

The property will not be looked at in isolation, you will both be asked to complete a form (its called a Form E) this will ask you to list all your assets and debts, this includes things like savings, cars, pensions etc. If a married couple had no children and no real complications a courts preferred position would be 50/50 of the combined assets but this is life and things are not that simple.

It is possible to sort the divorce without the courts. I would suggest the most cost effective method is to start online mediation. Ahead of this you will do a financial disclosure like the Form E mentioned above and the mediator will guide you to see if you can find a solution.

The primary thing that people will look at is:

Who are the children (if there are any) going to live with the majority of the time, that primary care giver will often be given a greater share if they need it.

What both parties earn, as this links to the borrowing capacity on a mortgage for a future property. I.E if you can borrow a maximum of £250k on your own salary, but he can borrow £450k on his then the equity should be split more evenly to ensure you can live in equal valued property.

If you can agree a figure and an equity split then him buying you out is a much cheaper way to do things because you will have minimal conveyancing fees, no estate agent fees and usually this can be done in about 6 - 12 weeks.

Hope this helps

User364837 · 07/05/2024 17:29

Hang on, she hasn’t said they’re married….

Q124 · 07/05/2024 17:29

FatfunandADHD · 07/05/2024 17:27

I'm sorry your going through this. A few answers which I hope might help.

The property will not be looked at in isolation, you will both be asked to complete a form (its called a Form E) this will ask you to list all your assets and debts, this includes things like savings, cars, pensions etc. If a married couple had no children and no real complications a courts preferred position would be 50/50 of the combined assets but this is life and things are not that simple.

It is possible to sort the divorce without the courts. I would suggest the most cost effective method is to start online mediation. Ahead of this you will do a financial disclosure like the Form E mentioned above and the mediator will guide you to see if you can find a solution.

The primary thing that people will look at is:

Who are the children (if there are any) going to live with the majority of the time, that primary care giver will often be given a greater share if they need it.

What both parties earn, as this links to the borrowing capacity on a mortgage for a future property. I.E if you can borrow a maximum of £250k on your own salary, but he can borrow £450k on his then the equity should be split more evenly to ensure you can live in equal valued property.

If you can agree a figure and an equity split then him buying you out is a much cheaper way to do things because you will have minimal conveyancing fees, no estate agent fees and usually this can be done in about 6 - 12 weeks.

Hope this helps

There's no mention of being married and divorce or other assets. It just mentions a property they bought together.

Original poster

justfindingmyway · 07/05/2024 17:33

FatfunandADHD · 07/05/2024 17:27

I'm sorry your going through this. A few answers which I hope might help.

The property will not be looked at in isolation, you will both be asked to complete a form (its called a Form E) this will ask you to list all your assets and debts, this includes things like savings, cars, pensions etc. If a married couple had no children and no real complications a courts preferred position would be 50/50 of the combined assets but this is life and things are not that simple.

It is possible to sort the divorce without the courts. I would suggest the most cost effective method is to start online mediation. Ahead of this you will do a financial disclosure like the Form E mentioned above and the mediator will guide you to see if you can find a solution.

The primary thing that people will look at is:

Who are the children (if there are any) going to live with the majority of the time, that primary care giver will often be given a greater share if they need it.

What both parties earn, as this links to the borrowing capacity on a mortgage for a future property. I.E if you can borrow a maximum of £250k on your own salary, but he can borrow £450k on his then the equity should be split more evenly to ensure you can live in equal valued property.

If you can agree a figure and an equity split then him buying you out is a much cheaper way to do things because you will have minimal conveyancing fees, no estate agent fees and usually this can be done in about 6 - 12 weeks.

Hope this helps

So sorry, I've a brain like mush currently, so much to contend with but should add we are NOT married. Thank you, I am going to go and read your answer fully but wanted to make that known xx

OP posts:

cestlavielife · 07/05/2024 17:34

If you are not married
No dc
Held as joint tenancy
Then yes 50 50 split of equity
Under tolata

He can buy you out by paying you your share of equity and taking on the mortgage

You can potentially claim higher share under children's act if have dc who need providing for but will cost ££££ legal fees
May depend the figures involved are you fighting for 50k equity or 500k or 5,000k ?

cestlavielife · 07/05/2024 17:35

No form e as unmarried

FatfunandADHD · 07/05/2024 17:39

justfindingmyway · 07/05/2024 17:33

So sorry, I've a brain like mush currently, so much to contend with but should add we are NOT married. Thank you, I am going to go and read your answer fully but wanted to make that known xx

Show quote history

No worries, I am sorry to have offered such advise on an assumption.

