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Divorce after short marriage...finance


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Hi I need some help. I'm getting divorced after 4 years of marriage. We're trying to sort out as much as possible without solicitors. There are no kids in the marriage.

 

I bought a house myself (not jointly) a few months before we got married. I put wife on the deeds (but not as 50/50) after one year of marriage as this was when she started paying towards the mortgage. She has only paid towards the mortgage in the last 3 years of the 4 year marriage.

 

We then sold the house, made good money on it and bought a bigger one last year with joint ownership on the deeds 50/50.

 

We are going to have to sell this new house.

 

Can I show evidence that the amount of equity I've contributed (because of the sale of the previous house) is vastly more than what she's contributed? Or will it now be split 50/50? Any thoughts?

Thanks

Edited by Broadley77
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Where do you live?

 

If in the US

Who Owns What in Marital Property? - FindLaw

 

By putting your assets into the communal marital pot and with both of you now being on the title deeds of the new home, she appears to be entitled to 50/50.

 

But best to consult a lawyer to confirm.

Edited by elaine567
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What is joint ownership?

 

When two or more people own property together they own the legal title together. If you and your spouse or civil partner are both named on the register of title or the title deeds to your home, then you both legally own it.

 

As she is on the title deeds, then it is usually a 50/50 split, unless legal provision was made before you bought the house to reflect your greater contribution.

 

Your wife may be amicable to a deal though.

Is there a mortgage on the property? If so, the equity on the house may not be enough to justify a prolonged court battle.

 

I think as there may be a lot of money involved here best to consult a solicitor to be certain.

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We are beginning mediation shortly. Will they know how a court would be likely to rule in terms of the equity?

 

They may have a good idea, but a mediator works to be fair to both sides, so they may be loathe to suggest that your wife relinquishes her legal claim to 50/50.

I think your own lawyer may give you a better estimation of how successful you would be in challenging her claim.

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As she is on the title deeds, then it is usually a 50/50 split

NO that is not true when there is a marriage.

 

Divorce splits in the UK are based on needs and contributions. The length of marriage has a lot to do with it and usually when the marriage is short, the parties will each get out what they put in.

 

However they will look at the length of relationship, not just the length of marriage. If you've been together 20 years but married for 4 then that will definitely be considered a "long marriage". But if you got married after 6 months of being together then the total relationship length is 4.5 years which is not very long.

 

Marriage length is only one factor which is looked at. The main factor is needs. For example if your wife is a stay at home mother with 5 disabled kids to lok after then chances are you'll be handing over the house, no matter who paid for it originally or whose name it's in.

 

For now - don't do, or agree to, anything. Definitely best to consult a solicitor. Most do a free initial consultation and you can see as many as you like. I had 3 free half hours before choosing one I liked.

 

We are beginning mediation shortly. Will they know how a court would be likely to rule in terms of the equity?

They may do but that is not a mediator's primary objective. Mediators find agreement. Whether that is similar to how a court would enforce, could be totally different.

 

If you want to try mediation - which can be good and much cheaper than fighting through court - then I'd recommend seeing a solicitor first to find out roughly how a court would rule, or what the solicitor says you're entitled to or should ask for. That is a good starting point in your mediation, and you know how good a deal you're agreeing to.

Edited by PegNosePete
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