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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33318
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I am in the process of going through a divorce. I am 60 and

Customer Question

I am in the process of going through a divorce. I am 60 and have taken redundancy and completed the sale of my deceased parents’ home in the past 2 months. I am therefore sitting on a huge chunk of cash. Similarly my wife has taken redundancy 18 months ago.

I will be attending an initial joint session with 'Focus' Mediation next week. Although my wife and I currently have a reasonable relationship, and are agreed that I will need this money to restart my life, if she stays in the marital home in the first instance, I am concerned that this option will be taken away from us.

Will we have to sell our joint house?
Does my inheritance money come into any calculations as she will get a similar amount from her parent’s estate in due course?
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare and I will do my best to help you but I need some further information first.
How much are the various assets actually worth?
Clare
Customer: replied 3 years ago.

Joint house - £210,000 - (Valued last week)


My Redundancy - £20,000


My inheritance from sale of deceased parents house - £90,000


 


The latter two are currently in current accounts.

Expert:  Clare replied 3 years ago.
Hi
Is there a mortgage on the property?
How much does your wife have in savings?
Clare
Customer: replied 3 years ago.


No mortgage on the property.


 


Her savings must be around £15000 - which is her redundancy minus the cost of a car.

Expert:  Clare replied 3 years ago.
Hi
How much does a one Bedroom property in the same general area cost?
Clare
Customer: replied 3 years ago.


£120000 to £140000?


 

Expert:  Clare replied 3 years ago.
Hi
How old are you both and is it likely that you will find work again in the future?
Clare
Customer: replied 3 years ago.

I'm 60 & Sue is 63.


 


I am currently looking for work. I don't expect Sue expects to be employed again.


 


The basis of my query originally related to whether or not Sue could have claim to the moneys from my 'inheritance'. I have a meeting on Tuesday with 'Focus' Mediation and I need to know what to expect with regard the legal position.


My last surviving parent died 4 years ago and the house has been rented until it went up for sale earlier this year.

Expert:  Clare replied 3 years ago.
Hi
The money you received as your inheritance does form part of the Matrimonial assets which will be available for division between you.
However where possible the courts will only "share" recently inherited assets where there are insufficient other assets to meet the "reasonable needs" of the other party.
In your case it is possible that the court (were the matter to get to court) would be likely to give your ex a larger share of the equity in the matrimonial home - so that she can purchase a property without a mortgage - but leave your other assets alone.
However the point of mediation is to allow you both to make an agreement that actually works for the pair of you!
I hope that this is of assistance - please ask if you need further details
Clare

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