equity split...advice please.

discat11

I've split from my wife of 17 years, house owned for 10, joint mortgage.
At least £100k equity in the house probably more (yes, even today!)
She wants time to 'come to terms' and is staying in the house I have rented nearby.
I am no longer contributing to any of the previous bills, they were all in her name except one anyhow, although I was certainly paying a very large percentage of the joint bills.
No children living at home/dependant.
Both of us working.

I haven't contacted the mortgage company as yet as she wanted 'time'.

I intent to leave this until the end of Jan latest (moved out start November) then I will have to contact the mortgage people if only to say that if she 'defaults' on the mortgage payments I want to know!

I have the mortgage documents and a copy of the land registry, although no keys to the property.
Is this all safe & sound?
i.e. I AM still entitled to my half of the equity aren't I?

Any advice gratefully received.

bryanb

Unfortunately if "she defaults" you will also be in default on a joint mortgage.
Th equity problem will have to be negotiated.

discat11

yes, I realise that: don't think she's THAT stupid though after all its likely to be a 50/50 split as far as I am aware and so throwing £50k+ away out of spite is frankly ridiculous, although I'm sure its happened to someone!

loftus

All very much depends on the other assets in the marriage.

discat11

no other assets: I left her with all the furniture etc and only took my clothes and a few personal things, so she's definitely better off: all I want is a fair split of the house, wouldn't want anymore than half.

MissMoneypenny

discat11 wrote: »

no other assets:

No pensions?

Oldernotwiser

Could you clarify whether your wife is living in the marital home or in the house that you have rented nearby?

Mips

Oldernotwiser wrote: »

Could you clarify whether your wife is living in the marital home or in the house that you have rented nearby?

I took it that he moved out in November, has no keys to the property and HE is living in rented accommodation.. however, on closer inspection of the post.. it could read that either of them are living in the rented accommodation

munkiemunkie81

I'm in the same position, one that moved out with nothing.
But i'm still paying half the mortgage, and home insurances just no other household bills.

As far as i'm concerned my share of the equity is very safe.
Hopefully!

you should notify the mortgage company of your change of address no matter how 'temporary' to ensure you get copies of all correspondance.

discat11

Dippychick wrote: »

I took it that he moved out in November, has no keys to the property and HE is living in rented accommodation.. however, on closer inspection of the post.. it could read that either of them are living in the rented accommodation

absolutely correct:
pensions: no split, hers is Civil service and worth more than my private plan by a long shot.
She is still living in the marital mortgaged house, I am in private rented.

springclean

you may need legal advice if you can't agree between you, but you don't mention if you have children or not..?

when i divorced i got a 5/6 share of the equity because i had to provide a house for me and our 2 kids - although i did relinquish other assets (investments) in the deal.

if it is a straighforward split without children involved, then 50:50 should be the ratio to work on. good luck.