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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34276
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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My husband has just walked out and left me with 3 children

Resolved Question:

My husband has just walked out and left me with 3 children aged 8, 10 and 12
I need to find out what his financial responsibilities are and how the equity in the house is usually split in these situations
He has said I can stay in the family house until our youngest is 18 - what happens to the equity then?
He is currently on a contract earning £450 per day. I will be looking after the children full time and he will have them 2 or 3 weekends a month.
I do have a business which I earn £1,900 per month from, however, I am currenlty looking after the kids full time and working full time and I need to reduce my workload and stress.
With regards ***** ***** if I were to sell it, would he be entitled to half?
If I kept it - would he be entitled to half at a later date? How does that work now he has left me? It used to be in both of our names and it is now in my name only.
We are hoping to reach an amicalbe agreement, however, I want to find out where I stand legally before we make any agreements
Thanks
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstHow much is the house worth an dhow much is outstanding on the mortgage.How much is your business worth?What other assets and debts are there?
Customer: replied 2 years ago.
The House is currently worth approx £850,000 with outstanding debt of £225,000The business is worth approx £140,000 - although it has been on the market all year and no sale and it is only worth what someone will pay for it! There will be costs to come out of the business when it is sold of at least £40,000 so I think we realistically may clear £80,000 - £90,000. If we sell it then my £1,900 income goesI have another business which I have run, it has a £50,000 debt on it and just about breaks even so probably not worth anything? I am hoping to make this business more profitable if / when we sell the other one, however, no guarentees .......
Expert:  Clare replied 2 years ago.
Do you actually wish to sell the business?
Customer: replied 2 years ago.
I am not sure ..... it is complicated - we have 1 business with 2 locations and they are close together. In an ideal world, I would like to sell 1 and keep the other but not sure if someone will want to do that with the other one so close
The one for sale is worth approx £140,000 and I would keep the other one ideally
Let's assume we dont sell - what happens financially?
And if we do??????
Expert:  Clare replied 2 years ago.
How much does a three bedroom property in the same school area cost to buy?
Customer: replied 2 years ago.
£550,000 and upwards
Expert:  Clare replied 2 years ago.
In fact your husband could try and force a sale of the property so that he can be released from the mortgage - but you would receive all the proceeds of sale so that you can rehouse yourself and the children which makes it unlikely that it would actually happenHe will have to pay child maintenance at 19% of his GROSS income - probably a little less if he has the children more than 52 nights a yearGiven the difference in your incomes he may also have to pay you spouse maintenance - especially if the business is soldWhen your youngest is 18 and the house is sold the starting point for division of the assets is 50/50 - however it is likely that the court will give you a larger share of the equity to reflect the fact that you have had the care of the children.You may also chose to trade ongoing spouse maintenance for a larger share of the equity - or for your share of his pension. A 70/30 division in your favour is not impossibleSo far as the businesses are concerned it seems that the bulk of the money from one will be needed to pay the debts of the other and it is unlikely that it will have to be shared - although it may SLIGHTLY reduce the settlement when the house is soldI hope that this is of assistance - please ask if you need further details
Customer: replied 2 years ago.
If we stay in the house and we agree to split the proceeds when our youngest child is 18, will he have to pay half the mortgage and bills in addition to child maintenance?And how is spouse maintenance calculated?Thanks
Expert:  Clare replied 2 years ago.
I am afraid that you will be expected to pay the mortgage and the bills using your maintenance and earnings and any benefits you are entitled to.Spouse maintenance is based on your reasonable needs and your resources so can be hard to assess I am afraid
Customer: replied 2 years ago.
So if we agree to split the equity in the house 50-50% when our youngest child is 18, I would pay the mortgage & bills for the next 10 years and he will receive 50% of the equity? Or will he receive 50% of the equity according to the value now, and I will receive the equity for any price increase between now and when our youngest is 18?
Expert:  Clare replied 2 years ago.
If you agree to split it 50/50 he will pay child and spouse maintenance form which you will pay the bills.When the property is sold you will be given credit for any capital paid off the mortgage
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