Divorce - latest guidelines on equity split?

Scout · 24 May 2005 at 2:51PM

Hi, I hope I've put this in the right place but please feel free to move if not.

My problem is this. My husband and I are getting divorced. We are at the early stages and I just want to get the most facts and figures together as quickly as possible as I want us to sort things out amicably, for our kids and to save the legal fees. I have spoken to CAB but can't get to see a solicitor for a couple of weeks, for all sorts of reasons.

I am aware that once we have sold the house and cleared any debts against it, then the net profit will be split 50/50. What I want to know is what are the chances of me making a claim for more than 50%, in order that I can provide a reasonable home for our 2 children aged 3 and 6. I don't work as I care for the children. I will have to buy a new home in the primary school catchment area as it is a fantastic school with great secondary schools. However, the prices are very high - £170k for a typical old 3 bed terrace on the main road, for example. My husband can move to a cheaper area, nearer his work and still provide a decent house for when he has them. The house I will be buying will not require a mortgage. I understand from the CAB that the guidelines vary fro time to time.

My husband also has a pension that I will be looking into offsetting etc but for now, this is not part of the equation. If I have an idea of what I might get, then I can start looking for a new home.

TIA
Scout

margaretclare · 24 May 2005 at 3:38PM

Scout wrote:

I am aware that once we have sold the house and cleared any debts against it, then the net profit will be split 50/50.
I understand from the CAB that the guidelines vary from time to time.

It has been my understanding that the idea of a 50/50 split is something of a myth, that it depends on a whole lot of things. It's likely that your divorce will have 3 components to it:

1. The grounds for divorce and whether the marriage has 'irretrievably broken down' and on what grounds.

2. What is called 'ancillary relief' which is the financial settlement. As I said, I've been given to understand that while many people think they will *always* get 50% each, this isn't always the case.

3. The court will want to be sure that the children's interests are taken care of.

Have a look at this: https://www.divorce.co.uk/

There are several other sites listed on Google which say they offer free online advice about divorce, but ultimately, you need a solicitor.

Aunty Margaret

Bossyboots · 24 May 2005 at 3:55PM

Aunty Margaret is almost right about it being a myth. 50/50 is the starting point but each party's share is calculated up or downwards of that depending on a number of factors.

Debt_Free_Chick · 24 May 2005 at 4:02PM

Scout wrote:

What I want to know is what are the chances of me making a claim for more than 50%, in order that I can provide a reasonable home for our 2 children aged 3 and 6.

Every chance, I think. If 50% is deemed sufficient for a single person, does that mean it's sufficient & suitable for three?

In addition, the whole process is geared towards dealing with the needs of the children first. That said, I've seen plenty of divorcing couple come to blows over who gets what - so do try to remember, always, to do whtat's best for the children.

My husband also has a pension that I will be looking into offsetting etc but for now, this is not part of the equation. If I have an idea of what I might get, then I can start looking for a new home.

TIA
Scout

You say that the pension is not currently part of the equattion , but I guess you know that the value of his pension rights can be included in the matrimonial assets?

margaretclare · 24 May 2005 at 4:04PM

Hi Bossyboots

I've just read some of the detailed, fascinating and complicated information on some of the sites on Google. It seems possible that Scout could be awarded more than the 50% because of the needs of the young children and her contribution to their care as a dedicated mum. One of the articles I read talks about the 'limitations' on a wife's career development because of the years out of the workplace etc and that this contribution should have a value placed on it.

However, I don't think that anyone can place any concrete figures on all this, not at this stage! House prices etc...buying another house incurs a whole lot more costs, conveyancing, searches, surveys, estate agents' fees etc.

There's a lot of background information freely available on any of those sites, however, when it comes down to 'how much will I get' in pounds and pence, I don't think that can be answered early on in a divorce process.

Aunty Margaret

filigree_2 · 24 May 2005 at 5:16PM

You could try family mediation where you discuss your finances with a third party, instead of battling via solicitors and their huge bills. The local CAB should have a list of local mediation services.

There are no firm guidelines but my unqualified and informal opinion is that the parent who cares for the children will probably get more than 50%.

Bossyboots · 24 May 2005 at 6:31PM

filigree wrote:

You could try family mediation where you discuss your finances with a third party, instead of battling via solicitors and their huge bills. The local CAB should have a list of local mediation services.

There are no firm guidelines but my unqualified and informal opinion is that the parent who cares for the children will probably get more than 50%.

There is also the situation where the spouse leaving the home gets a larger share but has to take a charge on the property which cannot be realised until the first of a list of events takes place (usually cohabitation or remarriage of the person in the house but often when the youngest child leaves full time education).

