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what financial gain should i expect from our equity

Posted by: dan
11/01/07 at 2:36 pm

after a 15 year relationship, two sons of 8 and 3 and a recent marriage that lasted less than a year my wife decided to eject me from the family home on her 40th birthday, i was suprised and relluctant to go. so she called the police they subsequently detained me with force and handcuffs and locked me up in a cell for 6 hours. I have no history of violence and never been arressted in my life. She also stopped me from seeing my children for nearly 3 months as you can imagine i was devastated.This was the worst part of the whole episode. i have now come to terms with the speration even now I have learnt she started a job at tescos which led to to an affair. so far the proceedings have lasted nearly 2 years and i am about to go to court for the second hearing  she also wants to take me to court for the 3rd and final hearing as she wishes to offer me nothing and is determined that is what i will get from this. does any one know what sort of percentage terms i would be looking at we have a small mortgage with £155,000 equity. I have also had to live at my work shop for the time being as not been in any position to rehouse myself as yet.   

There are currently 3 replies.

Re: what financial gain should i expect from our equity

Posted by:
15/01/07 at 11:18 am

Hi Dan – if you feel that your relationship breakdown is irreversible and it's looking increasingly likely to that you will have to start dividing assets I recommend that you get your house an up to day valuation. Most solicitors advise getting three different estate agents to carry out a valuation, then to take an average. The value is that of the property at the time of the divorce – not its potential (if planning permission were gained for a car parking space, for example). For more advice read our article on Dividing Assets.

I'd also recommend that you consult a family lawyer to arrange contact with your children or, if you feel you might be able to talk through some of your issues with your wife you should try mediation, which aims to help those involved in family breakdown communicate and reach decisions about issues arising from separation or divorce. Let me know how you get on. Ed

Re: what financial gain should i expect from our equity

Posted by: dan
16/01/07 at 6:35 pm

Hi Ed, I did not mention to much detail in my original post ,, the stage I am at now is that i am just to about to go back to court for the 2nd hearing ,,, we tried mediation for over a year at my wifes idea, and her idea to stop it when it came to finance. she is obviously living in our house with our children, I get access to them once a week for 5 hours on a sunday but i have to drive an hour each way for that... the only thing we are both really disputing is the equity in the house or what % should i be entitled to.  both our emplyoment situation has been affected since the seperation and for a while before it and we are both in receipt of tax credit awards, basically we are both quite skint but have a nice big house in the country with a really small mortgage.but sofar she is offering me a small amount of a few grand ,, i dont think its enough for taking 15 yeays of my life from me,, well i suppose it is up to the judge in the end .. but i only here bad reports from them when i read in to it ...

Re: what financial gain should i expect from our equity

Posted by: Suzanne Kingston, partner, Dawson's Solicitors
23/01/07 at 11:43 am

Suzanne Kingston, partner, Dawson's says:

There is no magic formula to decide how the assets should be split. In deciding this, the court will look at all the circumstances of your case, and the welfare of any children of the marriage will be paramount. The court will then, in no order of priority, look at the following:

a) the income, earning capacity, property and other financial resources which each party has, or is likely to have in the foreseeable future, including an increase in earning capacity;
b) the financial needs, obligations and responsibilities which each party has, or is likely to have in the foreseeable future;
c) the standard of living enjoyed by the family before the breakdown of the marriage;
d) the ages of the parties and the length of the marriage;
e) any physical or mental disability of a party to the marriage;
f) the contributions that each party has made, or is likely to make to the welfare of the family, including any contribution by looking after the home or caring for the family;
g) the conduct of the parties, if it would be inequitable to disregard such conduct; and
h) the value to each of the parties to the marriage will lose any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the benefit of acquiring.

The court will also look at any case law which is relevant to your situation.

The court has the power to order maintenance payments in favour of a spouse and the children, and capital payments.

Financial settlements are a very complicated situation, and you should seek legal advice which is specific to your particular circumstances.