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Marital Assets Split

Posted by daisylou123 
Marital Assets Split
May 19, 2022 09:08PM
Hello,

I'm in process of working out a financial split of assets via a mediator.

Husband is 49 I am 46
Married 4 years together 9
H has 2 kids aged 20+ both at Uni, none together (I wanted them he didn't)

We share a £720k 4 bed semi-detached house, bought together in 2017. H put in £250k, I sold my 3 bed flat and then used the equity to pay £130k off the mortgage in 2018. Current equity of approx £450k. We have both been paying the mortgage and bills equally.

H also has a 700k euro villa in Spain with approx 500k equity and a 3 bed flat worth approx £300k. Both pre marital therefore I am not asking for any part of them. The villa is currently on the market.

I have an NHS pension (since 2009) and H has a private one (no idea exactly but its upwards of 250k). We agreed to keep our own pensions.

H has £25k in savings, I used mine (18k) to put in new bathrooms and wardrobes in marital home in past couple of years.

I work full time in NHS 40k + HCAS (20%). H is self employed, earnings (I'm told) approx the same.

H finances - very sketchy - don't trust one bit!

The settlement offers to me to buy me out began at 130k (what I put in) - increased to 150k (to help me afford something else in London) - up to 165k today. I declined. Ideally I'd have kept my flat and he could have kept the house.. hindsight and all that! Not sure I can start again in London

Thoughts??
My head is literally spinning. H is very clever and manipulates.

Mediator has suggested arbitration which I think is best - I'd like a judge to decide for me.
Re: Marital Assets Split
May 19, 2022 09:32PM
I should add - H drew up a declaration of trust to state that he was putting £250k when we bought the house, before we were married.
My solicitor has suggested that as we married, it was superseded by the matrimonial act.
It was not updated when I added my £130k
Re: Marital Assets Split
May 20, 2022 10:25AM
Your solicitor is right. The deed of trust isn't worth a heap of beans in these particular circumstances. The fact is that the property is the matrimonial home and that takes precedence. The deed of trust is relevant in that it records what your husband contributed but, as you correctly point out, you have also contributed £190K and that isn't recorded in a deed of trust (although it will appear from completion statements and bank statements). However, how the equity in the matrimonial home is divided will not be dependent, in these circumstances, upon an accounting exercise. What will actually determine how the equity should be split is where you are each going to live after the house is sold and how it will be paid for.

Bearing in mind that he also has other substantial assets I think that you need at least half the equity from the former matrimonial home and possibly more. Although it does you credit that you do not wish to claim a share of his other assets those assets cannot be ignored to the extent that they affect what he has available to meet his future housing needs. What your husband has proposed is ridiculous. This is a relationship of nine years.

I am not sure that mediation would work if your husband maintains this position. Also, under no circumstances should you agree to 'keep your own pensions' without actually knowing what all the pensions are worth. Your husband's attitude to the division of capital suggests that you would be unwise to take his word on the value of the pensions. You need to see the figures before you can make an informed decision and that may involve a pension share.



Edited 1 time(s). Last edit at 05/20/2022 02:20PM by David Terry.
Re: Marital Assets Split
May 20, 2022 11:23AM
Thank you David, I really appreciate this. The mediator has referred us back to our respective solicitors, and suggested arbitration which I think is the best option. We'll need pension statements for that I believe so the truth will come out! H didn't want to do it, as he thinks he'll be ripped off.

I heard a Chris Rock joke on the radio earlier, he says 'you only really get to know your wife when you get divorced'. For me, no longer a push over smiling smiley
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