Split 5 year ago, Want to Divorce and the house has increased in value,now what?
- This topic has 17 replies, 4 voices, and was last updated 1 year, 5 months ago by Anonymous.
2 January 2020 at 3:49 pm #34785
Afternoon, can anyone offer any insight here before i go down the costly solicitor route, done that before in a child custody battle and they cost me thousands…
- Split in Oct 2014 – Ex wife had an affair – (does not bother me anymore)
- I won the custody of the children at great financial expense
- They are now 19 + 17 years old
- I stayed in the family home and its increased in value in the last few years
- I really want a divorce..
I have no idea of where my ex lives, my kids sometimes stay with her but do not tell me where she lives now, it does not bother me as they are fairly grown up now. I want my divorce now and am more than willing to re-mortgage to pay her off/buy out. She hardly worked and i paid the mortgage and all the bills whilst we were together.
My big question is, will the settlement value be based on the mortgage balance and house value now? or back in 2014?
Thanks in advance for any replies.2 January 2020 at 3:53 pm #34787
Did you have the house valued in 2014?2 January 2020 at 3:57 pm #34790
I didnt, but with websites and sales historys online, and local estate agents, i dont think it would be that difficult to establish a value..
What are you thinking?2 January 2020 at 4:12 pm #34791
2 January 2020 at 4:13 pm #34792
<li style=”text-align: left;”>It will be based on the value now and you should get at least 2 valuations from estate agents
Unless you got it valued in 2014 and submitted paperwork to the legal team2 January 2020 at 4:18 pm #34793
I’m thinking that you will need to show evidence of the value of the house when she left if she is to get a share of the house based on the value back then. At this point you cannot do that but you can do the next best thing if you can show evidence of how much similar houses were going for in 2014, which would be fair. If she was going to be unreasonable and want a share of the house as it would sell for today and you took it to court for a judge to decide a judge, depending on their own view, might order either way. Might be best to start off by offering her an amount based on the value of 5/6 years ago and see how she responds?2 January 2020 at 4:27 pm #34794
If it did end up in court, the court would recognise that you have paid the mortgage over the past 5/6 years without any help from your ex. They would take into consideration that you have brought your children up there and you have maintained and funded it totally without the any input from your ex. They should look for what is fair and just.2 January 2020 at 4:46 pm #34795
Wow, thank you all for the replies so far. Much appreciated. I have called the bank and they can arrange the equity and extend the years on the mortgage no problem which is good.
Now its just dealing with an ex wife who still thinks, if a house is worth £200k, she should get £100k regardless of what is owed on the mortgage..
Headache.2 January 2020 at 5:30 pm #34798
Some years ago i split up with a partner and she moved out of the home. 2 years later she wanted some money so i bought her share of the property (she was still on the mortgage title with me) and it was estimated for the value(roughly) from the year she left the home. Now im not sure if she could have contested the amount she got but she was happy with that after all it was me alone who had paid the mortgage fully during those 2 years. Hopefully this makes sense. Thats what happened with me and i would hope rules around these things havent changed because as youve been paying the mortgage then it would seem only fair that you gain from any uplift in price. I left her on the title as i thought one day she may return. Alas she never did.2 January 2020 at 6:39 pm #34800
Hi mstime, sounds like you had a reasonable ex partner. Sadly mine is a far from reasonable as you can imagine. If she was realistic and fair she could be paid out in weeks. I’ll see what happens. I really don’t want to use a solicitor if possible as they really didn’t do much for me in the children’s case, other than make me believe I could win any case. I did in the end after representing myself.2 January 2020 at 7:31 pm #34801
In your boots I would start by offering her 20% of the value of the house as it was in 2014 and a maximum of 25%. I say this because you have provided a roof over your children, 2 of them which equate to 50% of the house and 25% of it to you which leaves no more than 25% left for her.
There’s alot to be said for representing yourself. It is more effective and saves a small fortune.2 January 2020 at 10:20 pm #34815
It is far better to sort this out without going to court if you can but if you can’t a judge is not going to give you advice, it’s not their role. Their role is to make a judgement based on what a person presents to the court. In my experience the courts look for a common sense approach and if a person puts a common sense case forward that is not greedy the courts are usually inclined to go with that in my experience. It was ordered that my ex was allowed only £1,200 from the sale of the family home, which had a marketable sale value of £145,000, as he hadn’t contributed to the upkeep, mortgage or anything to do with the house and the rest was to come to me. I’m saying some things are worth fighting for rather than leaving it in the hands of others and I represented myself all the way.2 January 2020 at 11:58 pm #34818
Hi Kath, do you mind me asking how long you were together?
We were together 15 years, 14 if you include a separation period. She never worked and didn’t want to. She then decided to work in retail in the last year of or marriage and didn’t contribute to anything nor buy the children anything.3 January 2020 at 10:04 am #34822
Your ex did contibute to the home, just not in the same way you did and a judge will see that, please don’t try and go down that route as you will be devaluing your ex and that will not sit well with a judge.
We were not together as long as you were but 5/6 years after we had split and after many attempts by him to force the sale of the house leaving my son and myself homeless, the judge in 2013 put a stop to it and ruled that as long as I can carry on paying for everything to do with the house I could carry on living there and ex would be entitled to the £1,200 after the sale of the house. And my name wasn’t even on the mortgage, just his. This is what I mean when I say they look for a common sense approach. These things are not set in stone.
The 50% I mentioned in regards to the children would be covered as their inheritance after you have gone.
Please do try and get these things sorted before court, your life will be so much easier if you can.3 January 2020 at 10:18 am #34826
Thank you for the replies. I will try and contact my ex wife and ask her what she wants. If it’s reasonable I will give it her. And move on.