hello and HELP!!!!!!!!!!!!!!!!!!!!!

Are you sitting comfortably ?.....then I will begin.
Married since 1986 but seperated in 1997 and I left the marital home (council owned property) and rented off my brother.Still got on well with my wife and the split was amicable. Fast forward to 2005 and I purchase (via a mortgage ) the property next door to my brother's property which was home to myself and our eldest son (age then 19). Wife fed up of where she is then rents property next door (my brothers)still all getting along well.Start to rekindle our relationship and in January 2008 wife moves in with me and eldest daughter also moves in as all the other offspring have flown the nest. ok to start with then all the offspring return (under objection by me) resulting in a 2 bed terraced house being occupied by 6 adults. The resulting stress (I had a kidney transplant in 2003 and a triple heart by pass in 2005)results in a total breakdown of the relationship and I move out (currently residing in my brothers back bedroom).
We have discussed divorce which is the only realistic option but the problems start with the house. It is in my name only but my wife is claiming she is entitled to half of any profit even though she has been in it less then 18mths and only paid the bills for a couple of months.
My intention is to get everyone out of the house turn it into a buy to let and raise a bit of capital off the equity to use as a deposit for a small apartment/flat. Can she and the offspring (all 18 plus ) be forced out and is she entitled to half the equity?
I reckon the property if done up for renting would need a cash injection of between £5k and £10k and the equity would be only maybe £20,000 so if i lose half i'm a bit stuck for raising my intended deposit.
Am I in deep doo doo or is there a way out of this mess!

Thanks in advance
Tim

timfee,

Welcome to wiki ...

My this is a tricky little situation you have got yourself into ... .

Here's the problem. On paper you have been married for more than 20 years ........ You were only separated and not divorced. When you are married for that long everything is counted as joint.

Did you ever have any sort of Separation Agreement drawn up?
Did you pay maintenance etc while you were apart?

What she is asking for does sound unreasonable in the circumstances BUT presumably she gave up her rental place to move in with you and is scared about getting another place. Could you find enough for a deposit and a couple of months rent just to get her started off again?

Of course another way to look at it would be to find out if she has any assets - such as savings or a pension. You would be entitled to share those ... just as she sould be entitled to share yours .....

If the worst came to the worst and you did have to find 50% of the increase in equity how much would this amount to in hard cash? You suggest it could be 20k - but don't forget to deduct the costs of sale from that - say 3% of total value.

Can you raise some cash, would she settle for the despoit and a couple of months rent? Otherwise you could find yourself in an expensive legal battle that could cost you more than it would to give them something to go away .. and think of the effect that could have on your health.

And this time get the divorce done and the finances sorted - via a Consent Order is the cheap way providing you can agree. The trouble is now you have to find some grounds as the separation no longer applies..

Hadenoughnow