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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 1099
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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My wife and I are on the verge of splitting up, no affairs

Resolved Question:

HiMy wife and I are on the verge of splitting up, no affairs just irreconcilable differences I guess .we have a new born son.
We currently are joint owners of a property with approx £300'000 equity , we have always paid half each which can be easily traced with bank statements .
If we did split up how would this be addressed?
Would she get to keep the house because of our son and I still have to pay for it and find somewhere else to live ? Would we sell and divide the profits ?
I worked extremely hard on that house and it would be a sucker punch to come away with nothing .
Also I have a another house that I owned well before I met my wife and she has neither lived in or paid anything towards it, would she be entitled to it ?Matt
Submitted: 1 month ago.
Category: Law
Expert:  ukfamilysolicitor replied 1 month ago.

Hello

Welcome to Just Answer

I am a Solicitor and will assist you.

Congratulations on the arrival of your little boy.

Please may I ask:

- how long have you been married?

- how many bedrooms is the property?

- any other minor children?

- the equity in your other proprty?

- any other assets for both of you including pensions?

- respective income positions for you both?

kind regards

Caroline

Customer: replied 1 month ago.
Hi,
We have been Married 5 years, our house is 4 bed, no other children .
There is approx £60'000 equity in my other property .
I do not have a pension , she has a teachers pension however I don't know the all the details regarding this .
We earn roughly the same amount annual salary .Thanks ,
Matt
Expert:  ukfamilysolicitor replied 1 month ago.

Hello Matt

Thank you for your response.

Just a few more questions:

- will your wife be the main carer of your son?

- what is the price of an average 2 bed property in your area?

kind regards

Caroline

Customer: replied 1 month ago.
My wife would very likely be the main carer of my son , the average 2 bed property is roughly £185'00 in Broadstairs .
Expert:  ukfamilysolicitor replied 1 month ago.

Hello Matt

Thank you for your response.

5 years is considered a 'long marriage' when it comes to dealing with the matrimonial finances pursuant to divorce. The starting point for the division of assets is normally equality.

The matrimonial assets does include everything - including the interest in your second property, but also includng your wifes teachers pension so she is going to have to disclose that information.

Given that your wife is to be the main carer of your son then she is likely to argue that she needs a larger share of the matrimonial assets then equality - shes likely to argue around 10-20% more.

The courts main priority is that the housing needs of your son will be met. Your 4 bedroomed house will likley be considered by a court a surplus to needs for your wife and your son and there is sufficent equity to sell the house and purchase a 2 bedroomed property for your wife and son so a court would likely order that that happen.

I reccomend you consider referring to mediation. They can help you both through the process of disclosure and also discussions about division. Google family mediation in your area and give them a call to self refer.

let me know if I can assist you further

kind regards

Caroline

Positive feedback is gratefully received

Expert:  ukfamilysolicitor replied 1 month ago.

sorry for typos! It wont let me edit them

Customer: replied 1 month ago.
That's great cheers ***** ***** plan to make every effort for us to work ,
So could I ask one more question ,
If we sold our house and made £300'000 profit would she be awarded £185000 to purchase a house outright and me given the remainder ? I guess I'd have to pay CSA and still find somewhere else to live with a mortgage ?Matt
Expert:  ukfamilysolicitor replied 1 month ago.

Hello Matt

Your wife would likely get a 60% split of all assets and you'd get 40% so she'd have enough fromthis to rehouse her and your son in a 2 bed in your area.

You'd still have to pay child maintenance. This calculator will give you an idea of what your liability would be in that regard:

https://www.cmoptions.org/en/calculator/

let me know if I can assist you further

kind regards

Caroline

Positive feedback is gratefully received

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