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Scared to Leave... financial question

31 replies

Annapops1 · 23/03/2021 07:45

Good morning all. I've woken up again to that sinking awful feeling that I just know my marriage is over. We've been together 12 years and married for nearly 10. No children together, mine still lives at home (aged 16) and he has two but they're independent young adults.
Things haven't been great for around 5 years. 3 years ago I left the family home with my DS and rented a property for 6 months. We agreed to have a break and maintained contact and eventually we worked things out and after the six months I moved back. The reasons for me leaving were mainly around how DH treats my DS. When on our break he admitted that he was jealous of mine and DS's close bond and that he was going to change his behaviour towards him.
The other issues included him excessively cleaning, negative attitude, no hobbies and lack of sex life. Again, he agreed to work on these problems. After around 2 months DH unfortunately resumed his usual ways and we've been stuck in this situation since.
We've now not been intimate for 16 months, his negatively is really affecting my mood and I've ended up on antidepressants.
My issue is I'm not sure how much of the house equity I would be entitled to if we were to divorce. He put in 80k when we bought the house, both on the mortgage but DH has always paid it. I pay for food, all pets insurances etc, everything for DS and holidays.
Can anyone advise just what split of the house equity I'd be entitled to? There's approximately 100k and a very small mortgage that will finish in 8 years. I'd have to buy a house as I've 2 dogs and finding a rental that would allow dogs is virtually impossible.
I don't want to bleed him dry, I just want what I am entitled to so I can start my life over.
Sorry for such a long post but I was trying to get as much information in as possible. Thank you ☺️

OP posts:
redastherose · 24/03/2021 23:23

OP no one can tell you what you want to know on here. Marriage is a contract so generally everything gets put into the pot then split, that would usually be both of your pensions, all physical assets, bank accounts and investments and the equity in the property. You need to take legal advice from a solicitor who specialises in matrimonial matters. Once you know how much the pot is then you can decide how it should be split between you. You can do this by a consent order if he is reasonable. Take legal advice.

Jsku · 25/03/2021 12:11

10year marriage is considered a long marriage, so the house is then considered a marital asset. And the money that went into the deposit is also marital assets.
All savings during the marriage are marital assets - and he was able to put money in there because you shared finances and you paid for some expenses.
So - do talk to a solicitor to get proper advice. But I am pretty sure that you are entitled to half of the equity.
Whether you are also entitled to a share of the share of the pension pot - is less clear, as it depends on numbers, etc.

Viviennemary · 25/03/2021 12:17

I doubt you'll get 50/50 after such a comparatively short marriage and no children together when he paid that large deposit of £80k. . But you need to see a solicitor. I think the fairest way would be price the house sells for minus his deposit. And minus mortgage owing. That figure is split. So he might want to buy you out.

Jsku · 25/03/2021 14:17

10years married, and 12years together - especially if in those years you have started living together - will be considered a long marriage.
Short marriage is more like under 5 years.
So - you can have a claim over half partial assets.

Do speak to a professional and plan out your exit. I presume waiting until it’s actually at least 10 years since marriage would make sense. Or even waiting a little longer, if you can.

Fireflygal · 25/03/2021 15:50

Op, there are 3 approaches to finances.

  1. What each party needs?
  2. What's fair?
  3. What a court would decide?

I would avoid court as it would cost way more than what you are trying to negotiate.
At 46 you have quite a few working years left so you should be able to get a mortgage. Your H is in a slightly different position as he has already sacrificed his pension and would be deemed as having less ability to remortgage.

You may have a case for 50k but it might cost you 25k in legal fees to be awarded that so in reality you would have significantly less. Your H might also make a counter claim on your saving and pension .
It might be worth requesting a CETV for your pension.

caringcarer · 25/03/2021 16:44

When you say £100k equity is that in total or after 80k taken off. You will end up pooling pensions then pension sharing. Your ISA savings would be thrown into the mixing pot too.

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