Any advice or guidance would be appreciated on this matter as I cannot find an answer anywhere.
We have been living separate for many years, she has moved out of the marital home and in a new relationship with another man (divorce is on-going).
We have a joint mortgage where based on the papers we are jointly and equally responsible for paying.
I continued to live in the property and after she moved out I was paying the mortgage 100% alone (and of course everything else: the property upkeep, maintenance, bills and insurance premiums as well).
In fact due to a mistake I have left the overpayment in place so I was actually overpaying the mortgage the whole time.
The property shall be sold and we shall share the remaining equity (and the whole thing is about how to split).
The question is therefore about the credits I can receive from the equity remains after the mortgage is repaid to the bank.
I have seen before somewhere (but can't find it again) a text stating the following: "A person who makes mortgage payments alone on a home jointly held with an ex-spouse is entitled to a credit for the ex-spouse’s share of the ownership expenses - otherwise it would give the non-paying spouse an unjust benefit by the reduction in marital debt!"
So is it my understanding correct that I can push for?
#1. Firstly the very least to get the 100% of overpayments back (that is only if the #2nd point below does not work for some reason)
#2. Or alternatively I should get 100% credit on the whole loan principal paid off (what I was paying off alone )
An example:
- The house worth 300K
- The outstanding principal on the mortgage was 250K (at separation time)
- I paid off 50K alone (from the principal alone) so current outstanding mortgage stands at 200K
- The house sells for 320K
Is it the right thinking that the final calculation for each share for the parties should be like that:
---------------------------------------------------------------------------------------------------------
Property Sale price 320K
Pay off bank loan -200K
Equity remains 120K
Credit for paying mortgage alone: -50K (that should only be paid to me)
Balance remains 70K
And only that 70K should be shared 50-50% (or whatever else percentage) between the parties.
Is that correct?
(Update: the ex-spouse is also in full time employment and always has been)
Thanks in advance.
We have been living separate for many years, she has moved out of the marital home and in a new relationship with another man (divorce is on-going).
We have a joint mortgage where based on the papers we are jointly and equally responsible for paying.
I continued to live in the property and after she moved out I was paying the mortgage 100% alone (and of course everything else: the property upkeep, maintenance, bills and insurance premiums as well).
In fact due to a mistake I have left the overpayment in place so I was actually overpaying the mortgage the whole time.
The property shall be sold and we shall share the remaining equity (and the whole thing is about how to split).
The question is therefore about the credits I can receive from the equity remains after the mortgage is repaid to the bank.
I have seen before somewhere (but can't find it again) a text stating the following: "A person who makes mortgage payments alone on a home jointly held with an ex-spouse is entitled to a credit for the ex-spouse’s share of the ownership expenses - otherwise it would give the non-paying spouse an unjust benefit by the reduction in marital debt!"
So is it my understanding correct that I can push for?
#1. Firstly the very least to get the 100% of overpayments back (that is only if the #2nd point below does not work for some reason)
#2. Or alternatively I should get 100% credit on the whole loan principal paid off (what I was paying off alone )
An example:
- The house worth 300K
- The outstanding principal on the mortgage was 250K (at separation time)
- I paid off 50K alone (from the principal alone) so current outstanding mortgage stands at 200K
- The house sells for 320K
Is it the right thinking that the final calculation for each share for the parties should be like that:
---------------------------------------------------------------------------------------------------------
Property Sale price 320K
Pay off bank loan -200K
Equity remains 120K
Credit for paying mortgage alone: -50K (that should only be paid to me)
Balance remains 70K
And only that 70K should be shared 50-50% (or whatever else percentage) between the parties.
Is that correct?
(Update: the ex-spouse is also in full time employment and always has been)
Thanks in advance.
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