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Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My wife and I have divorced, all amicable, we split 4 years

Customer Question

My wife and I have divorced, all amicable, we split 4 years ago. We own a house with joint mortgage, she lives there with our 3 children and her new partner. There is 45k on the mortgage with 9 years remaining on term. We have agreed only to take this into account and not salary/ pensions/savings etc. And want to know how to split the property. If she were to buy me out now how much should I ask for? We both want to be fair to the other so neither want to get as much as we can!
Submitted: 2 years ago.
Category: Family Law
Expert:  Harris replied 2 years ago.
Hi, thanks for your question.
How much is the property worth and what are your respective capital, income and pension positions? Have you been making any contributions to the repayment of the mortgage or maintenance payments to her since the divorce? Have either of your remarried?
The starting point for the division of all assets would be a 50-50 split of all property, and no matter what you agree with her, it is for the court to approve any financial settlement and decide whether it is a fair settlement and the court will depart from this starting point based firstly on the the needs of children, and then the needs of both of you and your contributions, along with the following criteria:
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 let me know if you have any further questions regarding this.
Customer: replied 2 years ago.
I understand all that. Our salaries etc are very similar and I've been making contributions. I understand its complex but trying to make it as simple as possible to see if there was a % split that could be provided by you to give a rough idea of how to split the house which is worth 150-170k
Expert:  Harris replied 2 years ago.
The simplest proposal that you could make is, upon the children reaching a certain age (eg. 16 or finish education), for the property to be sold and proceeds to be split 50-50 between you. If you were to wish to settle this before, or if she wishes to remain in the property then she would need to compensate you for your share as a lump sum as for your respective assets to remain in your sole names.
Expert:  Clare replied 2 years ago.
HiMy name is ***** ***** I have been a family lawyer for 30 yearsIf what you want is a practical approach to what should happen next then consider this.The Equity in the property is roughly £110,000 (assuming the house value as £160,000 plus sale costs of £5,000)You have agreed that only the equity is to be considered - so you shoudl receive £55,000 (or thereabouts) and be released from the mortgageClare
Expert:  Harris replied 2 years ago.
Hi, this question remains open. If you found my information provided helpful please could you rate my response positively as I will not be credited for my response without a rating.