marriage break up and sale of house

boredwithhubby

this is my first post so hopefully it is the right place.

I want to split up with my husband and therefore we need to sell our house. I just need some advice on how to split the proceeds. when I met him I had owned my own house for 10 years with a tiny mortgage...£33000 to be precise. he moved in and 3 years later I sold the house for £175000 and we bought a new house for £205000 . we paid off some credit card loans etc and our new joint mortgage was £97000. so effecitvely you could say that I put down a deposit of £108000.

as we all know house prices have fallen down and at a rough guess our house is now worth £180000 and our mortgage currently stands at approx £93000. so after it is paid off we would have £87000. How much of this should I offer to my husband, taking into account that all the equity was made on the first house which was mine and in fact on the second house we have lost £21000.

please help me get my head around this as I have a figure in mind and need to know if it is fair

pebbles88

boredwithhubby wrote: »

this is my first post so hopefully it is the right place.

I want to split up with my husband and therefore we need to sell our house. I just need some advice on how to split the proceeds. when I met him I had owned my own house for 10 years with a tiny mortgage...£33000 to be precise. he moved in and 3 years later I sold the house for £175000 and we bought a new house for £205000 . we paid off some credit card loans etc and our new joint mortgage was £97000. so effecitvely you could say that I put down a deposit of £108000.

as we all know house prices have fallen down and at a rough guess our house is now worth £180000 and our mortgage currently stands at approx £93000. so after it is paid off we would have £87000. How much of this should I offer to my husband, taking into account that all the equity was made on the first house which was mine and in fact on the second house we have lost £21000.

please help me get my head around this as I have a figure in mind and need to know if it is fair

hello,

as the sums of money involved are quite big (well to me they are ) i would say you are better off getting some legal advice - perhaps a free half hour with a solicitor?

boredwithhubby

yes thank you I know I should see a solicitor really but just wondered what people thought...just to get a rough idea!

pebbles88

boredwithhubby wrote: »

yes thank you I know I should see a solicitor really but just wondered what people thought...just to get a rough idea!

yep i know exactly what you mean, hopefully someone more knowledgable than me will be along soon. Best of luck.

Pee

Because you are married the law doesn't start with you put X in and he put Y in. It starts with how long you were married, how old you both are, what you both earn, whether you have children, etc.

It's certainly worth seeing a solicitor for an hour.

Do you intend to continue living in the property? Speak to a mortgage adviser about how much anyone is willing to lend you at the moment.

clearingout

any debts?

clearingout

and what about pensions?

LEJC

Are you in discussion with your husband about the sale of the property and the splitting of assets...if its friendly discussion then theres probably no reason why you cant come to an agreeable figure between you

Has your husband given you his thoughts on the matter?

If there is no communication between the two of you or you feel that his offers/suggestuons are unrealistic then I would strongly suggest that you seek the professional route, at least to clarify what your entitlment is.

DVardysShadow

boredwithhubby wrote: »

this is my first post so hopefully it is the right place.

No. it is not your first post.

Your first post was here: https://forums.moneysavingexpert.com/discussion/3312046

You have crossposted - which wastes peoples time if the answer has already been given to you other post. If you must cross post, at least have the consideration to say that you have crossposted.

hastie

50 - 50

all that i have i share with you.....

boredwithhubby

it is my first post...yes I have posted it in 2 different sections cos like I said I didnt know where the right place to put it was. I didnt realise it was called cross posting or that it was an issue with anyone or indeed that it would waste anyones times. surely if people didnt want to read it they just wouldnt read it.