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Joy Nicholas
Joy Nicholas, Lawyer
Category: Family Law
Satisfied Customers: 1821
Experience:  Lawyer
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Im after advice on divorce and my property and finances.

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Hi, Im after advice on divorce and my property and finances.
JA: What steps have you taken? Have you filed any papers in family court?
Customer: Nothing. Just after some advice before I do that.
JA: Family Court normally sits in a local County and Magistrates' Court. Do you know the location of the court? If not, what county do you live in?
Customer: Carmarthenshire
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No just I want some advice on finances etc
Customer: replied 9 days ago.
I have 2 children 3 years and 7 year old.
I built and live din the house before I met my now wife.
She has never paid for anything towards the house. No bills or anything. I pay for everything.
I have a £290,000 mortgage, £35000 debt and around £10,000 in bank account.
Customer: replied 9 days ago.
The house is worth £300k max.
Customer: replied 9 days ago.
She earns £1200 a month working part time as a beauty therapist but has never contributed to the family expenditure
Customer: replied 9 days ago.
I am self employed and earn around £3500 a month and spend all the money on mortgage and bills
Customer: replied 9 days ago.
What will I have to pay my wife if we divorce with this financial situation?
Customer: replied 9 days ago.
I want to keep the house as i built it myself, I will borrow money off my parents and set her up in a new rented accommodation with my children which we'll have joint custody of. and offer her £10k in cash.
Customer: replied 9 days ago.
I will also pay full child maintenance

Hi, thank you for your message. If you are able to decide the outcome of your finances without going to court then you can make an agreement as you both please and one you both agree upon. The starting point is normally a 50/50 split but is based on fairness. Normally upon separation you will need to determine your matrimonial assets and your non-matrimonial assets, as it could make a difference to your Financial Settlement. Matrimonial assets are financial assets that you and/or your spouse acquire during the course of your marriage. This differs to non-matrimonial assets, which are financial assets acquired either before or after your marriage. However, matrimonial assets typically include things such as the family home, pensions and savings. It doesn’t really matter who put the money forward or who accumulated the wealth. When you’re married, the law in England and Wales considers that any assets you acquire also belong to your husband or wife. Non-matrimonial assets typically include things like inheritance, family businesses and property purchased before the marriage or after separation. Matrimonial and non-matrimonial assets matter when it comes to divorce and separation because you and your ex will need to divide your finances between you. The arrangement that you reach must be fair and reasonable to each person. Matrimonial assets will, by their very nature, be shared out between you and your spouse during divorce. Non-matrimonial assets are a little more complicated. Often you can request that they be excluded from the Financial Settlement. But this request might not always be granted. This might be because the non-matrimonial asset was used somehow in your marriage. The starting point for the courts is a 50/50 split but in making their decision they will look at fairness and each of your financial situations. I hope this helps.

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Customer: replied 9 days ago.
Ok my our debts outweight my assets. She has never contributed or bought anything for the family. How does it work in that case?

Hi, thank you for your message. The courts will take this into consideration when making their final decision. The debts will normally be offset against joint assets unless you accrued the debts solely for yourself.

Customer: replied 9 days ago.
the house I paid for will be a joint asset?
Customer: replied 9 days ago.
The mortgage is £290k and the house is worth around the same max. No equity.

If the house was used during the course of your marriage then yes it may be a joint asset. Sometimes you can ask that it be excluded from the financial arrangements if the house was bought by yourself but it will be in the courts discretion. This because you used the house as a family home.

Customer: replied 9 days ago.
Ok but how does it work that it is in negative equity?

Hi, thank you for your message. If it is in negative equity the courts may not order it to be sold and thus not include it in the financial assessment instead wait until it can be sold at a later date. I hope this helps and all the best in this matter.