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History: Home UK Divorce Forum
Equity and cash payment (5 Posts)
Started By:
16 January, 2017 11:26AM
Equity and cash payment
Mikey f - 16 January, 2017 11:26AM
Hi, I am looking for some advice. My wife and I are in the process of starting a divorce. The background is. She previously owned the house that we now both live in with our 2 primary school aged children. The house has an equity of 500k it also has a seperate basement flat that is rented out for £1050 pcm. This flat was created with a joint loan which has since been paid off. There is also a variable income from 2 rooms that we rent out which is somewhere in the region of £700pcm. We have been married 9.5 yrs. My wife works 31k PA and as I suffer from I'll health I stay home and look after the kids. I receive benefit of £97 pw. Nearly 3 yrs ago she first filed for divorce for unreasonable behaviour, however I disagreed and sent the form back contesting this and no further action was ever taken. She has begun an affair and now wishes to devoirce again and has consulted a solicitor which according to her they have resurrected the old papers and because I signed them they can go straight to sending me a decree nisi. Secondly her solicitor has told her that I will get no more than 10% of the equity she has also offered to give me 10k upon me moving out. She will have custody of the kids and I can come and see them or take them whenever I wish. As I have no savings or financial support from her I am unable to take legal advice. Though I would like to defend myself and point her adulty out to the court. What I am asking is, am I being told the truth?
Re: Equity and cash payment
puma931 - 16 January, 2017 01:03PM
If the marriage is over then don't bother fighting the divorce.
However, if you are the main carer of your children then do not move out the house, and continue with this role.

In my opinion - I would talk to your partner about options:
1) selling the property and dividing the equity, more on an equal share basis as this will then allow you both to purchase modest but suitable properties especially as you should remain the main carer to your children.
2) you staying in the property until the children finish school, then the house is sold and divided (on a fair split), as I presume the rent will cover the mortgage, so you could both afford this option?

If you can't come to an agreement, then you will both need to attend mediation to see if they can assist you both on a) deciding who the main carer will be and access and 2) finances - fair split of the assets. Hopefully, this will be successful and you will both avoid a costly legal dispute. You can only go to court if mediation does not work (they provide a form for the courts).

BTW - the courts don't care about who commuted adultery, so let this go and focus on your future with you as the main carer of your children. The courts focus on who the main carer is, and what is best for the children, so staying the main carer is critical for you.
Re: Equity and cash payment
davidterry - 16 January, 2017 02:34PM
If your wife is telling you what you are entitled to then take what she is saying with a large pinch of salt. You need your own independent legal advice. You should not rely upon what your wife says to know what your rights are.
Re: Equity and cash payment
Mikey f - 16 January, 2017 04:58PM
Thankyou both for taking the time to reply to me. I really appreciate it. The problem I have is that I have no savings or other monies to be able to seek legal advice. I agree that it is best to move on and put the children before anything. It just that the 10% that your correct in saying, my wife quoted to me. It seems harsh and really I was just trying to guage what would be a more realistic percentage and whether the courts would award me a monthly amount based on the rental of the basement flat? Thanks again.
Re: Equity and cash payment
Andyk - 16 January, 2017 05:09PM
50/50 would be the starting point in any negotiations with the onus on the party that thinks they need more to prove why they do (primary carer for the children, lower earning capacity, significantly older and less mortgage capacity, that sort of thing).

If you are going to be the primary carer for your children and you have a very limited income it is hard to see why your wife thinks she is going to get the bulk.
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