Hi, thank you for your question. Just a bit more information required to fully assist you:-How old are they both?-How long have they been married?-How old are the children and are they his?-What is the value of the property, and what is the outstanding mortgage?-What other assets and pensions do theyboth have (both sole and joint), together with values?-What are their respective incomes?
Hi, this question remains open. Please could you provide the requested information so that I can assist you.
Sorry for the delay but I have been awaiting information from my daughter. The answers to your questions are:
1. The husband is 35 and my daughter is 31.
2. They have been married 9 years.
3. Situation regarding property is that it is shared ownership, part rented part owned. 25% part ownership which she solely owns. Her husband has no share in the ownership. Her share of the value is £35000. The outstanding mortgage is £ 26000 based on her 25% ownership.
4. The outstanding mortgage is £ 26000 based on her 25% ownership.
5. My daughter has one small rental property solely owned. Current value is £ 65000. The outstanding mortgage is £ 46000.
Her husband owns a rental property which has a value of £ 100,000 and a mortgage of £ 122,000 hence negative equity.
No other pensions or assets.
6. My daughter earns £ 30,000 pa and her husband earns £ 40,000 pa.
Hope this helps.
Thanks for confirming. Given that they have two young children in her care and there is little equity in the property, it would be unreasonably for him to pursue a sale of the property and she has good argument to remain in the property during their minority and for the property to be sold when they reach a certain age (eg. finish education).
They will both need to provide each other with full and frank financial and income disclosure, as well as disclosure of their reasonable needs. The Court's starting point is a 50-50 split of all matrimonial assets and ensuring that the children's needs are met and then their needs both assets and income. For your information the criteria considered by the court in these matters 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