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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33549
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Parties Mr & Mrs are getting a divorce, they have been married

Resolved Question:

Parties Mr & Mrs are getting a divorce, they have been married years, there are no Children, they are both 39
Mr's Sallary £30k
Mrs Sallary £15k
Mr brought into the Marriage Property A (worth today c. £250k (with 2 Morgages worth i.£100k, ii.£55k (obtained druing the marriage))
Mrs brought no property into the Marriage
during the marriage Mrs's Uncle passed away (he was present at the marriage) and left his property (Property B) to his Neice & Nephew (Mrs & her Brother)
Brother lives in Canada so Mr & Mrs raised the second Morgage (ii, the value as of today of £55k raised against Propery A) to buy out her Brother
Property B (worth today c.£450k no morgage)
Property B is now the Marrital home (Property A was at commencement of marriage)
Property A is rented out, and rent covers the monthly morgages
Mr feels that all Assests and Liabilitys should be split equally (both getting c.£272,500)
Mrs feels that she can pay Mr £55k and he has Property A (worth (after liabilitys) c.£100k) and she has property B (worth c.£450k)
which is correct
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.

Thank you question.

I will do my best to help you but I need some further information first.
Was property B left equally between Mrs and her brother.
If so how did the brother receive the balance?
Clare
Customer: replied 2 years ago.

Yes Property B was left equally to Mrs and her Brother

Mr & Mrs purchaced the 50% value of the property from her Brother

to do this Mr & Mrs raised a 2nd mortgage on Property A (in the figures as ii.c.£55k)

the payment was made by Cheque to the Brother

The Properties are in the names (title deeds)

Property A - Mr only

Property B - Mrs only

Expert:  Clare replied 2 years ago.

Sorry - I am simply confused as to how property B can be worth £450,000 but the brother was only paid £55,000?
Clare
Customer: replied 2 years ago.
The value of the property was much lower
In Early 2010 (when this happened) the property was valued at c,£200k owing to the condition of the property and then market
£55k was raised by mortgage and the £45k was available in cash.
The transaction to the solicitor was 8 Aril 2010
Since then a lot of work and money has been it into Property B which has increased the value and also the property market is much better
Expert:  Clare replied 2 years ago.

Where did the cash come from and how was the work on the property funded?
Clare
Customer: replied 2 years ago.
The shortfall came from the monies that Mrs inherited from her uncle
The improvements were carried out by Mr, Mrs, family and where needed professionals. This was paid the joint account, a 2nd inheritance that Mrs got from another relative (£10k in 2006 1 year prior the marriage) and a bank loan from the bank of £5k (now cleared in 2012)
Expert:  Clare replied 2 years ago.

Thank you that is helpful.
Actually neither approach is correct and neith offer would find favour with a Judge if this matter went to court.
The fact that there was a remortgage to help "purchase" the property; that more joint funds were expended on the improvements and it became the matrimonial home means that property B is clearly a matrimonial asset to be divided between the parties.
However the court will take account of the fact that this was a medium to short relationship and that the wife brought considerable inherited assets to the marriage when deciding how to divide the £550,000 assets between them.
As a Rough guide I would expect the split to be somewhere in the range of 65/35 and 75/25 - but that can only be the very roughest of guides
Please ask if you need further details
Clare
Customer: replied 2 years ago.
Thank you. Would you be able to clarify the definition of short and medium term relationship.
Expert:  Clare replied 2 years ago.

Ah if only it was black and white.
What is certain is that a 25 year relationship is a long one and two years is short - everything else is open to argument
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33549
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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