Rights

croixdawg1

Hi nice people, only my 2nd post so please be cool��. Me and my wife are in a very bad patch, she's saying she needs time to think if she still loves me and to me her mind is already made up. I still love her but I'm in no mans land at the moment. When I met her I was bankrupt due to a past split and losing a lot of money due to property crash. She had her own house with around 50k equity, we have moved twice since then and now in a house worth around 170k. I'm still not on mortgage and have paid half from 2009 and also funded furniture and household repairs. I also feel she could be seeing someone else. What would I be entitled to as her husband but not on mortgage? We have no children been together 8 years and married 7 years

Many thanks in advance

duchy

It would depend on the length of the marriage and if you have any children together.

croixdawg1

No children and been married 7

pinkshoes

The starting point is 50% of equity...

How much is the remaining mortgage?

croixdawg1

Hi, there's around 96000

Thanks

pmlindyloo

Have a read of this link which tells you everything you need to know:

https://www.citizensadvice.org.uk/relationships/relationship-problems/ending-a-marriage/#h-housing-rights-at-the-end-of-a-marriage

TBagpuss

One thing you should consider doing is registering your Matrimonial Home Rights agaisnt the property - this does not change the legal ownership but would make it difficult for her to sell or remortgage the poepty without your knowledge.

It is likely that a court would take into account the significant initial contribution made by your witfe, howevre theywould also look at both of your current finacial positions, your housing needs, incomes etc.

Assuming those are broadly similar for you both I would expect an unequal split in her favour but not *necessarily* one which effectively 'ring-fenced' the entire oriiginal equity.

However, if £96,000 equity is the only significant asset then it would be very much in both of your interetst to try to agree a split as amicabaly as possible. Fighting through the courts could easily cost your between £5,000 and £10,000 each if it went all the way to a final hjearing, which is a very big chunk out of £96K.

One approach is to look at what you would need (e.g. deposit for a small property if you can now get a mortgage, or deposit and six months rent of you can't), what she can afford, and what you both think is reasonable.

How much of the increase from £50K to £96K equity is down to house prioce grpowth and how much is down to actual payments to reduce the outstanding capital on the mprtgage?

Ozzuk

I would try and keep this as friendly as possible and if it comes to it draw up a financial agreement that you both sign. I'd start by stating her original investment (50k) should be left as hers - thats 'fair' and would help keep her on side. Then work out equity increase since you've both been paying and half that. Hopefully you can keep it all civil if not friendly , you both walk away with something and no need for long drawn out and expensive court battles.

you may want a solicitor to do the financial agreement - I've done my own previously (twice!).

Also consider including a statement that you both give up any right to pensions and make sure you close/limit any joint accounts.

Good luck, horrible situation made worse if someone else involved, just look after yourself and you'll get through it.

princeofpounds

I agree - this is not a short marriage and so you are probably looking at a more equal split than the position you came into the marriage in.


However, the other thing I would mention is that if you have young children, it's also possible that the parent with custody (if there is only one) could get occupancy rights to the property until the children grow up, so you might not have access to the equity.


And yes, even if this is difficult, amicable agreement will be much better.

Ozzuk

I've seen up to 10 years still called a 'short marriage', there seems to be many factors age, cohabitation etc..

I think pushing for equal in this instance is unfair given how unequal the starting positions were, but makes no difference what I think

Something else worth considering - does she want to keep the house? If she earns enough she could pay you 20-25k (which by my calculation is what you are looking at) and take you off the mortgage. Depends how clean you want this to be really.

WillowCat

You can't look at the house in isolation. You also need to know the value of any other assets and liabilities you have - e.g. pensions, cars, jewellery, ISA's, credit card debts etc.

You will also need to consider your respective earning capacities (and current salaries) and any health conditions which might affect future earning capacities.

As far as length of marriage is concerned, there are no hard and fast rules but generally 7 - 8 years would be a 'medium' length marriage.