S
shane22
Guest
I would really appreciate some advice on this, difficult to get good professional advice on this, so just said I’d try here as someone may have similar experience.
I separated from my wife almost 1 year ago, we were only married 2 years. She instigated the split and left the family home. She has not been willing to reconcile since, so need to get things done formally. We are staying civil as much as we can to sort this and both want it done simply as possible.
Because we were married for such a short time, we never really got to join things up much financially, so savings, etc are straightforward. The main issue is the family home. We bought it before we were married. It is solely in my name – we left her off it so she would remain a first time buyer if she ever wanted to buy again. We paid 400k for the property, got a loan for 350k and paid 50k as a deposit from our savings – I paid approx 35k, she paid 15k.
At a rough estimate, the property is worth about 290k now, while there is approx 310k still left on the loan. I life alone at present in the property, and don’t particularly want to move as there has been enough stress lately!
We both have very good paying jobs, although I do earn maybe 30% more than her. She has small enough savings and I would have significantly more than her. I have some other property interests, however not of major value. Both would have work pensions.
She basically just wanted some home contents (which she has taken) and the 15k she put in as the deposit to the property and leave the property to me. I was sort of agreeable to this primarily for the reason that it would be straightforward and sorted quickly. However when I started to do the sums, I will be left with a considerable liability with the property while she would walk away without bearing any loss due to the fall in the value while we had it. I would basically be tied to it for probably a very long time and maybe never recover the original value esp with the cost of the loan too, while she could invest in a new property at current prices.
It probably doesn’t help my state of mind that she is in a new relationship pretty much since we split and from what I can gather, it appears to be going very well. While my primary aim is to be treated fairly, it would be a bit much to be what may be cutting her a good deal and letting her walk away with on liability to the property and actually helping her set up with someone else.
You may ask why did we get married in the first place….well I ask myself the same thing every day!!
Can anyone throw some guidance on this? Should I just pay her the 15k and be done? If I don’t agree to this, could she be entitled to much more (my savings, etc?). I guess we could sell the property, however we would both lose our deposits and have to pay the bank to cover the deficit that would be on the loan.
While I wouldn’t be left broke, I would be left with a large liability with the property (although when it’s a home, that is not such an issue, however it would seriously limit my options should I want to leave in the future). While she is not wealthy, she has very good earnings and prospects (she is in early 30’s) and I would certainly consider her financially independent.
Any advice would be greatly appreciated. Thanks in advance
I separated from my wife almost 1 year ago, we were only married 2 years. She instigated the split and left the family home. She has not been willing to reconcile since, so need to get things done formally. We are staying civil as much as we can to sort this and both want it done simply as possible.
Because we were married for such a short time, we never really got to join things up much financially, so savings, etc are straightforward. The main issue is the family home. We bought it before we were married. It is solely in my name – we left her off it so she would remain a first time buyer if she ever wanted to buy again. We paid 400k for the property, got a loan for 350k and paid 50k as a deposit from our savings – I paid approx 35k, she paid 15k.
At a rough estimate, the property is worth about 290k now, while there is approx 310k still left on the loan. I life alone at present in the property, and don’t particularly want to move as there has been enough stress lately!
We both have very good paying jobs, although I do earn maybe 30% more than her. She has small enough savings and I would have significantly more than her. I have some other property interests, however not of major value. Both would have work pensions.
She basically just wanted some home contents (which she has taken) and the 15k she put in as the deposit to the property and leave the property to me. I was sort of agreeable to this primarily for the reason that it would be straightforward and sorted quickly. However when I started to do the sums, I will be left with a considerable liability with the property while she would walk away without bearing any loss due to the fall in the value while we had it. I would basically be tied to it for probably a very long time and maybe never recover the original value esp with the cost of the loan too, while she could invest in a new property at current prices.
It probably doesn’t help my state of mind that she is in a new relationship pretty much since we split and from what I can gather, it appears to be going very well. While my primary aim is to be treated fairly, it would be a bit much to be what may be cutting her a good deal and letting her walk away with on liability to the property and actually helping her set up with someone else.
You may ask why did we get married in the first place….well I ask myself the same thing every day!!
Can anyone throw some guidance on this? Should I just pay her the 15k and be done? If I don’t agree to this, could she be entitled to much more (my savings, etc?). I guess we could sell the property, however we would both lose our deposits and have to pay the bank to cover the deficit that would be on the loan.
While I wouldn’t be left broke, I would be left with a large liability with the property (although when it’s a home, that is not such an issue, however it would seriously limit my options should I want to leave in the future). While she is not wealthy, she has very good earnings and prospects (she is in early 30’s) and I would certainly consider her financially independent.
Any advice would be greatly appreciated. Thanks in advance