Divorce financial settlement.
Submitted by Snowcloud on Wed, 13/01/2010 - 14:07
Hello,
I am getting divorced from my wife, and I'm not sure what would constitute a fair financial settlement. The main asset is the house, which is owned outright by us, although it's actually in my name, since I bought and paid for it (I'm not sure if that affects things). We have two children under 10, who live here in the house with me for 5 days a week, and they go to see her for the weekends. Her proposal is that when the final child leaves home, she should get a proportion of the house's value.
Any suggestions are welcome, thanks.
I am a Solicitor at
I am a Solicitor at Sarginsons Law LLP and practice in Divorce Law.
Where divorce proceedings take place, either party can apply to the Court for a determination of the matrimonial assets. In your case the main asset is the former matrimonial home. The Court will have regard to a number of factors such as the number of children and their age, the length of the marriage, the age of the parties and contributions made. Although you have made the initial contribution to the property the court will take into account that your wife has looked after the home and brought up the children.
I do require further information before I can give you a definitive answer on what is a fair distribution in the circumstances. A starting point where parties have a clean break, would be a 50% split of the net sale proceeds, with perhaps a contribution in your favour for the deposit paid, if made before he commencement of the marriage.
If you would like further advice you can contact me on aeast@s-law.co.uk.