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Assets are either:
matrimonial assets - money and property you or your ex acquired during your marriage
non-matrimonial assets - money and property you or your ex acquired either before or after our marriage
The matrimonial assets gets divided equally between the parties at the time of divorce, however, there are no hard and fast rules regarding division of assets on divorce. When dividing assets the Court, takes into account of various factors which are known as Section 25 factors (Section 25 of the Matrimonial Causes Act 1973).
These factors includes:
Income and earning capacity, property and other financial resources that each spouse has or is likely to have in the foreseeable future.
The financial needs, obligations and responsibilities, which each spouse 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 ages of each spouse and the duration of the marriage.
Any physical or mental disability of either spouse.
The contributions that each spouse has made or is likely to make in the future to the welfare of the family.
The conduct of each spouse, if that conduct is such that it would be unfair to disregard in the opinion of the Court.
However, the first consideration before looking at any of these factors will be the welfare of any children of the family.
Regarding the home, First thing to do here to get the home valued. That will give you an idea of how much you would get if the property were to put it on the market. you can work out the equity you share in the property by subtracting the sum left outstanding on the mortgage from the value. And it’s this amount that you’ll split - typically in half. But, ultimately, the amount you both get could depend on other factors (like how much you both put into buying the house/and mortgage repayments.)
I hope this helps.
If you need further assistance, please let me know.
In the meantime, thank you for using Just Answers. Best wishes.
Is this property is in joint names or solely held by your husband?
If you and your partner are legally married or in a civil partnership?
Unmarried couples do not have same financial rights as married couples.
Unmarried partner can only make claim on the house ,will depend on the factors whether they are a joint owner, or whether they have contributed towards the purchase, mortgage or repair of the household.
Married couples have equal rights in the matrimonial assets and can ask for half of the equity from their matrimonial house.
thank you for using Just Answers. Best wishes.