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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2725
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am going through a divorce and I have a joint mortgage on

Customer Question

I am going through a divorce and I have a joint mortgage on our property, I was thinking about buying my partner out, so myself and the boys can have the house as their school is in this area. He wanted to go through a mediator, so I have the paper work to fill in. I am a bit confused in what I need to do with in the relation to buying him out.
Also I have Benefits, which are child tax credit and child benefit and I just want to know how much I am allowed in my bank account so I will not lose out on my benefits as my Parents passed away last year, so I am entitled to some inheritance.
Look forward to hearing from you.
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thanks for your question. How old are the children and what will the arrangements be for them? In relation to buying out your partner, the amount that he should be entitled to is a difficult figure to work out without there being full and frank financial disclosure in relation to both of your respective financial positions. This will include all assets, liabilities, properties and pensions. The mediator can assist you both in obtaining full and frank financial disclosure to assist progression of a financial settlement. However, you should be aware that the court has the power to delay a sale of the property (thereby making it unnecessary for you to buy his share out immediately) until the children reach a certain age (eg. finish education). Once that trigger event has been reached, the property should be sold and equity divided in respective shares. The court's starting position is for there to be a 50-50 split of matrimonial assets, and for this equal split to be departed from based on each of your needs. For example, the needs of the main carer of the children are usually greater than the non-resident parent. In relation to the benefits, child benefit and child tax credits are assessed based on your income, therefore savings will not impact these two benefits. Please provide a positive rating if you found this information helpful. I will not be credited with answering this question without a positive rating. Thank you
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Customer: replied 1 year ago.
The boys are aged 16, 13 and 11. They are with me at the house. Their dad works in reading. we are in London.
Expert:  Harris replied 1 year ago.
Thanks - does the father have somewhere else to live? What are your respective asset and income positions?
Customer: replied 1 year ago.
He lives with his parents, as the day of my dads funeral I had a text on my phone from their dad that was not meant to be for me. That is why I am going through a divorce. He has been in reading for several years and I do let him come up to see the boys. I only started working from September, I get between £500 - £600 a month as it is a part time job, that fits in with my boys as two of them have learning difficulties.
How do I find out about my assets?
Expert:  Harris replied 1 year ago.
Thanks. As the main carer you will be entitled to also make a separate claim for child maintenance which is calculated based on his gross income and how many nights a week on average they stay with him. If you are able to provide me with these details I can inform you of his legal liability. How much is the family home valued at and how much mortgage is outstanding? Your assets will include any other properties you have, savings, investments, pensions etc.
Customer: replied 1 year ago.
He gets £500 a week, he does not have the boys, unless he comes up and see"s them. I try and arrange for him to have them in the holidays, which is hard as the boys don't want to really see him.
Our house is valued at £360,000, but as work need to be done to the place, they said £320.000 on a divorce point of view. Outstanding is £56,000.
Assets I only have £400.00 savings, I have a state pension and I have £2000 in current account.
Expert:  Harris replied 1 year ago.
Thanks for confirming. If the £500 is his gross weekly salary, he will be legally liable for £95 per week child maintenance. In relation to buying him out, a 50-50 split of the property would entitle him to £132,000 of the equity at the valuation of £320,000. However, given you have the care of three children this is not appropriate and you do not appear to have any way of buying him out. Also, you would need to know what his asset position is in order to see what an appropriate split is. I feel that in the circumstances you should not be considering buying him out, and should negotiate for there to be no sale of the property until your youngest has completed education, after which the property should be sold and the equity split in an appropriate share based on both your asset positions. Given you have full care of both children, it is likely that a court will consider you to obtain a great share of the home.
Customer: replied 1 year ago.
But after losing both of my parents last year, I will have funds in a trust fund that is what they stated in their will, so that is what I was thinking of using to buy him out, but is this not advisable. My ex does not know about this.
Expert:  Harris replied 1 year ago.
No, you do not need to use your inheritance to do this. As part of a financial settlement, you will need to disclose the inheritance. It is not an automatic matrimonial asset and therefore he does not have an immediate claim towards it. However, if all your needs, his needs and the children's needs cannot be met from the matrimonial assets (ie. the home, your savings and any of his assets), then your inheritance will be taken into consideration. From what you have said, initially the best option for you would appear to be a delayed sale of the matrimonial home (called a mesher order) until your youngest child reaches a certain age.

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