Q: My wife has left me for another man after 35 years of marriage. We have no children. The house and mortgage are in joint names, but we have always had separate bank accounts and I have always paid all the household expenses. My wife has always worked but I don’t even know how much she earned as her money went into her own bank account. I am a sole trader with a property maintenance business but am currently not working as the split has affected my mental health. We don’t have children.
My wife reckons she is entitled to half of everything, including half my pension, half the £20k my mother left me when she died, and half the money in my business account. If I have to give her half the value of the house I will have to sell it and at 55 years old I won’t be able to afford another house. Am I going to lose everything?
A: You certainly won’t lose everything. The court will consider all the circumstances of the case and will take account the financial needs and contributions of both parties along with other factors. Your wife may be entitled to a portion of the house value and your pension, but it is possible that your inheritance and business funds may be treated differently, depending on when and how they were acquired. You will need to negotiate a settlement with the help of a solicitor.
You should seek legal advice now. Your legal representative will advise you and help you to gather all relevant financial information together, including details of your pension, business accounts and the inheritance from your mother. Your solicitor will exchange financial information with your wife’s lawyers and then negotiations can begin and hopefully a settlement can be reached as quickly and cost effectively as possible.
This question has been answered by Alison Peters, a Partner with GHP Legal. If you would like to speak to someone about this or any other legal matter, please visit our website www.ghplegal.com and use the contact us form, or call us on: Wrexham 01978 291456, Llangollen 01978 860313, Oswestry 01691 659194
