The Question Of ‘How Much?’ In Your Divorce.
Family Law Solicitors – Newcastle and Sunderland
In the wake of Valentine’s Day, we find our newsfeeds inundated with heart-warming stories of relationships which have gone from strength to strength; like the uplifting story of a local couple who celebrated their 25th wedding anniversary on the day that Sunderland celebrated 25 years of City status (https://goo.gl/1WFlVZ).
But we’ll also see slightly more dispiriting items, like the piece Richard Ord penned for the Sunderland Echo: “Love Is Never Having To Say ‘How Much?’”(https://goo.gl/WJqZ8Q). ‘Marriage is the business end of love’, Richard wrote; and in a world of pre-marital agreements – or, colloquially, ‘pre-nups’.
Is there a case for saying he’s right?
We may very well be told that ‘love is never having to say “how much?”’, but as Family Lawyers know only too well, relationships create needs and dependence, which can lead to financial obligation. For better or worse, the question of “how much” can become very relevant when someone makes an application for a divorce.
The deceptively simple question as to who, if anyone, stays in the marital home following a divorce can throw up considerations, which puts the question of ‘how much’ very much at the fore:
- 1. If one spouse is to buy-out the other’s interest in the property for a lump sum, how much will this sum be? Clearly this will depend on how much the property is worth.
- 2. As a buy-out may or may not be viable, depending on how much each spouse is capable of borrowing by way of mortgage, the home may need to be sold. If this is the case, how much of the equity will each spouse get?
You may expect a simple 50:50 division of the equity, but have you considered that your spouse may in fact be entitled to more than this; for example, where their earning potential is less than yours, meaning they have a lower borrowing capacity. They could struggle to secure a home for themselves (and perhaps the children) without a larger share of the capital.
Whether you’re considering separation, and want to know where you stand, or you simply want to get your affairs in order, consider seeking legal advice. A Specialist Family Law Solicitor will be able to manage your expectations and advise you as to a fair settlement, potentially making the answer as to just ‘how much’ considerably less.
If you think that this applies to you then contact us for to arrange a ‘Next Steps’ Divorce Advice Session.
Book your ‘Next Steps’ Divorce Advice Session at our Newcastle office: 0191 284 6989
Book your ‘Next Steps’ Divorce Advice Session at our Sunderland office: 0191 567 6667
Nine Reasons Why You Should Instruct a Solicitor To Handle Your Divorce – (and the pitfalls of a Do-It-Yourself Divorce) Free eGuide.
We are frequently asked about the value of instructing an expert solicitor to handle a divorce. We have put together this useful guide which will answer many of your questions. If you are contemplating a divorce or separation, and wondering whether you need a solicitor to assist you, then our guide will help you to decide.