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Proceeds of house sale following separation.
seymourf
Posts: 27 Forumite
My ex-partner and I recently separated whilst in the process of selling our house. She paid a deposit of £32k in 2008, and we have paid half each towards the mortgage and other household bills ever since (these were all in her name apart from the mortgage, which was in both, but I transferred my half to her account every month). Following the sale and deduction of costs, approx £91k will be left. Am I correct thinking that our respective shares should be calculated by first deducting the deposit of 32k - which obviously belongs to my ex-partner - then dividing the remainder equally? So that in this instance my proceeds would be 91-32=59; then 59/2=£29,500?
Not a nice question, but I need to know. Informed advice re the financial question much appreciated.
Not a nice question, but I need to know. Informed advice re the financial question much appreciated.
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Were you married? Any kids? Has your ex expressed an opinion on the financial split?0
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Hi. We’ve no children, and we’re not married although we lived together for 13 years. She says I’m not entitled to any significant share as the deposit was hers. Thanks for replying...0
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It's what me and my ex husband did - I thought it was very fair of me.
Others will say she held a larger interest in the house and should therefore take a bigger cut. I think I was more than decent in giving my ex half the profit as I'd put in over a hundred grand more - although the profit was less than yours.2024 wins: *must start comping again!*0 -
You ex also needs the house price growth on her £32k so if you are selling for 50% more than the cost in 2008 she gets the 1st £48k then you split 50/50.0
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My ex-partner and I recently separated whilst in the process of selling our house. She paid a deposit of £32k in 2008, and we have paid half each towards the mortgage and other household bills ever since (these were all in her name apart from the mortgage, which was in both, but I transferred my half to her account every month). Following the sale and deduction of costs, approx £91k will be left. Am I correct thinking that our respective shares should be calculated by first deducting the deposit of 32k - which obviously belongs to my ex-partner - then dividing the remainder equally? So that in this instance my proceeds would be 91-32=59; then 59/2=£29,500?
Not a nice question, but I need to know. Informed advice re the financial question much appreciated.
Not should be, just could be, due to the length of time, then a 50/50 split of the equity seems reasonable too.
Hopefully, you both can come to a swift agreement without having to go through a legal fight.0 -
You ex also needs the house price growth on her £32k so if you are selling for 50% more than the cost in 2008 she gets the 1st £48k then you split 50/50.
Curious how it would work if sold for less (yes it is possible, my area for example has not recovered to sell for more but less).0 -
Calculate the £32k as a % of the purchase price. She should get that % of the equity back, then 50% of the remainder.0
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Auntie-Dolly wrote: »Calculate the £32k as a % of the purchase price. She should get that % of the equity back, then 50% of the remainder.
That's what the OP had already shown in the opening post.
However if foe example his higher salary (assumed) lead to obtaining the mortgage then that could sway the calculation.0 -
That's what the OP had already shown in the opening post.
However if foe example his higher salary (assumed) lead to obtaining the mortgage then that could sway the calculation.
No, the OP calculated as a specific amount of deposit, not as a percentage. This is incorrect as the OP's partner had invested a significant deposit and should be expecting a return on that investment.0
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