Seperation and finances

RichTeaBiscuit

Hi,

My wife's recently walked out of our three year marriage, no real reason as far as i'm aware other than she was a bit bored and felt the spark between us had gone. Anyway, when I first met her 10 years ago she was in debt and in a mess financially, I took care of her credit card debt and paid a few of her bills and we settled down and bought a house in joint names. We retained our separate bank accounts, she gives me a set sum per month and I pay all the DD's etc.. that way what she earns is hers and vice versa.

Over the years I've steadily been building up Isa's in my name and a saving pot in joint names. I recently inherited some money too which went into a separate saving account also in my name. So.. what's she entitled to?

Cheers

GotToChange

Sorry to hear of your **** situation. Assuming there is no future for you, well done for being practical. Having said that, you will need legal advice - a Solicitor [Family Law] by personal recommedation is best. (If someone advises the CAB be prepared for a long wait for half-hearted "advice".)

You need to mark a clear date of your separation of financial matters (and do all the necessary re. bank accounts/credit cards etc etc if that applies), most especially with the mortgage provider - and make provision to continue the m/gage payments yourself (but get her name off it).

What she brought into the marriage and contributed towards it will be taken into account - sadly, I think the fact that you were generous(soft) enough to settle her debts will count for little and is not likely to be offset against what she is "entitled" to in the eyes of the law. Is there any chance you can negotiate between you and save legal hassles - which in my experience makes things a whole lot uglier (and more costly).

Dave101t

the only thing you get to 'keep as yours' is anything you already had before the marriage.
but as you had 7 years together before getting married, id certainly try to argue the savings you made in that time are yours alone.

SSB

Hi

Since the mortgage is joint names, you cannot 'get her name off it' without her consent. The mortgage is a joint liability, you can offer to buy her share but the mortgage company does not have to agree to transfer the mortgage into your name unless your earnings are sufficient to cover the mortgage. Do you have any children?

I take that she has left the property and will be living somewhere else. Please remember that she a right to access the property until a settlement has been reached.

You need to seek advice re: ISA but the savings in joint names will be part of the settlement. Everything accumulated during the marriage will be taken into account.

By the way, I do not think that you were 'soft' because you helped her financially in the beginning of the relationship. You have had 10 years together, therefore there must have been some goods time as well. However, now it is time to be practical and hopefully you can settle the situation amicably.

mackemdave

10 yrs together...no kids...can see the "pot" having to be split 50-50 unless you can negotiate with your soon to be ex

RichTeaBiscuit

Hi folks, thanks for the help.

Yes we have no kids.. thank god. I expect her to get her share but I'd like it to be a fair share if it makes sense. I had a Post office account from being a kid that I managed to sneak through our relationship, I kept it quiet because I knew I'd be persuaded to dip into it when we bought the house as we had a tough few months.. it only had about £5k in it but over the years I've dribbled it into my Isa's when I've been chasing the best rates.
She has had absolutely no interest in how much I've been saving and the swapping about for the interest.. I know I'll have to give her a share of the joint saving pot but surely it can't be 50/50 on my Isa's and my £5k inheritence from my Great gran.

mackemdave

As part of the divorce/finacial settlement you will both have to disclose your assets and debts...assets will include any pensions that you may have..either you agree a settlement with each other or you allow solicitors to argue it out...which could be costly.

Starting point would be 50/50...your STB ex may agreeto you keeping your inheritance but if solicitors get involved they will instruct her to go for 50%...There are no winners,apart from solicitors,in divorce....Try to keep things amicable,avoid solicitors, as they just bring conflict into things

gizmo111

Itsa short marriage so the court will look to put you in the position you were before the marriage. Anything acquired during the marriage will start off at 50/50 split and be negotiated form there. Has she any savings?
check out www.ondivorce.co.uk where you will get more detailed advice.