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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34581
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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Hi I have been formally separated from my husband for over

Resolved Question:

Hi I have been formally separated from my husband for over 6 years after 20 years of marriage. My ex bought me out of the family home. Our children are 18 and 21 years old. My question is - my ex is a partner in a law firm. Whilst we were married we both signed a loan for £50,000 so he could buy into the partnership for our future. Am I entitled to claim for half of what his partnership is worth now or the £25,000 I signed up for.
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 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.
How much was the equity in the matrimonial home worth and how was it divided between you.
What other assets do you each have - and how much do you each earn?
Clare
Customer: replied 3 years ago.

Hi Claire

Thanks for getting back to me.

At the time of our separation in May 2008 I continued to live in the marital home whilst I continued my midwifery training. My ex husband continued to pay the mortgage and I contributed also with my bursary at that time. Our children were 11 and 14 years old at that time. When I qualified in 2010 - the house was put up for sale and was valued at £265,000. The house was remortgaged around 2008 to cover credit card debt, a car for my ex and a tax bill which in total amounted to £75,00. This decreased the equity on the house raising the mortgage from approximately £95,000 to approximately £170,000. The remortgaged amount was a debt that my ex promised would come out of the equity he was due on the house. I moved out of the house in November 2011 and was paid £80,000 of the equity. There are no other assets. At the moment I earn £27,900 and I have no idea how much my ex earns. As stated in my original message he is a managing partner at Law firm.

Expert:  Clare replied 3 years ago.
Hi
How much is his interest in the firm worth?
Clare
Customer: replied 3 years ago.

We took out a business loan of £50,000 in 1999 to buy into the partnership. It required our two signatures as our house was used as collateral.

Expert:  Clare replied 3 years ago.
Hi
Any idea on how much the business is worth now?
Clare
Customer: replied 3 years ago.

I have no idea how much the business is worth. The Company is Tollers Solicitors who have various branches in the Northampton area.

Expert:  Clare replied 3 years ago.
Hi
The simple answer is that yes it is a matrimonial asset on which you have a potential claim
How substantial that claim could be is more difficult to assess given the relative slender information that you currently have but is is likely to be substantial.
I hope that this is of assistance - please ask if eyou need further details
Clare
Clare and other Family Law Specialists are ready to help you
Customer: replied 3 years ago.

Thank you very much for your service it has been extremely helpful. I tend to rate your service as excellent,