• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Equity Advice

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Equity Advice

    Hi All. I've come on here to try and get some advice on my seperation/divorce.

    Me and my wife got married in 2002. We have a 21 year old daughter at University.

    We separated in January 2022. She sold our matrimonial home in June 2022 with my consent. There was around £50 000 equity in the house. We have always had a joint account since we got married. And we have always had similar paid jobs during our marriage. I also took out a loan solely in my name for a car we purchased in September 2021 which was £18 000.

    The car is registered in her name and she still drives/owns the car and I still pay for the loan (£280). When we separated I DIDN'T contribute to any mortgage payments (£700 per month) from January 2022 to June 2022 when the house was sold.

    She kept the equity in her bank account and then purchased a modest house solely in her name (November 2022) with the equity and told me she needed it to be able to afford the mortgage.

    She also has an 18 year pension at a large company.

    She filed for divorce in February this year 2023 and I accepted it. But before the decree nisi comes through which I understand will be 20 weeks, how do I now secure my equity if it's tied up in her house? Also where do I stand with the car loan. Can I force her to give me the car? I can prove the loan was used to pay for the car. Or can I add the value of the car to my share of the equity?

    Any help is greatly appreciated
    Tags: None

  • #2
    How did she get the proceeds (equity) of a jointly owned property into her sole bank account? The conveyancing solicitor should have distributed the proceeds to both former owners equally.

    The car may be registered in her name and in her possession, but via a loan you purchased it and the car belongs to you regardless of the mortgage situation while separated. I would simply ask for the car back in writing.

    The equity should have been distributed equally save for her taking £350 per month for the period January to June 2022 from your portion as your contribution to the mortgage payments. Based on the £50K equity you quote that would mean you are owed £22,900.

    If the car is not returned you'll need to pursue it and the equity you are owed as part of the divorce proceedings. It's not your problem whether she could afford a mortgage or not without your half of the equity, she should have rented then.

    COMPLETING AN N180 DIRECTIONS QUESTIONNAIRE (SMALL CLAIMS TRACK) GUIDE

    My posts here are based on my experience of a variety of life events. I have no formal legal training & if in doubt take professional legal advice or contact CAB. If you follow anything I write here you do so at your own risk & I accept no liability for any loss, costs or other outcomes.

    Private messages are disabled as help is only offered publicly. I do not come on here in the evening, at weekends or on public holidays.

    Comment


    • #3
      Originally posted by jaguarsuk View Post
      How did she get the proceeds (equity) of a jointly owned property into her sole bank account? The conveyancing solicitor should have distributed the proceeds to both former owners equally.
      Or did the OP agree this at the time?

      Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

      Litigants in Person should download and read this: https://www.judiciary.uk/wp-content/..._in_Person.pdf

      Comment


      • #4
        Originally posted by atticus View Post

        Or did the OP agree this at the time?
        They may have agreed, more likely signed something that it was detailed in and didn't realise at the time the implications.
        COMPLETING AN N180 DIRECTIONS QUESTIONNAIRE (SMALL CLAIMS TRACK) GUIDE

        My posts here are based on my experience of a variety of life events. I have no formal legal training & if in doubt take professional legal advice or contact CAB. If you follow anything I write here you do so at your own risk & I accept no liability for any loss, costs or other outcomes.

        Private messages are disabled as help is only offered publicly. I do not come on here in the evening, at weekends or on public holidays.

        Comment


        • #5
          a joint account was mentioned.
          Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

          Litigants in Person should download and read this: https://www.judiciary.uk/wp-content/..._in_Person.pdf

          Comment

          View our Terms and Conditions

          LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

          If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


          If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
          Working...
          X