Share of house sale in divorce

[Mabel1225]

Hi,

So, my partner has said that he thinks he doesn't want to be with me anymore. It's a long story and he hasn't left yet as he still says he's unsure and really needs to think about it. Anyway, I am the type of person that needs to be prepared and know where I stand in all scenarios. So, if my partner did leave, I want to know where I stand in terms of money from the sale of our home.

We are married and have a mortgage. We also have a young child. If we split, I would have our child most of the time. He would have him max 2 days a week. I love the area that we live in and the house but I wouldn’t be able to afford our current home on my own or buy him out so we would have to sell. If we did sell the house, would we have to split the equity equally or would there be an argument for me getting a bigger share.

So, just some context if this makes a difference, he earns almost double what I do and the deposit we put down for the family house came from his parents (they are well off). This will be going back to them as it was written into the contract when we got the mortgage. Essentially it will be going to my partner though as they will give it to him to help put down as a deposit on another house. He will be fine getting a home on his own if we split 50/50 but my 50% share won't be enough for me to be able to get another house with a mortgage. I need a big deposit as my wages mean I won't be able to borrow much and to keep the repayments affordable.

I know I could rent but to rent in the area we live in is just as expensive if not more expensive than the mortgage we are paying at the minute. I could move further away from the area we live in, but finances would still be so tight. I didn’t realise how expensive renting is! I would have to use the money from the sale to top up my earnings each month just to get by. That doesn't seem like a financially stable situation. Maybe I'm being selfish, and he deserves 50% of the sale and I just need to figure something out. My family can't afford to help me in any way, so I do feel a bit stuck. I wouldn’t get any help from universal credit as the sale of the house would put me over the savings threshold to claim anything.

Any advice?

In a divorce any and all marital assets are part of the financial negotiations when splitting.
it sounds like the initial deposit you got form the in-laws will have to be repaid first (to them officially) Then any other equity there is in the house can be divided between you. The start point of any divorce is 50/50 - including 50/50 time with the children. If the children are with you more and thats whats agreed you may then be able to negotiate a larger percentage of the equity.

You will need to factor is all marital assets including pensions. You could negotiate a lesser share of his pension in place of getting a larger amount of the equity.

If it comes to divorce I highly recommend you go to a solicitor and you will be expected to go to a mediator if you can't agree a settlement between you.

It will be looked at during a divorce what percentage is fair etc. Assume you’re part time, you might have to work full time to get a mortgage in your own right, and your ex will have to step up and do more child care. Part of the problem too is that yes he has to pay maintenance but he doesn’t have to pay maintenance and half the childcare so a huge bill could land on your shoulders only, which then makes it impossible to work full time, pay nursery and a mortgage. I guess you need to see how far away you are from owning so even if you got say 60% could you afford to buy?

Get legal advice, but it may be that they (he and his parents)can't ring fence that deposit if your needs and your child's needs cannot be met with that sort of equity split.
Judges look at this sort of thing when they approve or don't approve a consent order.