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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 757
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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Our son and daughter in law have separated and are planning

Resolved Question:

Our son and daughter in law have separated and are planning to divorce. In anticipation our son wants to mortgage a property which will be his home and visitable by his children.Will the equity in this flat be included in the eventual repartition assessment of assets possessions etc ?
Submitted: 1 year ago.
Category: Law
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Welcome to Just Answer
I am a Solicitor and will assist you.
Please may I ask:-
- do you know what the matrimonial assets are now and the value of these assets?
- how long have they been married?
- how old are the children and who will be the main carer of the children? or will it be shared?
- are you thinking of contributing to the new property in any way?
Kind Regards
Caroline
Customer: replied 1 year ago.
C, VMT for your prompt response. They have been married for 15 years and have two children aged 11 and 5.Hopefully shared care will apply.We do not have detailed information on matrimonial assets but assume they will be equitably shared. What we are seeking is a decision IN PRINCIPLE regarding the new property since this may have a bearing on whether we contribute to the acquisition or not.
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Thank you for your response and clarifying that for me.
My advice is that the answer that you seek is going to depend on a few factors.
Initially my thoughts are that it is not possible to obtain a 100% mortgage. It is therefore going to be the position that your son is going to have to put down a deposit. This deposit will almost certainly be counted as part of the matrimonial assets. Even if family members gift a deposit to him - this could still argued to be a matrimonial assets.
A lot also depends upon the other matrimonial assets that are going to be split. If there is sufficient to meet both parties needs - then it could well be argued by your son that any equity accrued in his new property should not be included as part of the matrimonial assets.
I would suggest that your son and his wife try and seek agreement in respect of the position. It is a forward thinking approach of your son to obtain a new property so that he can also meet the children's housing needs. This matter should be referred to mediation so that the parties can try and seek agreement without the need for court proceedings. They could also agree a separation agreement to include provisions in respect of the mother having no claim in respect of a future property purchased by the father - whilst this is not legally binding on a future Judge - Judges are ordering in the terms of such an agreement if they consider this as fair.
Please do not hesitate to ask if I can clarify anything for you.
Kind Regards
Caroline
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ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 757
Experience: Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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