How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

,I have been registered as living in my home full

Customer Question

Hi,
I have been registered as living in my home for my full life (44 yrs).
It was my mum & dad's council house then myself & mum through the right to buy scheme paid for the mortgage on the home.
Both my parents passed away, I married & my wife & I remortgaged the house, it is probably only worth around 85,000 with 60,000 outstanding on the mortgage.
My wife left me around 6 months ago & is living in a rented flat & has a small beauty shop. I have been left making the mortgage payments & other bills myself & am just managing to survive.
She has now told me that she will not walk away with nothing.... She wants me to pay her off, I do not have any savings, would she be entitled to half of the £25k or so if she forces the sale of the house or would my initial mortgage be considered as equity?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How long have you and your ex lived together and are there any children involved?
What income do you each have?
What were the mortgage monies used for?
Clare
Customer: replied 2 years ago.
Hi Claire, we have lived at this house around 10 years, the re-mortgage was mainly for debt consolation & some home improvements.
My wife is self employed & declares an income of approx 14k pa, I am on 24k pa, we also have one child aged 7 she is with me approx 3 nights per week & 4 with her mum
Expert:  Clare replied 2 years ago.
Hi
Whose debts were paid off from the mortgage?
Clare
Customer: replied 2 years ago.
A mixture of both but I'd say mainly mine
Expert:  Clare replied 2 years ago.
Hi
How much is her shop worth?
Clare
Customer: replied 2 years ago.
The shop is a let, but it is her own business, unsure of the value though?
Expert:  Clare replied 2 years ago.
Hi
What money could you raise if need be?
Clare
Customer: replied 2 years ago.
At present I have no savings & all the money I earn goes on the bills including the mortgage that we both were paying
Expert:  Clare replied 2 years ago.
Hi
The family court has wide discretion to distribute the family assets in any way that they consider fair in the circumstances
The starting point would be a 50/50 split - but there is a chance that the court would give you a larger share - say a 60/40 split on your favour - possibly even more - but only if you were able to pay your ex immediately
Clare