Finances split-divorce

Andrew1981 · 31 December 2018 at 2:58PM

Hi all,

Sadly I think I'm going to be getting divorced. This isnt something I want, and if it does happen then I'll be getting legal advice but I'm just looking to get some opinions on the most likely outcome. The facts:
I'm 36, wife is 35. Both work in London, I earn 44k, wife earns 30k both FT.
Been together 8 yrs, living together 4, married 3. No kids.

House worth 350k now, probably the same as when we bought it.
I Contributed 100k as the deposit, I have that noted in the deeds.
We both contribute equally to the mortgage and bills. I inherited 400k before we got married. Spent some on wedding and honeymoon, and have treated wife well over the years-I've paid for holidays, dinners, theatre etc. I have about 200k left

If we split would we get back what we put in, ie my wife would be entitled to 4 years of mortgage payments, so around £25k? Or would she be entitled to anything more like to pay for some sort of maintenence to keep her living in the way it's become accustomed ie holidays? Also, as 25k is unlikely to be much of a deposit in London, is she entitled to any more?

I think and hope it would be amicable, I'm just looking to see what's fair and what could be worst case scenerio.

Thanks in advance

harrys_nan · 31 December 2018 at 3:19PM

https://www.wikivorce.com/divorce/Divorce-Advice/

Try on here, I'm sorry I cannot help. Hope everything goes well for you

Andrew1981 · 31 December 2018 at 3:29PM

Thanks, I appreciate the sign post. I have tried some of the online calculators and did ask in that forum but found the calculators to not take into consideration certain things, and the forums quite quiet, so thought I'd post here!

pphillips · 31 December 2018 at 4:08PM

Andrew1981 wrote: »

Thanks, I appreciate the sign post. I have tried some of the online calculators and did ask in that forum but found the calculators to not take into consideration certain things, and the forums quite quiet, so thought I'd post here!

Have you also considered entitlement to pensions?

Andrew1981 · 31 December 2018 at 4:18PM

There's very little else to consider, we both had non existent pensions in our old jobs and have only built maybe 2 years worth in our new career. No debts, wife has no savings. My main concern is the 300k that I've brought to the marriage-would that be split in a short childless marriage-it seems very unfair if it did (but who said marriages were fair!)

Gavin83 · 31 December 2018 at 4:22PM

Andrew1981 wrote: »

Or would she be entitled to anything more like to pay for some sort of maintenence to keep her living in the way it's become accustomed ie holidays?e

Almost certainly not.

Given that this is likely to be considered a short marriage you'll both likely get back what you put in. So you'd get your £100k back and the house equity is split. However it is borderline and in all honesty you need to speak to a solicitor.

Andrew1981 · 31 December 2018 at 4:59PM

Thanks Gavin. I fully intend to get proper legal advice but that's a good start. Would you think there would be any risk to the 200k that I've got in investments and the like that I use to cover any unexpected joint expenses or joint holidays? The money is inheritance from my dad passing before we moved in together

Tom99 · 31 December 2018 at 5:06PM

Before each spending 000's on legal fees why not discuss it with your wife. Maybe you can come to an agreement you are both happy with, fill in the forms yourself, save a bundle of cash and hopefully stay on good terms with your ex-wife.

Andrew1981 · 31 December 2018 at 5:12PM

I will do, but I'd like to know what the worst case is. Obviously I feel it would be very unfair to have to give up half of my dad's inheritance or whatever, and I think it would be hard to disagree with that. I feel it would be fair to return whatever she's paid to the mortgage, and as a gesture of good will id probably pay for all legal costs which probably wouldn't be much, plus help with moving etc as I'd stay in the house. But if legally she was entitled to half of everything then id go in with a higher offer to avoid the legal route--and save me a load of money. Hope that makes sense!

pphillips · 31 December 2018 at 5:12PM

Andrew1981 wrote: »

Thanks Gavin. I fully intend to get proper legal advice but that's a good start. Would you think there would be any risk to the 200k that I've got in investments and the like that I use to cover any unexpected joint expenses or joint holidays? The money is inheritance from my dad passing before we moved in together

50/50 is the starting point but for short marriages, you should normally get to keep what you bring to it. So the inheritance would only be treated differently if your dad had died during the marriage.

Its best to try to agree between yourselves or through mediation before involving solicitors, when matter start to become more contentious.

Gavin83 · 31 December 2018 at 5:19PM

Andrew1981 wrote: »

Would you think there would be any risk to the 200k that I've got in investments and the like that I use to cover any unexpected joint expenses or joint holidays?

Honestly, it's difficult to say. Your solicitor will argue it's a short marriage while hers will argue you were together for a while before marriage. I think it probably works a little in your favour at the moment but I'm not a legal expert and it could depend on the judge on the day.

Worst case scenario? Everything (including the money) is split 50/50.

Ultimately she'll need to see a solicitor and it's not unreasonable to think that they'll suggest she's entitled to 50%. She can of course accept less than this but I wouldn't be under the belief you can push this past her with an initial offer. If she wants more than you're willing to give and you can't agree it'll ultimately go to court. Legal fees could end up being a significant sum.

Finances split-divorce

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