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Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 1767
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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Me and my husband are separating and we have sold our

Customer Question

Me and my husband are separating and we have sold our marital property
The sell will complete in two weeks
I have two dependants
What percentage of the equity am I entitled to?
Submitted: 5 months ago.
Category: Family Law
Expert:  Harris replied 5 months ago.

Hi, thank you for your question. Just a bit more information required to fully assist you:
-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?
-What is the value of the property, and what is the outstanding mortgage?

Expert:  Harris replied 5 months ago.

Hi, this question remains open. Please could you provide the requested information so that I can assist you.

Customer: replied 5 months ago.
We are both 42 years old
We have 1 child together who will live full time with me, age 4
No other assests
I earn 26k and my husband £70k a year
Our house has sold for £363k and mortgage outstanding is £262k
Expert:  Harris replied 5 months ago.

Thanks for confirming. The Court's starting point is a 50-50 split of all matrimonial assets - therefore approximately £100,000 equity (less any sales of cost) to be divided between you. The court will first need to ensure that your child;s housing needs are met and then your needs and then your husband's needs. However, given the available capital it may not be appropriate to consider purchasing a further property and a court may feel that both of you should rent properties given that the available assets will not be able to enable either of you to purchase a home. The court's decision on a split of the assets will be done having taken into account the following criteria:

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.

If you have any further questions regarding this please let me know. In the meantime if you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you

Expert:  Harris replied 5 months ago.

Hi, this question remains open. If you found my information provided helpful please could you rate my response positively using the stars at the top of this page as I will not be credited for my response without a positive rating.

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