I think my focus would therefore be:

Work out how much equity is in the house.
Did you both put equal money into the deposit?
Work out what you can borrow most banks have online quick tools that will give you a ball park figure.
Decide what amount of money you would need to put down a deposit to buy something suitable as your next property.

With this information you should be able to work out how far off 50% equity you need to leave him. Then I would write him an email, stating you are happy to accept an offer of XXX for him to buy you out - make sure this figure is higher than you need in case of negotiations! I would give him a timeline of 7 days to confirm receipt of the email and a further 7 days to accept the offer. In the email I would say if you have not heard from him by the end of this time frame you think that mediation would be the better option.

Thats what I would do in this situation I think. Hope thats helpful in some way.

Mockingjay123 · 07/05/2024 17:39

Are you joint owners or tenants in common? If you own the property jointly, without a ring fenced deposit etc it will be 50:50 split. There’s nothing for him to try and sort out or plan. If you can’t afford to buy him out, probably simpler to just let him buy you out. It will be quicker than putting the house on the market and less hassle. Just make sure that his offer is fair.

Original poster

justfindingmyway · 07/05/2024 17:45

Mockingjay123 · 07/05/2024 17:39

Are you joint owners or tenants in common? If you own the property jointly, without a ring fenced deposit etc it will be 50:50 split. There’s nothing for him to try and sort out or plan. If you can’t afford to buy him out, probably simpler to just let him buy you out. It will be quicker than putting the house on the market and less hassle. Just make sure that his offer is fair.

Thank you for answering. We're simply joint owners of the property, no agreement in place or % split. Could he take me to court if he feels he's owed more for a summer house he's building do you know??

OP posts:

Original poster

justfindingmyway · 07/05/2024 17:46

FatfunandADHD · 07/05/2024 17:39

No worries, I am sorry to have offered such advise on an assumption.

I think my focus would therefore be:

Work out how much equity is in the house.
Did you both put equal money into the deposit?
Work out what you can borrow most banks have online quick tools that will give you a ball park figure.
Decide what amount of money you would need to put down a deposit to buy something suitable as your next property.

With this information you should be able to work out how far off 50% equity you need to leave him. Then I would write him an email, stating you are happy to accept an offer of XXX for him to buy you out - make sure this figure is higher than you need in case of negotiations! I would give him a timeline of 7 days to confirm receipt of the email and a further 7 days to accept the offer. In the email I would say if you have not heard from him by the end of this time frame you think that mediation would be the better option.

Thats what I would do in this situation I think. Hope thats helpful in some way.

Show quote history

thanks for taking the time, that's helpful and appreciated xx

OP posts:

cestlavielife · 07/05/2024 18:02

justfindingmyway · 07/05/2024 17:45

Thank you for answering. We're simply joint owners of the property, no agreement in place or % split. Could he take me to court if he feels he's owed more for a summer house he's building do you know??

Show quote history

What added value will it add to equity?
If equity goes up he owes you more *if buying you out?
Just say it s 50 50 equity
Pay a surveyor for a valuation
Court = thousands avoid if you can

Original poster

justfindingmyway · 07/05/2024 19:07

cestlavielife · 07/05/2024 18:02

What added value will it add to equity?
If equity goes up he owes you more *if buying you out?
Just say it s 50 50 equity
Pay a surveyor for a valuation
Court = thousands avoid if you can

Show quote history

So I said to him about the 50/50 split in equity. This has made him very angry, no doubt the abuse will get worse. He laughed and said that isn't happening, so pretty worried about him taking this to court. He has a lot more £ behind him so I am concerned that it's a real possibility. I hope I am wrong!!

OP posts:

SlipperyLizard · 07/05/2024 19:15

He’d have no case if he took it to court, unmarried couples are treated no differently to friends buying a house, if they own as joint tenants the equity is split 50/50.

If he goes to see a solicitor they’ll tell him he’s wasting his time.

Original poster

justfindingmyway · 08/05/2024 04:04

SlipperyLizard · 07/05/2024 19:15

He’d have no case if he took it to court, unmarried couples are treated no differently to friends buying a house, if they own as joint tenants the equity is split 50/50.

If he goes to see a solicitor they’ll tell him he’s wasting his time.

Thank you. I do hope so. I’ve endured so much at the hands of this man emotionally. It already feels so hard that he’ll get to keep our home, let alone wanting to go for more than 50% of the equity. He has so much more than I do financially but still seems so set on ‘winning’, I guess that’s been the whole point of our relationship really, I think I was just a lamb for slaughter. Thanks for replying x

OP posts: