Splitting up - Finances

Cameron1590_2

Hello,

Not sure if this is the right place to post, will try and keep short and sweet.

Me and now ex partner purchased a house together, all registered in my name due to my partner not being able to obtain lending.

Partner paid deposit of £10k on house and lived their with me while she study at university for 3 years.

I paid majority of bills and home improvements with partner paying circa £4k for the new kitchen.

Sold house for £140k giving a net proceed of £71,428.19.

We have now decided to go separate ways, trying to sort everything out is a mess. Any idea how the money should be divided?

As we were together for 5 years, I am not sure if it is treated as common law and would be 50/50?

Advice please, we want it to be fair and honest.

Thanks,

gettingtheresometime

Assuming you weren't married (no such thing as common law wife/husband) then who paid the mortgage & in what proportions?

Cameron1590_2

gettingtheresometime wrote: »

Assuming you weren't married (no such thing as common law wife/husband) then who paid the mortgage & in what proportions?

Hello,

I paid the mortgage (452 per month) for 2years 11 months (got made redundant) ex partner then paid the mortgage for 2 months while sale went through. - We sold up and relocated back to home town and lived with our families while we get new jobs etc so didn't buy anywhere straight away.

Thanks,

Redacted

So, the house is already sold and the funds are sat in an account somewhere?

Did you draw up any kind of agreement when you bought the house?

Did you pay any deposit or was it just her £10k? What was the initial purchase price and mortgage?

How much did you actually pay off the mortgage during the time you owned it? Because obviously part of the £452 will be interest.

tking

I think, from the net amount of 71,500

Distribute:
minus deposit 10K (give to partner): 61,500
minus kitchen improvements 4K (give to partner): 57,500
minus refund of mortgage payments 34 months = 15452 (for you): 42048
minus refund of mortgage payments 2 months = 904 (partner): 41144

So 10K + 4K + 904 = 14904 to partner
and 15452 to you
and split remainder 50/50 = 20572 each

(I know you said you paid for some more home improvements so treat them the same as above - but probably not bills, you agreed whilst in the relationship that you would work and your partner would study so honour the arrangement - IMO).

dawyldthing

I agree with tking as she needs the deposit back and kitchen money then sort the rest out between you (bear in mind though that first 3 years a lot would have been interest so you’ve done well at getting such an increase). If your not married it will be what you can decide between you really, especially with it being in your name, but good on you for splitting it amicably as we often see the opposite