This relates to divison of financial assets, specifically a house. I'm not after any definitive answer about what to do; rather I'm hoping to get some idea on what is fair and reasonable (yes, I'm fully aware that divorce settlements and fairness seem to be mutually exlusive). I am of course discussing this with professionals, but as TZ-UK has such a diverse range of age, sex and income level (ha!), I though I would see what the opinion was.
Figures simplified to keep things, er, simple.
House valued at £400,000
Outstanding mortgage of £50,000
House - mortgage = £350,000 equity
The mortgage is in my name only, and my soon to be ex-wife has already moved out.
We have agreed a 50/50 split of assets. I would prefer to buy her out and remain in the house, so on the face of it I would need to give her £350,000 / 2 = £175,000. Now to the question(s):
In order to raise £175,000, I would need to re-mortgage, at an example cost of £1000. Is it reasonable to take half of the re-mortgaging cost from her share? e.g. £175,000 - £500 = £174,500.
Alternatively if I were to sell the house, estate agent and conveyancing fees would cost an estimated £7,000, so her share would be £175,000 - £7000 = £168,00 £175,000 - £3500 = £171,500.
Regardless of whether I stay or sell, I am inclined to say that her share should be £171,500. Is that reasonable?
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