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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33942
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 separating from my husband the house is on the market

Resolved Question:

I am separating from my husband the house is on the market and he is now demanding half my savings/pension and stock value from my. Business can he do this if we do not divorce.
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.
How long have you lived together and are there any children involved?
How much is the house worth and what other assets and income do you each have?
Clare
Customer: replied 2 years ago.
We have a house worth 425.000 and a business a shop which is freehold which is solely run by me. The building is worth £140.000 but with the goodwill could be £200.000. We own the shop outright and paid 200.000 for it 10 years ago it was a family business which we bought off my parents. Basically my parents ran the shop selling antiques gifts and jewellery and I rented their forecourt from which I set up a very successful icecream parlour and when they retired and we bought the business from them there was a family fallout over the price but we had no option but to pay it or risk loosing the business as it was worth it to me. Hence it now only being what we paid for it 10 years ago. I have stock worth 80.000 approx but again if I sold it at auction tomorrow I would probably get 25.000 who knows. My husband is a builder and only has debts but is demanding 50% of everything. We have a 256.000 mortgage and the shop was bought with capital raised from the house. I have about 50.000 savings and 54.000 pension. My husband has 35.000 pension. I had a meeting with our financial advisor and my husband last night to discuss a settlement figure. He is looking to end up with approx 210.00 maybe 200.000 if I can get away with it. He is expecting me to sell the house and have my half of the equity in lieu of his half of the shop which I can't sell because I need the income. This will leave me homeless and he thinks I can rent somewhere! I am not prepared to be off the property ladder as I am now 58 with not many mortgagable years left. I have been paying all the household bills and half the mortgage, all the food holidays gardener which.roughly equates to 25.000 yr to his 8000 yr. I have also paid into an endowment for 25 years and paid 25.000 off the mortgage which by the way is interest only and made several other mortgage overpayments.
I would like to know if he can demand his half of the shop if I am not in a position to sell it as it is my income and can he make me rent somewhere so he can realise his share of the assets.?
Customer: replied 2 years ago.
We have lived together for 34 years we have 2 children aged 30 and 32. My husband has left the marital home and I am not sure where he is living.
Expert:  Clare replied 2 years ago.
Hi
Can you raise any funds against the business?
How much does a one bedroom property in the same general area cost to buy?
Clare
Customer: replied 2 years ago.
No unfortunately it is a wooden building.so you cannot mortgage this property. There has been a development today. My parents have just in the last fortnight purchased a brand new buy to let property and my financial advisor has suggested they they transfer the property to my name and I get a buy to let mortgage for 210k this will cost me 600.00 per month which will be covered by the rent and the surplus of 500.00 can go to the parents. My question with regard to this is would husband be entitled to half of this if so could I put it in my sisters name and she give me the money to pass on? Also would I/she have to pay stamp duty.
Expert:  Clare replied 2 years ago.
Hi
Sorry - I am not certain how that is meant to assist - do you mean you would use the £200,000 to give your ex?
Clare
Customer: replied 2 years ago.
Yes that's is correct
Expert:  Clare replied 2 years ago.
hi
I think £200,000 is too much in all the circumstances - but it is good to know that the money can be raised when you have reached an agreed figure.
How much does a one bedroom property in the same general area cost to buy?
Clare
Customer: replied 2 years ago.
So if my parents sign their house over to me will my husband then be entitled to half the value of that house too or is there a way round it.
Also if I then take out a buy to let mortgage on that property to pay my husband off would I be charged stamp duty.
Expert:  Clare replied 2 years ago.
Hi
I assume that this is only being done to allow the settlement to happen - is that correct?
Clare
Customer: replied 2 years ago.
They would like me to have this house in their will but by doing it now I can use it in settlement as we'll.
Expert:  Clare replied 2 years ago.
Hi
Bearing in mind that I think that £200,000 is too much you can certainly raise the money in this way - and since the property is a gift from your parents to all ow you to settle the financial side of the divorce then your ex will have no claim on it
I believe that £200,000 is too high as it does not reflect the fact that the shop is your income and that you have built up the business
On that basis I would expect the settlement to be somewhere between £150,000 and £175,000.
It would be much more sensible if the monies were handed over following a Final Financial Order within Divorce proceedings
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33942
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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