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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2739
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My Mum gave me a property to use as a deposit when buying a

Resolved Question:

My Mum gave me a property to use as a deposit when buying a house 12 years ago with my now husband. The mortgage is in both our names. If we divorce, is there any way I can recover my initial investment or would we have to split the sale of the house 50/50?
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thanks for your question. Just a bit more information required please: Is the property in joint names with your husband or with your mother?Do you have any children with your husband - if so, how old are they?How long have you been married?
Expert:  Harris replied 1 year ago.
Hi, please provide the information requested so that I can assist you
Customer: replied 1 year ago.
My husband and I have been married 10 years and have no children. The property I invested was soley in my name. The property I bought is in mine and my husbands joint names.
Expert:  Harris replied 1 year ago.
Thanks for the confirmation. As you are married, dealing with assets and finances is different and the starting point for the court is a 50-50 split of all matrimonial assets. Despite you investing the property into the home, both you and your husband have a legal interest by way of it being a joint asset which is an equal interest. In the absence, of an agreement such as a pre-nuptial or post-nuptial agreement (which the court will consider but does not need to rely on it), the starting point will be a 50-50 split of all assets and a variation of the starting point is made on the basis of the following criteria: The court looks at the criteria below when deciding how to divide assets and make financial orders, with a starting point of a 50-50 split of all matrimonial assets and ensuring that both your needs are met in relation to both assets and income. The criteria considered is: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 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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