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TOPIC: Split of money when selling marital home.

Split of money when selling marital home. 6 years 6 months ago #18841

Hi,

my wife and i are seperating and it looks like we will be selling the house. She had used some of her inheritance from her late mother to do some upgrades and repairs to the house and make anoverpayment on the mortgage. We both previously owned our own homes and used sold up and bought this house togethor. I have always worked and have been the main breadwinner in the family. How should any profit after selling the house be divided?

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Re: Split of money when selling marital home. 6 years 6 months ago #18847

Do you have children & if so what ages? Also, if you do have children who are they going to live with?

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Re: Split of money when selling marital home. 6 years 6 months ago #18853

16 y/o step child and 2 y/o child, they will live with their mother, with the 2 year old living with me every 2nd weekend and in holidays

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Re: Split of money when selling marital home. 6 years 6 months ago #18858

  • actd
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There is no hard and fast rule on how the equity should be divided - ultimately, you have two choices, either you can come to an agreement between yourselves, or you can let lawyers fight it out and work out an arrangement which the court will approve (or not).

The second option will probably cost you both considerably in solicitors fees, so it's worth trying to come to an amicable arrangement, and possibly giving a little more than you otherwise would on the basis that it's probably still less than you'd pay a solcitor, and it's also money that will go to your children.

Don't forget that even though you were the main breadwinner, you ex may have sacrificed opportunities looking after the children so that does count for some value in the house.

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Re: Split of money when selling marital home. 6 years 6 months ago #18973

Hi I agree with actd,

If you enter in to a court battle to gain more of the equity you will almost certianly pay out a huge amount on solicitors fees and you will put yourself through untold amounts of stress too.

Unless the outcome of court would massively out weigh the out of court settlement I would do that every time.

Darren

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