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ukfamilysolicitor, Family Solicitor
Category: Family Law
Satisfied Customers: 1371
Experience:  Divorce, Finances, Children, Domestic Violence, Care Proceedings
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My wife wants a divorce we were going to split assets 50/50

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My wife wants a divorce we were going to split assets 50/50 my wife wants to live in our house with our ten year old daughter but our house is more than 50% of what our assets have been valued at our assets total £340000 £210000 of which is in the house can she make me leave our family home before this is settled
Welcome to Just Answer
I am a Solicitor and will assist you.
Please may I ask:
- how long have you been married?
- what is your earning capacity?
- what is your wife's earning capacity?
- are matters amicable at the moment?
- have this matter been referred to family mediation?
Kind Regards
Customer: replied 2 years ago.
Together 15 years married 13 years my earnings £36000 net wifes earnings £36000 net amicable at moment if i lt her have the house and leave no family mediation yet
Customer: replied 2 years ago.
Just to add the other part of our assets is not readily available
Thank you for your response.
I note that your earning capacity is the same.
What are the assets that cannot be liquidated?
Kind Regards
Customer: replied 2 years ago.
We have 20% ownership of her parents home and she will not ask them to take equity release and a lake in france and at the moment the french property market is dead she wants me to have the lake which has been valued in france at 140000 euro (£100000) less 20% tax and have a charge on her parents house value is £250000 which gives me £50000 but i will have to wait untill they die
Thank you for clarifying that for me.
The normal starting point for a division of the matrimonial assets is a 50/50 split. There are factors set out in Section 25 of the Matrimonial Causes Act which can lead to a departure from this division.
One such factor is the future care of children. If in reality your wife is going to be undertaking the lions share of caring for your daughter - then she may well argue that she should have more than a 50/50 split. Somewhere around 10% more.
If an application was made to the court - then the court would consider the housing needs of your daughter. It is possible that the court could approve an application made by your wife for an order that the matrimonial home should not be sold until your daughter reaches adulthood.
You would have to convince the court that the housing needs of your wife and your daughter could be met by downsizing. This would be relative to the property prices in your area.
It does seem unfair for you to have to wait until her parents pass away until you receive what your wife is offering as your proposed settlement. Exploration needs to be given by your wife in respect of raising funds in another way if she is wanting to 'buy you out'.
I recommend that you do refer your case to Family Mediation. There is a set process for dealing with the matrimonial finances which starts with full disclosure.
Mediation will be able to go through the process of disclosure and also help you both try to agree a settlement.
It is now a pre-requisite that you attend at mediation before an application can be made at court.
You can google Family Mediation in your area and give them a call to get the ball rolling.
It is important that when an agreement is reached - that a consent order is submitted to the court for its approval before any assets are divided. If you dont do this - then you could leave yourself open for a future claim.
As you are a joint owner of the property - you have a legal right to reside in your home whilst matters are still being decided.
Please do not hesitate to ask if I can clarify anything for you.
Kind Regards
Please kindly remember to rate positively so that we receive credit for our work
Customer: replied 2 years ago.
One last thing if i move out until this is resolved will that compromise me in any way
Please may I clarify - is the house in joint names?
Customer: replied 2 years ago.
Yes it is
Thank you for confirming that for me.
As the house is in Joint names - your wife is not going to be able to sell/re-mortgage/obtain secured lending - with out your permission. This applies whether you are living in your house or not.
Whilst you do not technically give up any legal right to your property by moving out - you are in a way meeting your housing needs alternatively. This will of course likely need to happen eventually - but in a way this gives your wife some scope to argue that her needs are greater than your in respect of housing for the future (as your needs are being met) - which could lead her to argue that she needs a larger settlement share.
Kind Regards
ukfamilysolicitor and other Family Law Specialists are ready to help you
Customer: replied 2 years ago.
The only way i can move out is to live at my mothers rent free
I understand this. Your housing needs are still technically being met though.
If things are amicable at home - then you are not going to be forced to leave whilst matters are still being decided. It is also very common for couples who are divorcing to reside in the same property until the issue of finances have been resolved.
Kind Regards
Customer: replied 2 years ago.
Ok thank for your help
Glad I could help.
I wish you all the best.
Kindest Regards