Q I would like to know who has more rights to the property that both my wife and I still occupy but may not for much longer as we are going through a crisis in our marriage.
Back in the 1980s I took out an endowment mortgage and paid for all the premiums for the endowment policy and all the mortgage interest payments. A number of years later, I got a joint mortgage with my wife but again paid for the whole of the mortgage.
The mortgage is now paid off with a combination of the monthly mortgage payments, the proceeds from the endowment policy on maturity and an early retirement pension.
The marriage is under extreme pressure at the moment. All the kids are grown up and only one of the three remains at home. Should the marriage fail there may well be a messy business of who owns what and who is entitled to what and it crossed my mind – as far as rights go – who has more rights over the house? Is it a case of a 50/50 split because of the mortgage being in joint names? Or do I have more rights over the value of the house.
At 61 I’m struggling to get another job and won’t have my state pension for another five years or so and I am worried about my financial future including where I will be able to live.SN
A There are no hard and fast rules over who gets what following a divorce. How matrimonial assets – which are financial assets that you and your spouse built up during the period of your marriage – are split depends on the financial agreement that you and your spouse reach or, if you can’t agree, what a court decides for you.
Matrimonial assets include the family home, other property, pensions, savings, cash in the bank, vehicles, furniture, appliances, investments, valuables and businesses.
Whether the assets are jointly owned or owned in the sole name of either spouse has no bearing on how they are split on divorce and there is no automatic 50/50 division.
In brief, you’ll get whatever you and your wife agree you will get. If you don’t think that just the two of you will be able to come to an agreement, you might want to consider using the services of a mediator who can help you come to an agreement without taking sides. However, mediation is not relationship counselling which you might also want to consider as a way of relieving the pressure on your marriage so that divorce is not inevitable.
• Want expert help finding your new mortgage? Use our new online tool to search 1000s of deals from over 80 lenders with the Guardian Mortgage Service, powered by L&C.
- Girl, 16, 'auctioned off for marriage in Facebook post' as men offer cash
- Homes in Sherwood that you can buy right now for £150,000 or less
- Dear Mary: My marriage is falling apart and I'm desperate to do something to save it
- Is marriage supposed to be 'hard work' like David Beckham says? Maybe
- Sweden's Crackdown on 'Imported' Child Marriage Dismissed as 'Toothless'
- We’ve rolling contracts for everything except marriages — so why not for husbands?
- Fact check: O'Rourke said he would support removing tax-exemptions for religious institutions that oppose same sex marriage. Is that legal?
- What David Beckham really means by 'complicated' marriage
- BR ANALYSIS. Get real: Romanian property market negotiates brave new world
- More than 10,000 social houses are under-occupied as crisis deepens
- How more than 10,000 social houses are under-occupied as crisis deepens
- 'London has a surplus of empty luxury apartments which should be good news for the housing crisis – but here's why it isn't'
- Are you making the most of your property wealth?
- Woman lists money lessons she learned when her marriage ended at 26
- 'I'm wondering about his mental strength'
- NBA's crisis in China threatens multibillion-dollar ties
- Girls not recognising him, ‘spray-on’ hair and partying until 5am – Is David Beckham going through a midlife crisis?
- Karl Deeter: 'Choosing the right partner and home are two of the secrets to becoming wealthy'
- 'I went to Myanmar during the Rohingya crisis and this is why more people should travel to 'unethical' destinations'
- Analyst on UN Migration Pact: 'It Basically Makes Migration a Human Right'
My marriage is in crisis and I'm wondering who has more rights on the property have 738 words, post on www.theguardian.com at September 14, 2020. This is cached page on Europe Breaking News. If you want remove this page, please contact us.