Divorce and assets split: where do I stand?

DE_612183

Jude57 said:

I hesitate to point this out again but the 'savings' the OP wants to use to buy his wife's interest in the former matrimonial home aren't his alone to do with as he pleases. They are part of the marital assets and as such, must be dealt with along with all other marital assets such as the house, pensions, cars etc. If, once that division is either agreed between the parties or ordered by the Court, the OP has sufficient to buy out his wife's interest, the Court can order that, and certainly, the best interests of the child will be paramount.

OP, have you yet instructed your own solicitor? Several people have asked the question but I can't see that you've responded.

It's a good point - if he can buy her out with 50% of the savings, then presumably she may be able to as well?

RobertF82

I wrote MANY times that I'd be able to buy her out using a combination of my savings (so say the 50% of the combined savings) plus additional borrowing.

She won't be able to buy me out with 50% of her savings because her salary is smaller than mine so she doesn't have the same borrowing power as I do.

DE_612183

RobertF82 said:

I wrote MANY times that I'd be able to buy her out using a combination of my savings (so say the 50% of the combined savings) plus additional borrowing.

She won't be able to buy me out with 50% of her savings because her salary is smaller than mine so she doesn't have the same borrowing power as I do.

ok, that makes sense ( unless of course she get spousal maintenance ).

RobertF82

Jude57 said:

OP, have you yet instructed your own solicitor? Several people have asked the question but I can't see that you've responded.

I have responded to that.

RobertF82

DE_612183 said:

RobertF82 said:

I wrote MANY times that I'd be able to buy her out using a combination of my savings (so say the 50% of the combined savings) plus additional borrowing.

She won't be able to buy me out with 50% of her savings because her salary is smaller than mine so she doesn't have the same borrowing power as I do.

ok, that makes sense ( unless of course she get spousal maintenance ).

Or if the court will decide to give her way more than 50% of the assets. In which case we may have to sell because even if she had enough money to buy me out (which I don't think she has) she won't be able to pay the mortgage on her own.

DE_612183

Hi Robert, hopefully you've had some insights into what to expect, please come back to the thread and let us know how things go - there are many other in the same / similar situation as you.

Jude57

RobertF82 said:

I wrote MANY times that I'd be able to buy her out using a combination of my savings (so say the 50% of the combined savings) plus additional borrowing.

She won't be able to buy me out with 50% of her savings because her salary is smaller than mine so she doesn't have the same borrowing power as I do.

Yet again I must point out that these are not YOUR savings. They are a marital asset. Your wife's savings are not just HER savings. They, too are a marital asset. Those savings may be in your sole names and you may not have paid into her savings account nor her into yours. I don't doubt that you would have greater borrowing power because you're the higher earner but don't rely on using savings in your sole name as part of financing any property buy out.

As I can't see that you've said you've retained a solicitor and you won't answer me directly, all I can say is, get legal advice before dismissing what I've posted out of hand because, if you use savings to make a large purchase of any kind before you achieve a financial settlement with your wife, the Judge will be minded to put your wife into the financial position she would have been in if you had not spent the money. The term is deprivation of assets.

I understand that you don't like what I'm saying and that's unfortunate but it doesn't mean that I'm wrong. Again, get your own legal advice.

tightauldgit

Jude57 said:

RobertF82 said:

I wrote MANY times that I'd be able to buy her out using a combination of my savings (so say the 50% of the combined savings) plus additional borrowing.

She won't be able to buy me out with 50% of her savings because her salary is smaller than mine so she doesn't have the same borrowing power as I do.

Yet again I must point out that these are not YOUR savings. They are a marital asset. Your wife's savings are not just HER savings. They, too are a marital asset. Those savings may be in your sole names and you may not have paid into her savings account nor her into yours. I don't doubt that you would have greater borrowing power because you're the higher earner but don't rely on using savings in your sole name as part of financing any property buy out.

As I can't see that you've said you've retained a solicitor and you won't answer me directly, all I can say is, get legal advice before dismissing what I've posted out of hand because, if you use savings to make a large purchase of any kind before you achieve a financial settlement with your wife, the Judge will be minded to put your wife into the financial position she would have been in if you had not spent the money. The term is deprivation of assets.

