Divorce & Finances agreement advice pls
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confusedanddazed
Posts: 7 Forumite
Please see my situation below.. any advice would be gratefully received. Ideally do not want to go to court or pay solicitors as we are amicable (ish)..
Married 4 years, together 7
My decision to separate - not the right person for me / only live once etc etc.
1 property owned via mortgage (equity of £400k approx)
Offer accepted on property but chain not complete so still on the market (and has been for a year)
Property is recently empty (annoyingly)
It was the marital home.
My ex inherited £120k which we spent on an extension / rebuild 2 years ago
He has no savings, possibly some recent credit card debt and a small pension
I have 50k premium bonds, 15k shares, no savings but a much much better pension (most built up before we were together)
We are currently going through the process of a Divorce, and hoping either to have a Consent Order (or so) made to arrange the finances.
My income is £72k and i have paid off of the mortgage, towards bills and general living and holidays approx 30% more than my ex over the last 5 years
His income is 62k now but was £30k 5 years ago and has increased gradually (however the monthly payments did not)
Problems / question..
- My husband is demanding he gets his Grans inheritance of £120k back first when we sell the house then we split the equity. I am comfortable with this IF we sell at the asking price however not if the price is less..
- We have not made 120k on the property by building the extension. At the time we had no intention of moving and it was to be our 'forever home'
- Ex has not made any mention of my premium bonds, shares or pension (but he is aware of them)
Any advice would be great! Been burying my head in the sand for 6 months and about time i sorted things out
.
Married 4 years, together 7
My decision to separate - not the right person for me / only live once etc etc.
1 property owned via mortgage (equity of £400k approx)
Offer accepted on property but chain not complete so still on the market (and has been for a year)
Property is recently empty (annoyingly)
It was the marital home.
My ex inherited £120k which we spent on an extension / rebuild 2 years ago
He has no savings, possibly some recent credit card debt and a small pension
I have 50k premium bonds, 15k shares, no savings but a much much better pension (most built up before we were together)
We are currently going through the process of a Divorce, and hoping either to have a Consent Order (or so) made to arrange the finances.
My income is £72k and i have paid off of the mortgage, towards bills and general living and holidays approx 30% more than my ex over the last 5 years
His income is 62k now but was £30k 5 years ago and has increased gradually (however the monthly payments did not)
Problems / question..
- My husband is demanding he gets his Grans inheritance of £120k back first when we sell the house then we split the equity. I am comfortable with this IF we sell at the asking price however not if the price is less..
- We have not made 120k on the property by building the extension. At the time we had no intention of moving and it was to be our 'forever home'
- Ex has not made any mention of my premium bonds, shares or pension (but he is aware of them)
Any advice would be great! Been burying my head in the sand for 6 months and about time i sorted things out
.
0
Comments
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I assume neither of you had a declaration of trust drawn up when buying the property?
If not, then his contribution is no longer his.
Pop over to wikivorce as they specialise in divorce and can guide you, it's free and it's a great place for divorce legal guidance which is what you need.Mortgage started 2020, aiming to clear it in 2026.0 -
confusedanddazed wrote: »
Problems / question..
- My husband is demanding he gets his Grans inheritance of £120k back first when we sell the house then we split the equity. I am comfortable with this IF we sell at the asking price however not if the price is less..
- We have not made 120k on the property by building the extension. At the time we had no intention of moving and it was to be our 'forever home'
- Ex has not made any mention of my premium bonds, shares or pension (but he is aware of them
.
can I ask why you'd agree to him having the inheritance back provided the house met the asking price but not otherwise?
If he's aware of your premium bonds etc but you won't agree to him getting back the inheritance, things won't stay amicable & surely it's better to do that so both of you can draw a line under the marriage?0 -
It’s basically going to be 50/50 of all assets so him having his grans money back would probably work out about right.
Pensions built up before the marriage don’t usually count though.0
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