There is no cut and dried answer. It is a question of balancing facts and figures. It is a good idea to agree what you can beforehand but you really should seek proper legal advice about the settlement before signing anything.

If it went to Court, there is little or no chance that the parent with residence will be expected to move from the home. If there is a lot of equity however, that might be fairer. Again, it comes down the individual circumstances but as has been mentioned, a home for the children will be the first consideration.

wendykearney · 25 May 2005 at 8:00PM

Is it the same if the couple are just living together? My sis has broken up with her other half, 2 kids, one his but other knows him as dad. Sis had12 yrs in council house so they used her points to get a substantial reduction in price. He then paid morgage out of his wage, she payed bill etc. This lasted only a couple of years then she found out about many other women. He wants her out of house and is trying to force her to sell. Her soliciter unhelpful just said he gets 50% cause not married and no consideration to the huge discount she got. (because of this discount they paid 15k for a house valued at 90k) he won't pay anything for child not his and is paying £60 towards other. They have lived together for 7 years . apart from morgage has paid nothing else into house, ie bills, upkeep etc.

anyone any idea where she stands?

Bossyboots · 25 May 2005 at 8:11PM

wendykearney wrote:

Is it the same if the couple are just living together? My sis has broken up with her other half, 2 kids, one his but other knows him as dad. Sis had12 yrs in council house so they used her points to get a substantial reduction in price. He then paid morgage out of his wage, she payed bill etc. This lasted only a couple of years then she found out about many other women. He wants her out of house and is trying to force her to sell. Her soliciter unhelpful just said he gets 50% cause not married and no consideration to the huge discount she got. (because of this discount they paid 15k for a house valued at 90k) he won't pay anything for child not his and is paying £60 towards other. They have lived together for 7 years . apart from morgage has paid nothing else into house, ie bills, upkeep etc.

anyone any idea where she stands?

This is a much greyer area and cohabiting couples are not protected by the same rules as married couples.

However, they are protected under civil laws and he cannot force her to sell. His only recourse would be to make an application to Court for an order for sale and in those proceedings the split of the equity could be agreed. This is not really an advisable route and, it could be argued that although they got the discount because of her points, that was not strictly a financial contribution. She could counter argue that the rent she previously paid contributed. I agree with the description of the solicitor being unhelpful. It is a shame they did not have an agreement drawn up when they took on the house which would have helped now. She needs to do some calculations as to who has put what into the house and see how that looks proportionately.

Financial issues and issues relating to children are separate and regardless of anything else, he has a duty to pay adequate maintenance for his child. I don't think he has a legal duty to maintain the other child. The father of that child should be contributing.

wendykearney · 26 May 2005 at 10:19PM

Thanks for the info. They were engaged when they bought the house so she didn't think she needed one..... We tried to advise her but she had stars in her eyes ( despite her catching him with other women previously...)

The other father refuses to work so he doesn't have to contribute ( pays nothing to his other kids either) and because of his violence to her and child niether she or daugter want to have any contact with him or know where they live.

I find it mystery how someone who has only contributed a couple of grand over 7 yrs can suddenly get over 30k by making her sell the house. My parents have contributed more than that in repairs and bills. Ill tell her to find another soliciter who specialises in this field.

thanks again

wendy

tobit · 26 May 2005 at 11:06PM

In reply to Scout. Please take my advice. Do not approach a solicitor until you know exactly what you are doing. Take advice from everyone who will speak to you. Keep talking. My divorce cost me TWENTY THOUSAND POUNDS. I was totally taken to the cleaners by my solicitor who, I realised too late, was interested only in extracting fees from me. I came away with around ONE THIRD of joint assets, including my own, very recent, inheritance. I was a total, naive blob of jelly. And this was only three years ago.

Solicitors learn every trick in the book - that's their profession. Don't trust any of them one tiny inch.

If you do your homework, can keep your head, and are as intelligent as you sound - then conduct your divorce yourself, as much as you can. Keep on good terms with your husband - I did, until solicitors got involved. The first thing the two of you must decide is how to divide your assets. That is the major problem. Be fair with each other. Otherwise, your solicitor will sort it out - by taking most of your assets from you both!!

Do I sound cynical?

Don't have the years of Hell that I was put through.

Pension? Forget it? 50/50? A myth.

Any other gruesome tales out there? You bet there are......

PS: Nice to save? Yes, if you can, which you can't, after a gruesome divorce. Please be warned.......

Divorce - latest guidelines on equity split?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free