House equity spilt

JamesPL

Hello all, just going through a divorce and have got to the finanacial settlement part. There are no childern involved. Basically when my 2nd wife moved in with me I had owned a home outright for 10 years with around £18,000 equity in it. Am I entitled to a larger share of the sale of our former marital home now we are selling up? I live in it but she has been paying half the mortgage (around £250) since we spilt 9 months ago. There is about £80k extra equity without legal/selling fees involved.

Gigglepig

How long were you married? Unless your marriage was quite short, 50-50 is a usual starting point for a split. But you would need to look at the overall picture ; savings, debts, other assets such as cars, pension pots etc not just equity in the house.

JamesPL

We were married 9 years, together 14 years, she has better pensions than me though.I also payed towards upkeep of her daughter who is now 18 and working. We have no debts or assets to speak of.

Gigglepig

In that case I'd suggest just add up the value (house, cars, pensions, accounts etc) and divide by two. (Due to the length of your marriage, it sounds like the house is part of the marital assets)

I really don't think it is relevant that you paid upkeep for her daughter, and I'd keep quiet about it if I were you. If the girl was 4 when you got together, she is practically yours and it might be very hurtful for her and your OH if you bring this up. I hope you intend to keep being in touch with the 18 year old and help her out also in the future, as you will always be her stap dad if you were there from she was 4.

BitterAndTwisted

It doesn't matter what equity in the property you brought into the marriage. When you signed that marriage cert. you gave her half of it.

But if she has a better pension than you, you could negotiate a share of it, or swap that for a greater share of the equity.

As for your step-daughter, I'd bloody-well hope that you paid to support her! Your wife and her daughter came as a package and you don't get more equity or any brownie points for doing your moral and financial duty.

JamesPL

BitterAndTwisted wrote: »

It doesn't matter what equity in the property you brought into the marriage. When you signed that marriage cert. you gave her half of it.

But if she has a better pension than you, you could negotiate a share of it, or swap that for a greater share of the equity.

As for your step-daughter, I'd bloody-well hope that you paid to support her! Your wife and her daughter came as a package and you don't get more equity or any brownie points for doing your moral and financial duty.

Bit of a strong reaction if you don't mind me saying so! I never objected to helping and don't now, I only brought it up because of the current situation, we are still freinds and will remain so.

MEM62

BitterAndTwisted wrote: »

As for your step-daughter, I'd bloody-well hope that you paid to support her! Your wife and her daughter came as a package and you don't get more equity or any brownie points for doing your moral and financial duty.

Moral and financial duty? I don't think so and actually consider that extremely arrogant.

Those of us that date or live with women that have children from previous relationships often do a lot for them - and are more than happy to do so. But we do it because we are decent guys and care for our partners and those dear to them - NOT because we have any moral or financial obligation. On what basis does the fact that I love my partner place a moral and financial obligation on me towards her children? THAT obligation rests firmly with the children's father, not the mother's new partner.

NAR

BitterAndTwisted wrote: »

As for your step-daughter, I'd bloody-well hope that you paid to support her! Your wife and her daughter came as a package and you don't get more equity or any brownie points for doing your moral and financial duty.

It is her father's duty to have provided for her financially. Anything that her step father (OP) has done would have been out of his love for her and his wife, not out of duty.
This post really reflects your username to a tee!

peachyprice

BitterAndTwisted wrote: »

It doesn't matter what equity in the property you brought into the marriage. When you signed that marriage cert. you gave her half of it.

Not necessarily.

OP at the time you bought your house together do you remember having a conversation with your solicitor regarding the use of your £18k deposit. You 'should' have been asked whether you wanted your deposit protected as a larger % of ownership of the house and for the house to be owned as tenants in common rather than joint tenants, it may be worth checking the deeds if you can't remember.

JamesPL

No, there was no such conversation, we were together 4 years before getting married and then sold the house at a £53K profit in 2004, money has never ruled my life and doesn't now, I merely asked because I've had 2 differing legal answers.

Gigglepig

MEM62 wrote: »

On what basis does the fact that I love my partner place a moral and financial obligation on me towards her children? THAT obligation rests firmly with the children's father, not the mother's new partner.

When you marry and move in with a woman with a young, completely dependant child I'd say you have a pretty clear moral duty to support that child.