Re:separation and getting a fair deal

Hi, have been separated after a 24 year relationship, 6 months ago, after ex had had yet another affair, our home is in joint names, also own 13 other rental properties, some in joint names, some not, receiving joint rental income from these. Haven't worked full time for 11 years since we made the decision that I would stay at home and raise children, I was a graduate with a well paid career ahead of me.
Ex is offering to give me half (or his definition of half) of the equity in our home, I have decided to move out and buy somewhere else, he says he is moving back in,(he has a workshop at home which he needs for his business) children will be with me for majority of the time although I think he will use their old home as a carrot dangler to get them to spend more time with him. He has also said he will give me my share of income from rentals about £1200 a month i think! But this will obviously be variable.
I have found out that if I buy a house outright, I am entitled to claim benefits until I resume my career/sort my life out, (not saying that I want to live on benefits forever but will get me through a rough patch I guess) but if I declare that I am receiving rental income from the properties I will not be entitled to anything/as much!
How can I ensure that I get myself a fair deal, I do not want to be beholden to my ex at all, I therefore think that I should sever all ties to do with properties etc, but don;t want to be cutting off my nose to spite my face!

Wow, that's a long time.

The first thing it's necessary for me to establish is the nature of your relationship. May I assume you were living together without getting married ?

In a divorce situation, the Court has very wide powers to re-allocate property between the spouses. Whose name is or isn't on the title deeds is not that important. But where the parties are not married, it is. It would be necessary to have the deeds looked at by a property lawyer.

Child support depends on parenthood rather than marital status and so if the children live with you may have a claim to that.

I think you're right that a house is not counted as capital if you occupy it as a residence. However the rental income will affect your benefits and you are under a duty to disclose it. I can't advise you to do otherwise as you would be liable to possible criminal proceedings.

My immediate reaction is that half the equity in the FMH is likely to be about right, if the property is in joint names and there is no indication that a different split was contemplated.

I would suggest that you have the deeds looked at by a lawyer.

LMM

Thanks for your reply, yes we were living together without being married.

I just need to ensure that I am not losing out in anyway if I choose not to accept my share of the rental income, and wondered if there was an equitable way of signing over my share of the properties in return for some monetary substitute?

It does appear to be a minefield?

Hi....was just thinking, 1200 income from 13 rental properties doesn't sound right to me? Is he just offering income from one's that are owned in both your name?

Plumbersmate, I'm afraid that ' fairness ' is a pretty subjective concept.

There is no reason in law why you and your partner cannot agree between yourselves how to divide the assets of your partnership.

If you cannot agree, then you have to resort to litigation and let a judge decide for you what is fair. But as I said, in a marriage breakdown the Courts have much wider powers than they do in a case like yours. With unmarried couples it can come down to an issue of deciding who owns what.

There is, as far as I can see, no reason why you can't transfer some of your rental properties to him in exchange for a monetary consideration. It's just that I think that would have to be by agreement.

LMM

Stingrayj wrote:
Hi....was just thinking, 1200 income from 13 rental properties doesn't sound right to me? Is he just offering income from one's that are owned in both your name?

£1200 is half the income. They may all be heavily mortgaged which would reduce the income. There were a lot of people who owned BTL but didn't actually make anything by the time they had paid the mortgage.