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Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33283
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 divorced my ex keeps informing me of her legal rights

Customer Question

i am divorced my ex keeps informing me of her legal rights to half the value of the property. i inherited a flat after we divorced so i paid of the mortgage (38000,00) then built and paid for a loft extension a further (28000.00) is she still entitled to a 50/50 split
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
When was the Decree Absolute and how far have the financial negotiations reached?
How much is the property worth and who currently lives there?
What other assets are there and what income do you each have?
Clare
Customer: replied 2 years ago.

............................................Hi Clare, we were in fact divorced twice as we got remarried but at this moment in time i cannot remember the date, however the two divorce dates were 15th may 2009 and 12th of november 1997,

thus far there are no financial negotiations in progress, just arguments!

we both reside in the property but i live in the loft extension which is almost self contained, we share the kitchen, but not together for reasons that i am sure you will understand.

the property is in the region off £380.000 to £424.000 approx, there are no other assets. i have a state pension paid wkly and two small private ones paid monthly, my ex wife works two days a week hairdressing, she only receives only the very basic pension while i get the full entitlement as i have always paid full ni.

we do have an equity release plan in place which is owing at present somewhere in the region of £150,000, which is in joint names,

as for the property that was left to me, i sold it for £78000 in August 1999, then settled the mortgage in april 2000 for £38000, the loft was built and paid for in

around January 2000, costing in the region of £26500.

my state pension is £165,00 pw plus two private ones as follows £127.00 and £148.00 both monthly, all figures are give or take a few pounds either way, i hope i have answered as much as possible but please contact me if you need further clarification on any matter relating to this matter, thanking you Barrie; PS: i am

unaware of the income of the ex mrs Rothman.

i have just located the date of when the equity release was taken out, 9th January 2004,

Expert:  Clare replied 2 years ago.
Hi
Just to check - the property remains in joint names?
How much does a one bedroom property in the same general area cost to buy?
Clare
Customer: replied 2 years ago.

Good morning Clare, at present the cost of a one bedroom decent property in this area. now hold on to your hat, is in the region of £195000 to £240000 and thats not a palace, but just a decent property, prices in this area for flats around here which used to be cheap have increased considerably along with the rest of the area and london in general as there has been a vast influx of europeans and massive development programs,

PS: the property is in joint names.

Customer: replied 2 years ago.

HI CLARE, AT PRESENT THE COST OF A ONE BEDROOM PROPERTY IN THIS AREA WHICH IN FACT IS CHEAPER THAN MOST, IS IN THE REGION £195000 TO £240000, AND THATS JUST A BALL PARK FIGURE, WE HAVE HAD A LARGE INFLUX OF EU MIGRANTS PLUS A LOT OF DEVELOPMENT IN THE AREA, ALL OF WHICH HAS PUSHED UP PROPERTY PRICES,


THE HOUSE I AM LIVING IN AT PRESENT IS IN JOINT NAMES AS WAS THE EQUITY RELEASE (BAD MOVE) TO GIVE YOU AN IDEA OF THE CONFIDENCE COMPANIES HAVE IN JUST TWO MILES WE HAVE, A MASSIVE FORD DEALERSHIP, A VOLVO, A VW, A LEXUS, A KIA, A MERCEDES, A HONDA, A HYUDI, AND NOW A MASSIVE PREMIER INN, AND THATS JUST A START.

Expert:  Clare replied 2 years ago.
Hi
How much will the equity release cost to redeem - and what was the money used for/
Clare
Customer: replied 2 years ago.

Dear Clare in response to your last request all i can tell you is that we, that is my ex wife and myself received after legal costs as we had to have two solicitors due to the fact we were divorced plus the costs to administer the equity release we ended up with £23500. each.


I for my part settled a number of outstanding credit card debts plus a bank loan, the i paid of my car finance, as for my ex wife i have no idea what she did with her monies, I have feeling that i know where we are going here, with the greatest respect the equity release if redeemed will not cover the cost of selling our property


and purchasing possibly two individual properties, there will never be enough funds to cover legal costs, removal costs, etc etc.


that is why Clare all i need to know right now is where i stand as to my ownership rights as a proportion to what i have invested in the property, you see if you do not mind its like the women who won the lottery in Bradford who still lived with he ex husband but he had no entitlement to any of her money under law as they were not married at the time.

Expert:  Clare replied 2 years ago.
Hi
Unfortunately though you invested your inheritance money into a property that is held in joint names - which place sit at risk I am afraid.
The starting point for division of the equity is indeed 50/50 - unless there is a Declaration of Trust that states otherwise
You can certainly legitimately argue that account has to be taken of the monies that you have spent - and if the matter is dealt with using Property Law you have a reasonable chance of attaining a higher share of the equity- however if you ex then makes a claim within the old family proceedings the chances are a little slimmer - although i think a 60/40 split in your favour is achievable
I hope that this is of assistance - please ask if you need further details
Clare

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