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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 740
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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Hallo, I have a sports car bought from money I received as

Customer Question

Hallo, I have a sports car bought from money I received as an inheritance and I have built up a substantial stamp collection, a third of which I inherited from my father and 2/3 of which I have acquired from my own earnings. Would all of this, or the proceeds from them, have to be split 50/50 with my spouse in the event of a divorce?
Regards, ***** *****
Submitted: 11 months ago.
Category: Law
Expert:  ukfamilysolicitor replied 11 months ago.
Hello Roger
Welcome to Just Answer
I am a Solicitor and will try and assist you.
Please may I ask:
- what is the value of your car and stamp collection?
- when did you inherit?
- what other matrimonial assets are there including pensions?
- any minor children?
- how long have you been married?
Kind Regards
Caroline
Customer: replied 11 months ago.
Hi,
The car is worth approx. £18,000. The stamp collection is worth approx. 2010 catalogue value of £60,000.
There is a pension worth £120,000. There are no minor children. Married since 1970.
Hope this helps, Roger
Customer: replied 11 months ago.
Hi Caroline, sorry, I didn't answer your second question, I inherited both the money for the car and my Dad's stamps in 2006. Also, my work has not worked full-time or part-time for the most part of our marriage.
Regards, Roger.
Expert:  ukfamilysolicitor replied 11 months ago.
Hello Roger
My apologies for my delay in responding to you.
What about your matrimonial home - is it rented or owned?
Kind regards
Caroline
Customer: replied 11 months ago.
My wife has not worked full time I meant to say. The house is owned in joint names.
Regards, ***** ***** is no mortgage or any other charge on the property.
Expert:  ukfamilysolicitor replied 11 months ago.
Hello Roger
What is the equity in your house?
Kind regards
Caroline
Customer: replied 11 months ago.
Judging from comparable properties in this area I estimate it to be around £370,000.
Regards, Roger
Expert:  ukfamilysolicitor replied 11 months ago.
Hello Roger
Thank you for your response.
There is a set process for dealing with the matrimonial finances and the first stage is whereby full and frank dislcosure is exchanged between you and your husband in respect of all of the matrimonial assets. Everything is included in disclosure including all assets and liabilities including pensions. This does also include your car and your stamps.
With such a long marriage as yours - then the starting point for the division of assets is 50/50. The Matrimonial causes act sets out factors which could lead to a departure of this rule. Examples are; the earning capacity for both of you for the future, future health needs etc etc
There is no easy answer in respect of the items you have inherited. The court approaches such a case on the basis of need. First consideration for need is housing. If the court considers that needs can be met from the matrimonial assets then the courts will sometimes agree that one spouse can keep their inherited assets. In reality you can expect that your wife will get a larger share of the matrimonial assets for you to keep your inherited assets. You have equity in your property so this should be possible.
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: 740
Experience: Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
ukfamilysolicitor and other Law Specialists are ready to help you
Customer: replied 11 months ago.
Thank you for clarifying all this, Caroline, at least I know that there may be some leeway at the discretion of the court. Just one small point, I am the husband here. I have credited you with 4 stars. Regards, Roger
Expert:  ukfamilysolicitor replied 11 months ago.
Dear *****
Thank you for your kind words and my apologies for the typo error!
Please do hesitate to ask if I can assist you further
Kind regards
Caroline

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