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Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2735
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I’m after some advice about a financial split with my ex

Customer Question

Hello,I’m after some advice about a financial split with my ex wife.
The separation occurred in May 2014 and our divorce came through the middle of last year. My age is 43 and hers is 40. I run my own electrical business which is showing minimal profit and she has apparently just got a job but hasn’t worked in some 2 years. I want to get the finances sorted but she just won’t negotiate and nothing has progressed. I have sent various solicitors letters to her and even mentioned court.
Assets –
My wife and I have 2 properties in our names, one which I live in (the family home) and a rented property. We have shared custody of our 2 children aged 14 and 12, with a time share of around 55% with me and 45% her from a court order. She currently resides in her new partners mortgaged home when she doesn’t have the children, and when she does she resides with her parents. The family home is valued at £150,000 with £82,600 outstanding. The rented property has been valued at £123,000 and the interest only mortgage is £101,500 outstanding. The rental on the property is £550 per month with the mortgage payment being £190 per month, so around £3,500 a year income from the property. The only real other assets are the pensions. My pension has around £60,000 in and hers around £5,000.
Questions –
I am trying to get a financial split and she isn’t even attempting to negotiate so what can I do about this?
Is the financial split based on where we were upto before our divorce or our present financial situation? The longer this goes on worries me as my business will start to profit soon so will this mean she will benefit from my hard work? We have been to mediation and the mediator says I need to declare my business assets.
I really want to cut my financial ties with her but nothing is moving, the longer its left then the more concern I have about how a court would split the finances. I’m working hard to start a new life but fear she will be benefiting from this even though she is doing nothing. The way finances are split post divorce confuses me, for example if I came into a sum of money now would she be entitled to half ?many thanksDerrick
Submitted: 3 months ago.
Category: Family Law
Expert:  Harris replied 3 months ago.

Hi, thank you for your question. Specifically in response to your questions:

-If she does not negotiate you will need to pursue a court application under Form A, after you have attended a mediation information session

-The finances will be what they are at the time of the Form E financial disclosure being issued, and also to be reviewed at the final hearing, if it goes that far

-As part of the negotiations or court application you both will need to exchange full and frank financial disclosure

-If you came into money now, for example through inheritance, this is not an automatic matrimonial asset, therefore would not be available for division if you can show that the matrimonial assets will meet the needs of both of you and the children - if needs are not met then the court has the power to bring the inheritance into consideration.

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.

I hope this assists you. 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 your question without a positive rating. Thank you

Customer: replied 3 months ago.
Hello Harris,Thank you for your swift response but i feel the response is quite generic and hasn't shed much light on my particular situation. Ive given you figures and time frames so you could advise me accordingly about a likely split that a court could do with these circumstances with regards ***** ***** income and living arrangements.Would you like to re answer the question or shall i repost it on the site for someone else?many thanks
Derrick
Expert:  Harris replied 3 months ago.

Apologies - I had responded to your specific questions. Please confirm which part you need further clarification on?

Customer: replied 3 months ago.
Hi,
My question is what, bearing in mind our current situation with regards ***** ***** childcare arrangements, is the likely outcome of a courts decision on a split if, as appears to be the case, my ex wife doesn't enter into negotiations.many thanksDerrick
Expert:  Harris replied 3 months ago.

It is not a very straightforward matter and giving information like this is difficult without full consideration of all the financials documentation, disclosure of both your needs and the needs of the children.

However, given that you both spend almost equal time with the children, a court is likely to see that an equal split of the equity from the assets would be reasonable, but first for the housing needs of both of you to be met.

I hope this assists you. 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 your question without a positive rating. Thank you

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