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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 1762
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My wife has informed me she wants a divorce, I work full

Customer Question

Hi, my wife has informed me she wants a divorce, I work full time as does my wife. We have two children aged 7 and 2. our home is a 4bed property which currently has approx £100,000 equity.
she is the larger earner of approx £54,000 and I earn £28,000. of both of our outgoings she will have approx £600 expendable cash each month and i will have an over spend of approx £700 putting me in minus each month.
My Question is, if we divorce am I entitled to any of the equity in the house? can I request we sell the house split the equity and both start again?
Submitted: 11 months ago.
Category: Law
Expert:  Harris replied 11 months ago.
Hi, thanks for your question.
As part of the divorce proceedings you should attempt to reach a financial settlement which will deal with all the matrimonial assets including the family home. As you have two children, their needs will be looked at first and a decision needs to be made between you both as to who will be the children's main carer and how they will be housed. If a decision or an order is made for the family home to be their main accommodation, then a sale would likely be ordered to take place once the children reach a certain age (eg. 16 or finish education), after which the property should be sold and equity to be divided in accordance with the agreement/order. The starting point of the division of assets would be 50-50 and the departure from this will depend on contributions and needs. The court also looks at the following criteria when deciding or approving a financial settlement:
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.
Please let me know if you have any further questions regarding this.
Expert:  Harris replied 11 months ago.
Hi, this question remains open. If you found my information provided helpful please could you rate my response positively so that the question can be closed.

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