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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33519
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 wife and I are considering a formal seperation as neither

Customer Question

My wife and I are considering a formal seperation as neither of us wants to get divorced at this stage.
The sticking point is the house.
The house is in my wife's name and I am not on the deeds although for the majority of the 14 years together I have paid the majority of the Mortgage.
The house is now mortgage free and I am considering buying her out.
The house is valued at £360,000 and she paid an initial deposit of £25,000.
I earn considerably more money than my wife and there are no children in the marriage.
Can you advise on what would be a fair split of the equity ?
Many thanks
David
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firstWhat income do you each have and what other assets are there?
Customer: replied 1 year ago.
My income is £72,500 and I have savings of circa £100k
My wife's income is £23,500 for 4 days a week and she has savings of circa £50k
The house is worth £360k and is mortgage free
Customer: replied 1 year ago.
Clare, apologies I have not used this before, do I just wait for your response on here ?ThanksDavid
Expert:  Clare replied 1 year ago.
My apologies for the delayWhat capital did you actually each bring to the relationship
Customer: replied 1 year ago.
In effect she had paid £25k deposit for the house when she bought it.she had savings of say £2k and I had circa £12k in savings at the time
Expert:  Clare replied 1 year ago.
Have you discussed ongoing spouse maintenance?
Customer: replied 1 year ago.
I discussed it with a solicitor around 18m ago but never with my wife.I would argue she will have circa £250k to buy another flat or house, she has no child care issues so why cant she work 5 days a week. Her employer would give her 5 days a week and she has further income of £100 per month from an Auntie ??
Customer: replied 1 year ago.
Furthermore she moved out of the house 6 months ago and is currently renting a house where she pays rent of £1,150 per month.We had the marital home valued in June at £360k or £1,600 per month rental income.As I remain in the marital home rent and mortgage free I offered to pay her 50% of the potential rental income.Therefore I pay her £800 per month towards her rent. Was that a mistake ?
Expert:  Clare replied 1 year ago.
Hi
even if she worked five days a week the difference in your incomes is considerable and would be enough to trigger Spouse Maintenance
However given that the starting point for division of the assets is 50/50 given the length of the relationship, if you are willing to give her the first £25,000 and then divide the balance equally then that would be a generous offer and should ensure a full Clean Break
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 1 year ago.
Thanks Clare but can I get a full clean break going down the formal seperation route without a full blown divorce ?I don't want any of her pensions or other assets and would be happy with either buying her out of the house or selling it and splitting the equity as described.David
Expert:  Clare replied 1 year ago.
Hi
You can agree a Clean Break - and the agreement can include the provision that you will apply to the Court for a Consent order when the time comes - however it is of course not possible to enforce the agreement
Clare
Customer: replied 1 year ago.
One final thing, if I may.Potentially in around 12m time I may have the opportunity in selling my shares in my business which could net around £375k would she have a claim on this as I have owned the business throughout the time of our marriage ?Thanks againDavid
Expert:  Clare replied 1 year ago.
Hi
Yes I am afraid she will have a claim - indeed even if there was a sealed Consent Order she could reopen it if she could prove you were aware of this potential windfall
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33519
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
Clare and other Family Law Specialists are ready to help you
Customer: replied 1 year ago.
Clare,Many thanks for your help, its most appreciated.David
Expert:  Clare replied 1 year ago.
You are most welcome I hope all goes well

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