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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2299
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am going through a bad patch with my husband, 3 years ago

Resolved Question:

I am going through a bad patch with my husband, 3 years ago I inherited £137,000 which I put into a new adventure with my husband, if we end up getting a divorce would I be able to get my inheritance back out of the shop(I only lent the shop the money, because that was the only way we could find it) we had equality, in the bun gulp which we brought the building, so my money and some I had to borrow from my sister helped to find the rest of the money. Thanks jackie
Submitted: 7 months ago.
Category: Law
Expert:  Harris replied 7 months ago.

Hi, thank you for your question. Just a bit more information required to fully assist you:
-Are you in England or Wales?
-How old are you both?
-How long have you been married?
-Do you have any children together, if so their ages and proposed arrangements?
-What is the value of the property, and what is the outstanding mortgage?
-Who is now living in the property?
-Whose name is ***** ***** in?
-What other assets and pensions do you both have (both sole and joint), together with values?
-What are your respective incomes?

-Are there any formal agreements between you and the company/shop regarding the loan?

Customer: replied 7 months ago.
Hi we are both in England still living I same flat, which is approximately worth £300 thousand to £350 thousand, I am 48 Lester is 52, we own a fish and chip shop which is probably worth £200 thousand. We both take home less than minimum wage. Our mortgage is for £127 thousand. There's a bit of confusion over whose names both our flat and shop are in, because it was very complicated when we purchased the properties. And the solicited said easier just to put it in one name. Sorry I am a bit confused why that happened, but all of our previous homes we have been equal, and the mortgage is in joint names. I think that covers most of your questions. Jackie
Customer: replied 7 months ago.
We have been married for 29 years in December with 2 children who both have there own homes. The accountant has it down that I loaned the shop money, but nothing legally. Children are 28 and 26. Thanks jackie
Expert:  Harris replied 7 months ago.

Thanks for confirming. You can find out whose name the title is in for the flat, and if the actual property for the chip shop is owned, this can be checked too here: https://www.gov.uk/search-property-information-land-registry

If the home is not in your name, you will still have matrimonial home rights arising out of the marriage which entitle you to occupy the property at least until divorce. You can register this interest on the title using form HR1 and your spouse will be notified of the registration.

In relation to the business, this is fairly complicated and your relevant shares will need to be investigated and it is likely that a court will make this decision if you cannot agree between yourselves. You would be entitled to claim your loan back, however, it will need to be assessed as to how much of it should be returned as the venture appears to be a matrimonial decision and given your long marriage, as well as two adult children, he Court's starting point is a 50-50 split of all matrimonial assets and ensuring that both your needs are met in relation to both assets and income. For your information the criteria considered by the court in these matters 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.

If you have any further questions regarding this please let me know. In the meantime if you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you

Harris, Law Specialist
Category: Law
Satisfied Customers: 2299
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
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