Nov 27

2007

Help, Really need advise

Posted by tallgirl in financial arrangements, breaking up

My Husband and I are going thorough a separation and very beginnings of a divorce.

Please can you advise me on the following information that he is telling me, and your thoughts and opinions are very much appreciated....

My Ex had a house that was sold to him at a cheap price by his parents, his parents owned the property, and sold the property to Graham and his brother for £50,000, (£25,000 Each... sorry to state the obvious, approx 15 yrs ago.)....

I moved in with My Ex, and his brother moved in with his girlfriend, so Graham and I bought his brother out and took on the remaining mortgage together, in joint names. We had joint bank accounts and we both paid in to the mortgage jointly.

4yrs later we moved to a bigger property, using the equity of the sale money from

Old property as a down payment for out new property......again, all done jointly.

Now that we have very sadly split up, Graham is saying to me that he has sought professional advice and that he has been told that because his previous house was his inheritance that he is entitled to 75% of the profit when we sell.

Because I am a fully independent working woman, he says I am entitled to very little from the sale of the house as he initially had a house.....his inheritance.....

I paid jointly on the mortgage on previous house and their was no gift benefit to Graham.....so was it not equally owned and therefore should be shared.

Since his parents have not died it was not an inheritance.

Presumably their new home is. ?

We have been together for 15yrs, married for 5, and I am a high earner

His parents bought a bigger home when my Ex bought their house.

I am self employed

My Ex is being Greedy, I am not asking for any of his pensions or life savings, what I am asking him is that if our house is valued at 400,000, I will give him 200,000 to buy him out, and he is not accepting this as he says he has put

Fat Boy Getting Slimmer said:

November 27, 2007
		Tallgirl it was nice to meet you in chatroom earlier. There is a bit more info here. If it was sold below its market value 15 years ago then why did his brother only take £25,000. This would suggest that this was the market value. Otherwise, his brother was being short changed. So to me it looks as though you bought in to the house equally and if the mortgage was for full £50,000 and in both names then it was owned jointlu before marriage. Assuming that you have not done major work to it I think Halifax or some other building society keep indices showing house price increases going back many years. This may help to show that it has only increased with teh market. It may not necessarily prove anything. Ah, the mortgage valuation at time you took out mortgage would include the market value I would think. That may be another possoible avenue to take. At the end of the day, though you bought out his brother as a couple and that must be significant. Good Luck

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tallgirl said:

November 27, 2007
		Thanks hun.... this is great advise.... your a STAR!!!

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Fat Boy Getting Slimmer said:

November 28, 2007
		Some other thoughts. 15 years ago would have been 92. 4 years later obviously '96. Using the HBOS calculator http://www.hbosplc.com/economy...ulator.asp shows that most areas of the country would have been in negative equity. It is probably not worth getting drawn too much into the details at this stage and he may be doing this to frighten you about the financial consequences of a split. But when you do go for prof advice prepare the figures and dates. I would have thought that the value of the new house you bought in '96 as well as its value in '97 (fairly easy from HBOS site) were more important. Remember, that not everything is logical and clear cut when there are so many emotions involved and he may well overstate his position rather than being 'reasonable'. That will come later after each solicitor has run up a bill. His solicitor is there to ensure that 'his' client is looked after rather than achieving fairness.

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