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F E Smith
F E Smith, Advocate
Category: Family Law
Satisfied Customers: 10647
Experience:  I have been practising for 30 years.
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Assistant: How can we be of help? My husband and I are going

Customer Question

Assistant: Hello. How can we be of help?
Customer: My husband and I are going seperate ways and it's an agreed split so to date no arguements – But I need some advice on the financials?
Assistant: Where are you located? It matters because laws vary by location.
Customer: England
Assistant: Has anything been filed or reported?
Customer: No not yet, our house is on the market we are dicussing it now.
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: I also own my own business and again it's mostly financial questions.
Submitted: 9 months ago.
Category: Family Law
Expert:  F E Smith replied 9 months ago.

Hello - please forward your questions regarding this matter - how long were you married? any children?

Customer: replied 9 months ago.
Hello – Married 15 years and two children 13 & 10.
Customer: replied 9 months ago.
My question is based around percentages after the sale of our house, it's currently on the market and my assumption is that we clear the debts and split the profits 50/50 – We are talking about the children living with me but with him having them 40% of the time at the least. I also have my own limited company that has been running for 15 years and wondered does he have any claim on the profits??
Expert:  F E Smith replied 9 months ago.

The starting point for the division of assets is 50-50.

If the children are going to predominantly live with you, then unless the sale of the house would produce enough money to buy a home for you and dependent children until they reach 18 and give your husband some money, there is a good chance that you would be able to hang onto the property until then. It would then be sold when the youngest child reaches aged 18 and the proceeds divided, probably 6040 in your favour. Meanwhile, your husband would not be responsible for the mortgage or the bills of a house that he does not live in.

If there are pensions, then the Cash Equivalent Transfer Value (CETV-available from the pension provider) needs to go into the pot as well.

If the company is profitable, your husband may have a claim on the value of the shares although not the shares themselves, just money in respect of which you may be able to offset against the house whereby you keep all the company and he perhaps keeps his pension or has a bigger share of the house when it is eventually sold.

.Can I clarify anything for you?

Customer: replied 9 months ago.
Thank you – Yes the sale of our main house would result in me having enough equity to purchase a smaller family home in the area we need to live in, whilst also providing enough for my husband to do the same. So other than splitting up how we manage the cost of the children I will assume that a 50/50 split would be fair.Thank you for the advice on the business, as I currently have no pensions in place, but my husband does and equally I run a profitable business again that's helpful to know that we can agree to divide these as we need too.The money we have in the house is from inheritance from my husbands side and again I'm assuming as it was passed to him but has been put into a family home that I'm able to have 50%.
Expert:  F E Smith replied 9 months ago.

It would be fair if you have the children 50% of the time each. If the children spend more time with you, then it would only be fair that you had a small amount extra which is why the split is usually 6040 in favour of the resident parent.

In respect of the inheritance, it would depend really on whether that has been “absorbed” into the marital home as a marital asset. The longer ago it was inherited, the more chance it would be treated as a marital asset.

Before you go, please don’t forget to use the rating service because that gives me credit. It doesn’t just give me a pat on the head! The thread remains open. We can still exchange emails.

Kind regards.