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Please help. I am separating from my wife of 13 years. We have three children. The eldest two children are hers from a previous marriage. Her previous partner left their relationship with nothing on the promise that his part in the equity of the house would be shared to them. We eventually sold the house with a positive equity of £107,000 and purchased a new property in 2006 for £185,000. I have actively been paying into the mortgage sine 2002 but only went onto the deeds in 2006. I have been told that the way this is sorted out is as follows.
We have our current house valued and the remove half of the £107,000 from that figure as that is her ex husbands share to be split between the two older kids. Then we remove the figure that we still owe on the mortgage. Then the money that is left would be split five ways. One fifth mine, one fifth hers and a fifth each for the three kids.
That means I could walk away with very little. I don't want her to sell the house as that would only affect the kids and a remortgage would mean she could not afford the repayments, so her parents are going to a solicitor to get advice on a settlement package. Please tell me what I could expect. Why do the kids take a fifth? Bearing in mind two of the kids have had their bit of positive equity from the previous property.
Please help as this is destroying me
Many thanks
Paul
We have our current house valued and the remove half of the £107,000 from that figure as that is her ex husbands share to be split between the two older kids. Then we remove the figure that we still owe on the mortgage. Then the money that is left would be split five ways. One fifth mine, one fifth hers and a fifth each for the three kids.
That means I could walk away with very little. I don't want her to sell the house as that would only affect the kids and a remortgage would mean she could not afford the repayments, so her parents are going to a solicitor to get advice on a settlement package. Please tell me what I could expect. Why do the kids take a fifth? Bearing in mind two of the kids have had their bit of positive equity from the previous property.
Please help as this is destroying me
Many thanks
Paul