I understand that you don't like what I'm saying and that's unfortunate but it doesn't mean that I'm wrong. Again, get your own legal advice.

He did say in his response that he was assuming it would be 50% of the shared marital savings pot. 

While deprivation of assets is a real thing the bar to proving it is rather high and it would have to be fairly egregious. So buying a Ferrari would probably land you in trouble but say taking a luxury trip around the world - probably not. 

If my ex was being unreasonable and uncooperative I might well be minded to just spend some of the cash while waiting to settle the case and let them argue in court about deprivation of assets. The World Cup is coming up a nice new 65" OLED 4K telly might be in order.   

RobertF82

Jude57 said:

RobertF82 said:

I wrote MANY times that I'd be able to buy her out using a combination of my savings (so say the 50% of the combined savings) plus additional borrowing.

She won't be able to buy me out with 50% of her savings because her salary is smaller than mine so she doesn't have the same borrowing power as I do.

Yet again I must point out that these are not YOUR savings. They are a marital asset. Your wife's savings are not just HER savings. They, too are a marital asset. Those savings may be in your sole names and you may not have paid into her savings account nor her into yours. I don't doubt that you would have greater borrowing power because you're the higher earner but don't rely on using savings in your sole name as part of financing any property buy out.

As I can't see that you've said you've retained a solicitor and you won't answer me directly, all I can say is, get legal advice before dismissing what I've posted out of hand because, if you use savings to make a large purchase of any kind before you achieve a financial settlement with your wife, the Judge will be minded to put your wife into the financial position she would have been in if you had not spent the money. The term is deprivation of assets.

I understand that you don't like what I'm saying and that's unfortunate but it doesn't mean that I'm wrong. Again, get your own legal advice.

OK, so, as someone else pointed out after your post, what I meant with MY savings is the 50% of the marital savings I may be left with. Did you not get that?

Also, in one of my previous posts, I mentioned how much my lawyer charges me per hour. This should be enough for the average reader to deduct whether I have my own legal representation or not.

Jude, this is the last time I read or comment on any one of your posts anymore, at least on this thread. I appreciate the effort and your help, but at the moment I don't have the mental strength to deal with people who don't read and/or don't understand my posts.

Pollycat

RobertF82 said:

Jude57 said:

RobertF82 said:

I wrote MANY times that I'd be able to buy her out using a combination of my savings (so say the 50% of the combined savings) plus additional borrowing.

She won't be able to buy me out with 50% of her savings because her salary is smaller than mine so she doesn't have the same borrowing power as I do.

Yet again I must point out that these are not YOUR savings. They are a marital asset. Your wife's savings are not just HER savings. They, too are a marital asset. Those savings may be in your sole names and you may not have paid into her savings account nor her into yours. I don't doubt that you would have greater borrowing power because you're the higher earner but don't rely on using savings in your sole name as part of financing any property buy out.

As I can't see that you've said you've retained a solicitor and you won't answer me directly, all I can say is, get legal advice before dismissing what I've posted out of hand because, if you use savings to make a large purchase of any kind before you achieve a financial settlement with your wife, the Judge will be minded to put your wife into the financial position she would have been in if you had not spent the money. The term is deprivation of assets.

I understand that you don't like what I'm saying and that's unfortunate but it doesn't mean that I'm wrong. Again, get your own legal advice.

OK, so, as someone else pointed out after your post, what I meant with MY savings is the 50% of the marital savings I may be left with. Did you not get that?

Also, in one of my previous posts, I mentioned how much my lawyer charges me per hour. This should be enough for the average reader to deduct whether I have my own legal representation or not.

Jude, this is the last time I read or comment on any one of your posts anymore, at least on this thread. I appreciate the effort and your help, but at the moment I don't have the mental strength to deal with people who don't read and/or don't understand my posts.

I think you're being a little unfair to Jude57 here.

Not everyone can remember every detail of what's been said in the thread.
I've been following this from the day you first posted and I wouldn't have remembered you'd said "50% of the shared marital savings pot" when you refer to 'my' and 'her' savings.
I thought the same as Jude57.

MSE members read all sorts of different threads - at least I do - and will never remember everything that's been said on all of them.