Hi, thank you for your question. As the property was the former matrimonial home and you are married, this creates matrimonial home rights for you even though it is in her sole name. This means that you have a right to occupy the property until divorce and can register this interest on the title of the property using from HR1 with the land registry. Your wife will be given notice of this registration and it can assist you to prevent or delay a sale of the property given that you have an interest in it.
As part of the divorce you are both entitled to seek financial relief from the other, and this will include taking into account all matrimonial assets, income, liability and both your needs as well as the needs of the children.
For further information please confirm:
-How old are you both?-How long have you been married?-Do you have any children together, if so their ages and proposed arrangements?-What other assets and pensions do you both have (both sole and joint), together with values?-What are your respective incomes?
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-How much the property is worth, how much mortgage is outstanding and how many bedrooms it has?
Thank you for the further information. In relation to the "borrowed" money from her parents - is there a formal agreement, deed of trust or evidence of repayments that prove it is a loan and not a gift?
How much is the home worth and how much mortgage is outstanding?
Thank you for confirming. If there is an agreement in place regarding the money they provided then a court will likely agree that this should be met from any proceeds of sale.
The Court's starting point is a 50-50 split of all matrimonial assets and ensuring that both your needs are met in relation to both assets and income. Given both your high incomes and the home being the only asset, a 50-50 split would likely be reasonable to meet both your needs.
The criteria considered is:1. The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would in the opinion of the court be reasonable to expect a party to the marriage to take steps to acquire;2. The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;3. The standard of living enjoyed by the family before the breakdown of the marriage;4. The age of each party to the marriage and the duration of the marriage;5. Any physical or mental disability of either of the parties to the marriage;6. The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;7. The conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it;8. In the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring.