[Solved] equity and debt on the house

Hi There,
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In my experience the judge in a divorce court would never agree to what she is asking for, even if you were to agree the judge has the power to say that the financial side of the divorce isn't fair and I have heard of this happening in the past. I would expect the judge to go down the 50/50 split of the equity route as you will be the primary carer and the children will be living with you, you may even find the judge would award you a larger share due to that fact.
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I would take some advice though.
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GTTS

I agree with GTTS on that. When a court is sorting out finances and children are involved, they try to make it as fair as possible taking into account both parties financial situations and the need for them to both provide a home for their children.

If you contact your local CAB they hold lists of solicitors who provide free 30 minute consultations. Worth ringing round a few.

Thanks all, I think I've mentioned previously that my wife has a background in family law, and she keeps hitting me with different demands and I have no idea if they are real or reasonable. at the moment I am holding fast and not agreeing to anything.

At the moment, I am saying to her that I would need to speak to my solicitor before I agree anything, she has a real hissy fit and loses it big time and then changes her mind on things and moves the goals again.

I'm trying to apply a common sense approach to this at the moment as I know if I took each of her changes of mind to a solicitor I'd be screwed financially in a matter of weeks, I've only just got my head above water as it is, so any/all thoughts/guidance are much appreciated.

I think all you can do at this stage is what you are already doing, keep calm and don't agree to anything without taking specific legal advice.

Please let us know if we can do anything to help.

Good luck

Hi All, once again this has come up.

She is again pushing for all of the positive equity on the house does she have any legal standing on this front at all???? I am trying to be reasonable but she just keeps arguing that that is what she is entitled to.

I have spoken to my solicitor who has indicated that she isnt entitled to that, and that my position is strong, but I cant help thinking that I am missing something here. if she doesnt get what she wants then she wants to push to stay in the house with me moving out and I get nothing on the value of the house until the kids move out....

I am still in the position of being the primary carer, so do you think she would have any claim on the house? Her argument is that if she doesnt get all of the equity then she cant afford to buy a new house and she refuses to rent.......

I can only see the arguments about this getting worse which is not good for the kids or me 🙁

Also, does anyone know how pensions are worked out.

I have a long standing pension, that has been frozen as the company this it is with no longer trades (The pension pot was secured privately). I cannot add to or make any claim against the pension until retirement age.

The missus is now also demanding 50% of my pension which I cant actually touch, any idea how this might work.

Thanks

R

Hi There,
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I think your ex is clutching at straws by telling you she is entitled to the full equity, unless there is something you haven't mentioned that would never get awarded through the divorce courts as it wouldn't be fair for you to walk away with nothing from the house.
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As said before as you will be the primary carer, I would expect there to be a 50/50 split of the equity at minimum if not a 60/40 split in your favour due to being the primary carer, that and also the fact that you cleared 90% of the mortgage, officially that won't come into any agreement, but should go in your favour.
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With regards to the pension sharing, she is entitled to 50% of your pension pot, she is right on that part, my understanding is that although you can't touch the money in the event of a divorce and the pot having to be split, the pension provider can release the amount agreed upon into another pension, I'm a little sketchy on this subject though and only going off experience from helping another member who has just been through the whole pension sharing. That said if she also has a pension, you are also entitled to 50% of hers, if hers is much less than yours then you can reduce her share of yours to take into account the pot that she has, or you can just say I want 50% of yours also.
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GTTS

Thanks GTTS,

I've been straight with everything I have said here, and I just cant see where she keeps going with the whole wanting all of the equity (Actually she is stating that she wants half the value of the house, which equates to all of the equity), other than she wants it as she is looking to immediately buy a new house and wants the largest deposit possible, if she only gets half the equity then she may not be able to afford the type of house that she wants.....

She wont entertain renting, but keeps telling me that if she doesnt get what she wants I will have to move out and rent, but I would leave with nothing and would not even have the monies for the bond on a rented place let alone being able to furnish it and make it suitable to have the kids in...

The whole pension thing is a given I think, I'm learning about these things as I go along, but appreciating the thoughts/feedback I get from here. She does have a pension, but has fallen foul of her previous employer going into liquidation and the pension value (if any) is an open issue. to be resolved in court over the next few years if she is lucky

R

Her employer going into liquidation shouldn't affect the pension she has - that should have been put into a pot that can't be touched by the employer (I think we have Robert Maxwell and the Mirror Group newspaper to thank for that bit of legislation if my memory serves me right) and there is a government backed insurance scheme if the pension fails, I think.