Buying Partner out of joint mortgage questions

seoras_2

Hi,
My wife and I are going to divorce and she has suggested selling everything (inc. house) and splitting 50:50. I on the other hand would like to keep the house and buy out her share of the mortgage. The problem is she still wants 50% but I have always paid all the mortgage and every other bill etc. she has never worked or contributed to the mortgage, utilities, insurance etc. etc.

She wants to move out and I want to keep my house, I also don't want to be unfair to her but I can't see how she could be entitled to 50% of everything when she hasn't contributed financially.

Any advice welcomed.

silvercar

How is the house owned, joint tenants, tenants in common or in your name?

TBH now is a bit late to argue over the fact that you have paid for everything. When you bought the house you should have decided how it was to be owned.

Are there any children?

Although keeping things amicable will keep costs down, it may be that you need to take legal advice.

Without a pre-nup or a registered ownership other than 50:50, if the house is jointly owned, the starting point for negotiations would be 50:50.

Debt_Free_Chick

Even if the house is not jointly owned, my understanding is that the starting point is 50/50 anyway. On marriage, all assets effectively become jointly owned.

The only way to get more than 50% is to argue it out and back it up with evidence that you have contributed more and that it was understood that you would own more than 50%.

A number of high-profile divorces have found that a wife staying at home to run the house and/or raise children counts "as a contribution" - effectively, you've paid her to do this. Only you haven't yet parted with the cash, hence she gets a share of the property (and other assets) which is greater than her actual financial contribution.

Personally, I wouldn't hold out much hope of getting much more than 50% unless you have a Rottweiler for a solicitor and a compliant wife who "gives in" to those tactics. No offence .... this can work. But it depends on those involved.

Regards

seoras_2

Many thanks for all the replies and advice. I have since spoken to a solicitor and he basically advised as you guys have i.e. the starting point is 50:50 if we can keep things amicable we can take it from there.

Many thanks again.

simon-dupree

Yes unfortunately the starting point is 50:50 but if you have had a wife who has looked after the home and never worked in a profession or can be shown to be unable to provide for herself you could end up paying way more and 70:30 in the wife's favour is not unheard of.

A wife that does not contribute financially or cannot because of her earning ability can often get more than a wife who has earning ability.The older you are when this situation arises the worse it is for the man.

I would settle early at 50:50 if you can and don't let the lawyers antagonise the situation into an acrimonious money grabbing mess which is often the case.

stevej401

Sorry to join late in the thread, but what happens about any debt? Is that taken off the equity before the 50:50 starting point?

pamelab21

Hiya

My brother and SIL split two years ago and she wanted to stay on the house instead of selling, they had the house valued, she then took the difference between the mortgage outstanding and the value and halfed this and took it as new mortgage and this gave my brother his half to go and put a deposit on a new flat.
It is best to keep it amicable if at all possible as they did not bring solicitors into it, all they are is a drain on the finances when it is a hard enough time as it is.

Triste_2

seoras wrote: »

Hi,
My wife and I are going to divorce ............... I can't see how she could be entitled to 50% of everything when she hasn't contributed financially.

Any advice welcomed.

Why is it only the financial contribution that has any value in some people's eyes! Did she not contribute by keeping house, washing your clothes, cooking your meals etc etc etc all the supporting things which helped you go out and earn a living!
No I'm not a woman in her position, I'm a woman in your position but consider my husband contributed equally to the partnership even though it was not financially!

LEJC

I dont know about the legal things...but I have to agree with the above poster...just bacause she hasn't contributed financially doesn't mean she hasn't contributed to your marriage in other ways...

I'm a stay at home mum..earn nothing but to my husband my contribution in a non financial sense to the "management " of our house and children is he says "invaluable"...and that he couldn't earn the wage he does if he didn't have me organising home life.

I also remember that a good few years ago we stood up infront of our friends and family and a vicar and promised to "share"

Although considering the age of the original post...Its my guess that potentially the couple have possibly resolved their situation...

Fire_Fox

If your wife is willing to accept 50/50 I would suggest you take it. When I divorced I ended up with half plus three years maintenance as a lump sum despite contributing less and having no children. There are mediation services to help you come to a financial agreement without spending a small fortune on solicitors. We each took legal advice and mediation from there.

Ret180305

Can anybody help me with this please?

I have a mortgage with my ex partner and I would like to buy him out instead of selling the house.


The house is worth £185k and the mortgage left is £96k. When we bought the house I remortgaged my other house and used the £32k as a deposit for our house together.


I pay the £32k back Myself and obviously there's interest incurred in the 8 years we've had the house.


What is the best way to do this as I so desperately don't want to lose my house.Thank you