Divorce- who gets what?

My brother and sister it law have unfortunately decided to separate (and eventually divorce) My question is about the home they have together. They took out a mortgage in both of their names and even though I know my brother pays for it each month I know that they signed the paperwork stating that it was an equal share regardless of who pays. I believe they have about £55 thousand left to pay and the house is worth approximately £210 thousand (last valued a year ago) Am I right in thinking that it will be a 50/50 split after the debt is cleared? Like if it’s sold for £210,000 then they pay off the remainder of the mortgage plus any fees incurred they would then split the difference? Or if one of them wants to keep the house would they have to remortgage the house and pay the other something, how much would they have to pay? Would it be half the house value? Only asking as my brother has got it in his head that my sister in law will just have to move out and that’s it! They live in Essex, United Kingdom. Also he is a partner with our younger brother in a small business (51 percent share) will his wife get anything from that? He has worked very hard to get where he is.....everything is very amicable between them at the moment but I can see his stubbornness changing that.

Answers

Tavy

In the UK she is entitled to half of everything. They can sell the house pay off the mortgage and each gets half of what is left after bills are paid. If one wants to keep the house they have to buy the other out. She is also entitled to half of his share of the business And part of his private pension, and car and anything else they own. She does not have to move out until the house is sold. UK

Anonymous

She is entitled to half. That half can be written against debts, and other assets are considered.

Barb Outhere

Given a 50/50 split the Maths is $210K minus $55K divided in half $77.5K APPROX given taxes and fees still have to come out - also any other debts the couple may have. That is around the figure one would have to pay the other to own the house outright OR if neither can afford to do so, the sale can be forced and both would lose the property. Yes his business or his portion in it can be considered a marital asset and she may be entitled to a share in that too. He may opt to keep the business in return for giving up his share in the house, or some other compensation could be worked out. The attitude of "its all mine" may have contributed towards the fact they are getting divorced now.

Sal*UK

You are correct - she will get 50% of the proceeds or he will have to buy her out. She also can have a go at his business and his pension.

Serene E

Sigh......YOU don't need to be in THEIR business.

Rick B

Every divorce is unique. Lots of factors.

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