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Sorting Finances after Divorce

Zee
11.05.2019 2:20:57

3936

I have received my decree absolute and have been now registered as divorced in Uk. The ex wife wants to sort out finances and has bought up a property that i owned back in 2015. Me and the ex split 2015 feb and i sold this property in july 2015. I payed the mortgage as i was the sole eaner in the family. I worked and paid mortgage. the ex wife did not work. we have 4 children who are with the ex. I would like to know i sold the property and repaying off the remainder of the mortgage i had gained about 32,000 pounds. Some was given back to family relatives who helped me put a deposit down for the property and most was used on gambling as at the time i was gambling in stress. I would like to know what rights does my ex wife have on this property even though its sold and money has been wasted. will the court make me earn the share of 32,000 and pay her half of the amount. how will it work. please advise

Replies (1)

Rebecca
13.05.2019 8:37:55

Hi Zee,

In answer to your question, your wife may have a claim yes but it's a difficult question to answer without understanding the full financial picture. The law does not have a defined formula for dividing assets. To make fair agreements between you, you must think about what the courts in England & Wales take into consideration: income, earning capacity and property as well as financial needs, obligations and responsibilities. The starting pointing is a 50/50 split. But if one of you has a greater need, for example because you are housing the children or earn a lot less, then the split may differ.

Please book a call with one of our experts so we can help you further.

Rebecca

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