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Topic:
Whats the most likely outcome of finances? (9 Posts)
Started By:
Date:
04 April, 2017 01:40PM
Whats the most likely outcome of finances?
undlou - 04 April, 2017 01:40PM
Quick background:
Became a couple in November 2009
Bought a house together in May 2012
Married in May 2015
Separated in August 2015
No Children together
Ex: age 30, Salary £70k pa, has a good pension (wouldn't disclose in mediation), no children, living in our house, has £32k debt in his name.
Me: age 29, £25k pa, no pension, one child, living with parents, have £22k debt in my name
House Owned by both of us: £80k equity.

My ideal outcome will be 50/50 split equity from our property BUT roughly half his debt is from what we bought for the house and our wedding. I must point out though, he has everything in the house and is keeping it (furniture, electrical etc). He also pushed to pay for our families to come to our wedding in America (flights and accom. for 10 people) which I didn't agree with.

Whats the most likely outcome if this was to go to court? We are currently making offers via our solicitors as he refused to continue mediation but I have a feeling this will go to court.

Thank you.
Re: Whats the most likely outcome of finances?
HatMan - 04 April, 2017 06:02PM
I reckon that after costs if you come out with zero you will have done quite well...the equity in the house will be wiped out by the debts that exist - No one will care what caused the debts to exist and any petty squabbles over who invited who to the wedding will be disregarded, they are debts pure and simple.

2nd hand furniture isn't worth much either so not much of an angle there...you could have a little pop at the element of pension that has been acquired by him during the course of the marriage, if I am being really honest I can't see that it's worth going to court over - you are fighting over a few £K not millions.
Re: Whats the most likely outcome of finances?
undlou - 18 April, 2017 11:56AM
The equity wont be completely wiped out by the debts, there will still be approx £26k minus fees if the house is sold. You are right, it isn't millions and for most people it isn't worth fighting for, but its worth everything to me (a single mum trying to start over again). I just want a realistic possible outcome if this was to go to court without solicitors.

Thanks
Re: Whats the most likely outcome of finances?
HatMan - 18 April, 2017 01:39PM
OK - So let's say there is £25K in the property ( if it achieves valuation price ) - Deduct estate agent, and legal - Let's say £10K?

It seems to me that a fair offer from him would be £7.5K to you to avoid selling the house ....
Re: Whats the most likely outcome of finances?
Bubblegum - 18 April, 2017 02:12PM
The figures are small and not worth fighting over. But having said that I can understand that every little bit will count and if your are a LIP you probably feel you have nothing to lose. I don't think what you are asking for is unreasonable. He has a much higher earning capacity and a pension and also your needs are greater as you have a dependant child. If you split 50/50, that would be around £13k each and debt free. How much has he offered so far? how far apart are you? And what was his reasoning for his offer?

Don't underestimate just how stressful going through the Courts is as a LIP. There is a vast amount of preparation required and it can all be rather overwhelming at times. Also beware that just because you are an LIP does not mean your ex will be. His legal costs will eat into the limited assets available. So you could still end up fighting for nothing.

It does sound like you have a solicitor - what have they advised you?



Edited 1 time(s). Last edit at 18/04/2017 02:31PM by Bubblegum.
Re: Whats the most likely outcome of finances?
undlou - 02 May, 2017 09:45AM
Thanks guys, I really appreciate your advice.

In mediation he only offered me the total amount of my debt, that would had left him debt free and with £26k. His reasoning for this offer was he paid more into the house as he is the higher earner. Also he carried on paying the mortgage for a year after I moved out the home.
I am hoping to achieve just that bubblegum, £13k each and both debt free. Is this a realistic expectation?

My solicitor has advised we should apply for full financial disclosure, but she hasn't said much on what to do after. My original solicitor advised me to go to court but to get him to prepare the files. My original solicitor left the firm so I have a new one representing me.

Thanks
Re: Whats the most likely outcome of finances?
undlou - 02 May, 2017 10:00AM
Update on finances.
His Debt: £33186.88
My Debt: £21393.88
Total equity: £86290.00 (After calculated legal and estate agent fees)
Whats potentially left £31709.99
Re: Whats the most likely outcome of finances?
Bubblegum - 04 May, 2017 05:54PM
My worry is that if you go to court and he fights it all the way to final hearing using a solicitor and barrister, spends approx £20k on legal costs. What's left to split between you? £3k-£5k of equity each after debts paid off! In my opinion that wouldn't be worth at least 12 months of court prep hell. Of-course you could issue proceedings and try and call his bluff. It's because the assets are so low that it's hard to justify court proceedings. For what it's worth I don't think what you want is unreasonable.



Edited 1 time(s). Last edit at 05/05/2017 06:22AM by Bubblegum.
Re: Whats the most likely outcome of finances?
undlou - 08 May, 2017 07:42AM
He has given me two options now, a lump sum to buy me out or to sell the house and split the equity after marital debt has been paid. We both agreed to not go to court as we both agree we don't want to waste our money.

Thanks Bubblegum, you have been very helpful. smiling smiley
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