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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34507
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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Just wanted to know what happens to asset split in following

Customer Question

Hi, just wanted to know what happens to asset split in following situation?
My wife asked me to leave the family house around four months ago,due to an indiscretion on my pert, I have moved into rented accommodation.
The house is worth around £565,000 and we have a joint mortgage of £120,000. The house and morgtage is in our joint names.
We have no dependent children, one is 25 the other is 32 and both self sufficient.
I have pension funds worth around £200,000 she has a fund of around £38,000.
I am fully employed and earn around £53,000 pa, my wife works full time and her annual salary is around £36,000 pa.
We also have other assets such as car, mbike,boat,furniture etc.
I still contribute 50% towards the mortgage and running costs of the house.
Your advice would be appreciated.
Regards
Chris C
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.
Did either of you bring substantial capital to the marriage?
Clare
Customer: replied 2 years ago.

No, we arrived from South Africa with about £3,000 in 1987 so both worked and saved for deposit on property.

Expert:  Clare replied 2 years ago.
Hi
How much will a one bedroom property in the same general area cost to buy?
Clare
Customer: replied 2 years ago.

Hi

Around £230K.

Expert:  Clare replied 2 years ago.
Hi
The starting point for division of all the asset will be 50/50 and it is unlikely that a court will stray much from that
One are of negotiation may be whether there is a Pension Sharing Order to balance your pensions - or your ex receives a larger share of the Capital
I hope that this is of assistance - please ask if you need further details
Clare