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How can we work out equity split?

Posted by Intotheunknown 
How can we work out equity split?
February 17, 2021 12:15AM
Hi,

Husband and I are currently trying to negotiate our consent order. We're mostly agreed apart from how to split the equity in the house. Here are our circs:

Married 23 years
His age 59
My age 44
4 kids (22, 17, 10, 8)
Equity in house 200k
Outstanding mortgage 58k
His pension 40k
My pension 0
Joint savings 4k
His income usually around 30k but currently about 10k due to covid (director of own company so very low salary + dividends)
My income 0 but hopefully around 25k from sept 21
Joint debts 7.5k
His CCJ 7.5k
My student debts 20k
I will have 24/7 custody of the kids. He has declined any contact with them since he left.

The current offer on the table is 70/30 equity split in my favour, with me paying off the outstanding mortgage by myself. He keeps his full pension and savings. We keep our own debts and split the joint debts. He pays the minimum maintenance required by the CMS. This is an overall 58/42 split in my favour.

However, over the last few months it has become apparent that I just cannot afford the mortgage payments by myself. If we sell the house, the equity I would receive is not enough to buy another property for mine and the kids needs and I cannot get a mortgage due to not currently having a job and having a very poor credit rating. Renting a property would cost the same as the current mortgage so that's not really an option either. My husband cannot rent a property because of his CCJ and current low income and is currently living with friends, although he could access his full pension now if he needed/wanted to.

Ideally I would need the full equity from the family home to allow me to buy a small property outright, but this would obviously skew the settlement very much in my favour - even if I agree to take on the full debt (including his CCJ). I don't want to 'do him over' in this divorce - but equally I just can't see how we can reach an agreement that allows for me and the kids to be affordably rehoused.

Can anyone suggest how we could move forward in this. Would any solicitor/court even entertain me getting the full equity?

Big thanks for any advice
Re: How can we work out equity split?
February 17, 2021 10:17AM
>>Would any solicitor/court even entertain me getting the full equity?

I think it is unlikely. This is a long marriage, you are aged 44, your husband 59 and you say you should have an income of about 25K in September. If you were to have all the equity it would effectively mean your husband would have no home of his own with minimal prospects of getting one before he retires. I doubt that any court would think that was fair.
Re: How can we work out equity split?
February 17, 2021 11:15AM
>>> I doubt that any court would think that was fair.

I agree that this would not be fair. Husband has already stated that he knows he’ll never own another house, so he isn’t looking for equity to buy again. Really I’m looking for some alternative ideas that might be useful

Thanks
Re: How can we work out equity split?
February 18, 2021 09:33AM
Then you have to look at this from the point of view of your 59 year old husband and consider what sort of outcome might be fair to him.
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