Quizzes & Puzzles18 mins ago
share of property
7 Answers
My friend has been married for 29 years and now wants a divorce. She has been unhappy for years but stuck with it because of the children. She has been told that she will gat at least half of the money for the house when it is sold and this is where her problem is. Her eldest son has moved out but her youngest (18) is still at home and unemployed. Her husband earns more than double her salary and will be able to afford a place of his own but she will need a 2 bed place and will not be able to buy anywhere. Is there any way she can get more than half of the value of their house so she can get a property of her own(and take her son with her)?
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The matrimonial property will be divided 'fairly', as opposed to 'equally'. What is deemed fair by the court may not be the same as equal.
Typically, but of course not always, the wife's earning potential has been compromised throughout the marriage due to careers being affected by family committments - raising the children. If your friend fits the 'typical' separating wife, it's likely she will be given more than half the value of the matrimonial property because the court may take the view that the husband higher earnings potential can compensate his being given a smaller share of the assets from the marriage. In theory he could be left with absolutely nothing, though such a situation is extremely rare and is therefore unlikely.
All the facts and circumstances will be taken into consideration. Age, careers, earnings, etc.
Typically, but of course not always, the wife's earning potential has been compromised throughout the marriage due to careers being affected by family committments - raising the children. If your friend fits the 'typical' separating wife, it's likely she will be given more than half the value of the matrimonial property because the court may take the view that the husband higher earnings potential can compensate his being given a smaller share of the assets from the marriage. In theory he could be left with absolutely nothing, though such a situation is extremely rare and is therefore unlikely.
All the facts and circumstances will be taken into consideration. Age, careers, earnings, etc.
Well it's not necessarily good news, but typically, it probably is, given that your friend's husband earns twice more than her. The court will decide based on the individual facts and circumstances of this case within the context of family law legislation and case law.
If your friend is a housewife who sacrificed her career to run the family home and raise the children whilst her husband built a career with a high salary and excellent future prospects, she should do well in any divorce settlement - because her 'resources' are far more limited than the husbands. It is easier for the husband to start again, but less so for your friend perhaps, who may also continue supporting the children and require a larger home.
The aim for equal share of the matrimonial property only applies when the parties resources are equal. But typically, this is not so. Typically, the separating husband has more resources than the wife, hence an unequal distribution of assets is fair.
If your friend is a housewife who sacrificed her career to run the family home and raise the children whilst her husband built a career with a high salary and excellent future prospects, she should do well in any divorce settlement - because her 'resources' are far more limited than the husbands. It is easier for the husband to start again, but less so for your friend perhaps, who may also continue supporting the children and require a larger home.
The aim for equal share of the matrimonial property only applies when the parties resources are equal. But typically, this is not so. Typically, the separating husband has more resources than the wife, hence an unequal distribution of assets is fair.
Dot has given a good example of how the assets are 'fairly' distributed.
All the matrimonial property is accumulated, given a valuation, and then split 'fairly'. If the resources of the parties' are equal, then the property would also be divided equally.
But if Dot earned less than her husband (possibly through sacrificing part of her carrerr to raise children and look after the family home), then Dot is likely to be given a larger share of the matrimonial property than her husband. How you get to that point is through mediation and negotiiation and there are any number of ways to 'cut the cake' if you like. Perhaps the house was worth more than the pension, or that house prices were rising faster than the value of pensions.
It is extremely unlikely that a solicitor would not have any pension rights added to the matrimonial property pot.
All the matrimonial property is accumulated, given a valuation, and then split 'fairly'. If the resources of the parties' are equal, then the property would also be divided equally.
But if Dot earned less than her husband (possibly through sacrificing part of her carrerr to raise children and look after the family home), then Dot is likely to be given a larger share of the matrimonial property than her husband. How you get to that point is through mediation and negotiiation and there are any number of ways to 'cut the cake' if you like. Perhaps the house was worth more than the pension, or that house prices were rising faster than the value of pensions.
It is extremely unlikely that a solicitor would not have any pension rights added to the matrimonial property pot.
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