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: 33810
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 recently seperated from my wife. We have the following

Customer Question

I have recently seperated from my wife. We have the following assets:
Property 1 mortgaged jointly - approx £30,000 equity
Property 2 mortgaged jointly - approx £30,000 equity
Property 3 mortgaged jointly - approx £10,000 equity
We have the following debts:
£55,000 credit cards.
£15,000 in my wifes name or joint
£45,000 in my name or joint
Spanish Property £50,000 - in my name only
We do not want to sell the properties. She lives in property 1 - i am paying the mortgage for property 2 which is rented out - i live in property 2. We have two children under 18 who live with her - i pay regular maintenance.
The sticking point is over property 3 - she believes she is entitled to part of the poperty. I believe she is not because my debts form the marriage amount to £95,000 whereas hers amount to just £15,000 so ofsetting the debts against the assets makes this fairer - even though she is still getting the 1st property which in essence makes my share smaller - i am happy to do this because the children live with her.
Am i right in my thoughts or should the third property be shared and the debts not some into the equation. I need advise please....neither of us really can afford long legal battles. Regads Andy
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 did the debts arise?
How long were you living together?
Clare
Customer: replied 2 years ago.

The debts were during married life - the property in spain was purchased about 10 years ago (an is subject to being repossed - albeit the process has not started as yet - spain is slow as they do not want the debts shown on their balance sheets in terms of economic figures) The credit cards debts occured through holidays, living expenses and helping support a business that myself and my wife had - so a combination. We were living together for 22 years as a married couple.

Let me know if you need any more. Regards andy

Expert:  Clare replied 2 years ago.
Hi
So what is the actual equity in the Spanish property?
Clare
Customer: replied 2 years ago.

Hi Clare - the spanish property mortgage is 50,000 and the property is probably worth less than that so at best there is no equity and at worst in negative - the mortgage has not been paid for around 18 months so is likely in negative with the payments that have been missed - also there is a debt of around 2000 for community fees. regards Andy

Expert:  Clare replied 2 years ago.
Hi
What income do you each have?
Clare
Customer: replied 2 years ago.

We are both finishing off our degrees this year so most of our income is grants and loans - i do work for myself - incomes as follows.

My wife lives with someone and has done since about 4 weeks after splitting up - her income is about 10,000 a year and her partner about the same.

I live on my home and my income is roughly 10,000 a year.

regards Andy

Expert:  Clare replied 2 years ago.
Hi
Will you be released from the mortgage on the property she lives in?
Clare
Customer: replied 2 years ago.

Not that i am aware of - the banks have been informed who is now paying the mortgage for each of the properties and they appear to have accepted this for the moment - but it cannot be remortaged into separate names...so i suppose the short answer is no i will not be released officially. The aim would be to have a seperation agreement once we agree the split of assets and then contact the banks officially with this. Regards Andy

Expert:  Clare replied 2 years ago.
Hi
Given that she is cohabiting why can she not remortgage the property and release you?
Clare
Customer: replied 2 years ago.

Her partner was bankcrupt i believe and we were on a debt management plan for the last 4 /5 years so credit history/score makes this highly unlikely. regards andy

Expert:  Clare replied 2 years ago.
Hi
Can you release her from your mortgage (this will help with the negotiations)
Clare
Customer: replied 2 years ago.

From which mortgage. ? Would that be for properties 2 and 3. If so then probably not...as this would require a remortgage I believe and again my credit history is poor. The Spanish mortgage is just in my name. As far as I am aware from the enquiries I have made...the banks would require a remortgage to remove a name and given the credit history this is a non starter. The advice I was given was then to sort out a separation agreement and inform the banks of this...and then use this agreement towards the divorce when that happens. But we need to agree verbally obviously beforehand as a starting point. I understand that the financial situation with regards ***** ***** makes it complicated...I need to know if in principal my main question at the start is correct or if not what would be the probable outcome if this was to go to court. The only possible other complication is I am due to get a 15 year police pension in 10 years time when I am 55. Regards andy

Expert:  Clare replied 2 years ago.
Hi
Can I assume that you were together for those 15 years?
Does your ex have a pension?
Clare
Customer: replied 2 years ago.

Yes we were together for those 15 years - my ex does not have a pension. Regards Andy

Expert:  Clare replied 2 years ago.
Hi
I am still a little confused with the debts - which are crucial to the matter
There are debt sin your ex's name of £15,000 which she is paying, and debts in your name of £45,000 - is that correct?
You are then counting the Spanish mortgage as a debt making your debt £95,000 - have I understood that correctly?
I ask because from what you say the Spanish property may simply break even
Clare
Customer: replied 2 years ago.

Hi Clare hopefully this will clarify.

The credit card debts in my ex's name £15,000

The credit card debts in my name £45,000

I see what you say about the spanish property - there is a mortgage on it in my name of £50,000 - this mortgage has not been paid for about 2 years so at the time of the split there would be a deficit of about 10,000 because of mortgage payments owed and also the community fees. (realistically to sell in the market at the time would require selling at less than the 50,000) - sorry for the waffle - in short the debts therefore after ofsetting its value at the time would be about 10,000.

making my debts roughly £55.000 in total.

thanks Andy

Expert:  Clare replied 2 years ago.
Hi
What earning capacity do you each actually have?
Clare
Customer: replied 2 years ago.

I'm not sure exactly what you mean - but i think you mean what potentially could we earn after finishing our degree - if so thats difficult to answer - we were both intending to become teachers so i suppose £20,000 to £30,000 each?

regards Andy

Expert:  Clare replied 2 years ago.
Hi
Yes that is exactly what I meant - so thank you
What income did you each have when you were last in employment?
Clare
Customer: replied 2 years ago.

For me

2005 to date -self employed - approx earnings 8 - 10,000

1994 to 2005 - ploice officer - £35,000 upon leaving

1989 to 1994 - Air Force - £11,000

For my ex

apart from early in the marriage - when she earned approx 11,000 a year she has mainly worked part time earning a couple of hundren pounds a month. She was part of the business 2005 to date so the earnings of 8 - 10,000 was split on th tax return.

Andy

Expert:  Clare replied 2 years ago.
Hi
Thank you that is fine - it was a matter of trying to assess the position both past and future.
The starting point for division of all the assets is 50/50 - so on that basis yes your ex is entitled to half of the equity in the third property.
However as you correctly point out you will then be left with debts of £55,000 and your ex with only £15,000 worth.
Set against that however she does have the care of the children and she has no pension whilst you have a good one.
On that basis - and assuming there will be no pension sharing order giving her half of the equity in property three is in fact a reasonable deal.
You and your ex can negotiate this using Family Mediation (www.familymediatiationhelpline.org.uk) if need be
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33810
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi Clare many thanks for your reply - it helps confirm most of my thoughts and makes me feel more confident in moving this issue foward. Thanks for your time and i will rate highly accordingly. Andy

Expert:  Clare replied 2 years ago.
HI
You are most welcome - I hope all goes well?
Clare

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions