Divorce...Equity... etc....argh!

vixnix

Hi All,

Just after some advice really...

My ex and I split 10 months ago. I moved out of the marital home to a flat with our children. It was an amicable split.

We bought a house in 2008 - the mortgage is in Exes name. We had joint accounts and paid for everything jointly, I worked full time too and we just paid everything into and out of a joint account.

Our agreement was that if we were to split before remortgaging in both of our names, that half the equity would come to me regardless. This was a verbal agreement.

When we split we discussed this and using various tools we estimated the property to be worth £180K and agreed on this, this was so that if it took 2 years to remortgage for the equity, any works done by my ex to improve the house etc would not increase my share.

However, after 10 months I have asked to have the equity released and after a week he tore down all the ceilings in the ground floor (hoping to put new ones in at some point) and has turned the downstairs from a home into a renovation site, no plaster on the walls, no ceilings etc. This will, I assume, affect the current value of the property and therefor affect the equity I have in it. When I asked hiim about our agreement he said that because I asked for equity before he is ready to remortgage that it is touch, my £15K equity will be more like £5K.

I explained that I thought this was unfair and that although I have no legal right to this, it was our agreement when we purchased, and the money is to put down on a mortgage for myself as I have been told if I can get £10-15K deposit then I can buy a 50% share house and move our children from this council flat.

This was a lovely 4 bed house in a nice rural village that they left and both kids are not adjusting very well to our 2 bedroomed 2nd floor flat, but my ex and I could not go on living together and I did the decent thing.

This has come in a long line of his obstacles, but basically I have no idea what to do, he has my new partner who is an IFA looking at his remortgage for free for him, I just feel like I worked at my marriage and partnership with him for 8 years and have nothing from it despite promises. Niether of us cheated or were nasty but now money is involved it is like the world is at war and all I want is to provide the children with a home that is a real home.

Any advice on where I stand? We are not divorced yet as we agreed to settle this before divorcing a while ago...

BitterAndTwisted

You didn't do the decent thing by leaving: you did the most stupid and misguided thing it was possible to do. And now you've let him sabotage your future, and your children's.

I hope to God that this joint bank-account has been closed or there could be even more trouble ahead for you and the children than you anticipate.

Get yourself a solicitor and quickly.

vixnix

BitterAndTwisted wrote: »

You didn't do the decent thing by leaving: you did the most stupid and misguided thing it was possible to do. And now you've let him sabotage your future, and your children's.

I hope to God that this joint bank-account has been closed or there could be even more trouble ahead for you and the children than you anticipate.

Get yourself a solicitor and quickly.

Ouch!

I know...you're only telling me what it has taken me this long to realise...

Joint account closed a while back.

I did speak to a solicitor though so not all bad! But I am a moron for sure! So much for happy dreamy fairy land where we are all friends and the world is full of butterflies and rainbows! Silly girl I am.

Thanks anyhow!