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Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2849
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My wife an I have seperated,I am currently living with my

Resolved Question:

My wife an I have seperated,I am currently living with my father. The house is shared ownership and in my wife's name. However I have paid all the child care costs an looked after our son as she works long hours. The house has been sold as we were going to move. Where do stand with regards ***** ***** money from the equity gained over the period of living there? We have agreed to joint custody of our son.
Submitted: 1 year ago.
Category: Family Law
Expert:  Harris replied 1 year 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?
-How old is your son?
-What other assets and pensions do you both have (both sole and joint), together with values?
-What are your respective incomes?
-What is the equity from the property?

Customer: replied 1 year ago.
Hi
I am 38 my wife is 32, we have been married for nearly 3 years. Our son is 3 and a half. I don't have a pension my wife does, I'm not sure if the value. She earns approx £60k a year I earn approx £24k a year and I'm self employed the equity on the property is £50k however half goes to the shared ownership. So that leaves £25k. Hope that helps
Expert:  Harris replied 1 year ago.

Are there any other assets or savings at all and when did she accumulate her pension?

Also, prior to the marriage did you cohabit at all?

Customer: replied 1 year ago.
She has savings of about £12k that she is putting into the new house. She pays about £200 into her pension and her employer makes a contribution,she has worked at the same company for over 14years
Customer: replied 1 year ago.
we cohabited for 3 years
Expert:  Harris replied 1 year ago.

Thanks for confirming. Deapite the property only being in her sole name you have matrimonial home rights and the property is a matrimonial asset therefore there must be a settlement regarding this. The court will also consider the wider assets and decide what is matrimonial and what is non-matrimonial given that your marriage is relatively short.

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 the disparity in income between you it can be argued that you should receive a greater split of assets, as well as a possible claim for spousal maintenance if you cannot meet your reasonable needs. Pension accumulated during marriage and cohabitation will also be considered a matrimonial asset which you can claim towards. For your information 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.

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

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