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George and Millie are both aged 30 and have been married for two years. George brought £50,000 into the marriage from the sale of his flat and Millie had savings of £4,000.
Their mortgage is a joint one of £70,000.
On divorce, it is likely that the flat would be sold so that each of them could buy a new property. How should the equity be divided?
Most people would accept that George should take out more of the equity than Millie because of his original contribution. However, you should be aware that some courts divide the housing equity equally, regardless of the original contributions.
To a certain extent, one could look at what each of them needs when buying property in the future. Are they both able to borrow by way of mortgage?
At the end of the day, would it be fair for Millie to have more of George’s contribution, or would it be unfair for her to have to move into rented accommodation, which is what she had before the marriage?
If their contributions had been roughly equal, then it would obviously be a 50:50 split.
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