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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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I have just got divorced and now have a first hearing around

Customer Question

I have just got divorced and now have a first hearing around financial remedy. We had no children, but we're married for 15 years. I divorced my wife on unreasonable behaviour due to the fact she gave up work and put considerable strain on me to meet all outgoing so we both invested in a pas equals. The only 2 assets we have are 2 properties, with equity. No savings as they became depleted Shen my wife gave up work. My wife went back to work. When I pointed out the difficulties, but went back to a much lower paid job. Equity in the 2 houses is around £240,000. My wife wants the former matrimonial home, + equity, plus a lump sum (which I don't have) and wants maintenance. She has sacrificed nothing. I would like to house to be sold, entry split and I don't mind if it is not 50:50, just want a clean break to get on with my life. What is the likelihood outcome?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firstWhat is the value of the assets and what income do you each have.Why did she give up work?
Customer: replied 2 years ago.
She gave up work to become ladies captain at the golf club.She now earns £35,000 per annum. Had the opportunity to earn £65,000 when she returned to work.I now earn £120,000 per annum and a discretionary bonus.The former matrimonial home, which she refuses to sell, is worth £385,000 and has a mortgage of £170,000 and 13 years. The other is a holiday home worth £150,000 and has a mortgage of roughly £80,000.Pension pots are roughly the same.She is 58.I am 48. I am looking for a new job closer to where I have moved which will pay less.
Expert:  Clare replied 2 years ago.
How much has your bonus been in the last two years - and what capital did you each bring to the relationship?
Customer: replied 2 years ago.
last year bonus was £20,000. I changed jobs and then had a guaranteed bonus of £60,000 in the first year (pro-rata ). This is no longer guaranteed and I did not receive my last one.I have paid all of the 2nd property fees (mortgage, condominium fees, local taxes and bills) for the last 5 years and continue to do so at a cost of about £14,000 PA.My wages also paid for the mortgage on the matrimonial home for the last 4-5 years. Her wage of circa £1,900 (net) per month paid for things like holidays, golf club fees, etc.Since I moved out of the matrimonial home I rented accommodation for 6 months and recently purchased a new home. I had to go for 90% LTV as I did not have access to the equity as my former wife will not agree to sell the former matrimonial home. This is now stretching me and I have stopped contributing towards the mortgage and am at the point of walking away from the holiday home. We have had disclosure prior to the first hearing and she says she needs £61,000 net per year to live, which is pure fantasy. I didn't even earn that much when we were married.I realise there is no black and white way in UK family law, but would like to understand a likely outcome and whether the former matrimonial home will be sold.Thanks,
Expert:  Clare replied 2 years ago.
What capital did you each bring to the relationship
Customer: replied 2 years ago.
We both earned similar amounts for about 10 years. We both earned approx £55,000 - neither had savings so no real capital. When she decided to give up work for a year I had to look for different work which led to two moves in 3 years to try and earn more. There has been my bonus element. She had some redundancy from 2001 when she bought a brand new BMW5 Series, and some inheritence (£40,000), which was used to buy a car, part towards the second property and the rest saved which became depleted as she did not work. I borrowed £20,000 from my parents, which still has to be repaid.