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Is the property in joint names? Have you filed for divorce proceedings?
Is the property in Joint names?
There is no set formula in splitting assets. The pot includes all the assets in the marriage and the split between parties always starts from a 50/50 split and this split changes according to the needs of the parties. I.e if the children are staying with you then your needs will be higher and therefore entitled to a larger split. At the end of the day it depends the amount of assets there are in the marriage to split and the needs of the parties. Every case is different.
Under section 25 of the Act the matters to which the Court is to have regard in deciding how to exercise its powers are as follows: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;The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;The standard of living enjoyed by the family before the breakdown of the marriage;The age of each party to the marriage and the duration of the marriage;Any physical or mental disability of either of the parties to the marriage;The contributions made by each of the parties to the welfare of the family, including any contribution made by looking after the home or caring for the family;
Your first step would be to approach a family mediator who can give you a more accurate guideline after financial disclosure.
To find a mediator in your local area, use this site :
Yes you would - especially if you put down the deposit, made mortgage payments, bills, renovation costs which increase the equity of the property and so on.
The judge will, of course, have the benefit of full financial disclosure from both of you, so any division will be based on that as well as the aforementioned factors.
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It is best that you see a mediator to discuss divorce proceedings and resolve issue of division of assets. Mediation does work - and if you can resolve this via mediation there would be no need to have a legal battle - especially has you said you have to some extent agreed
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