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We have a mortgage-free three bedroom matrimonial house that is probably worth £600k. (I know! Lucky us!). We are both low earners and close to retirement. My ex wants to stay in the house and not move out of the area, but cannot afford to buy out my share. Our two adult children continue to live in the matrimonial home & also want to stay there for the foreseeable future.
I would like 40% (£240k). 60% (£360k) is enough for my ex to get a 3 bed flat (but not a house) in the same area. This would be large enough for our two adult children as well.
However I'm worried by the argument that I could technically get a one bed flat for myself in a less desirable area for £120k (20%) and as this "meets my housing needs", I can't expect to get £240k (which will get me a nicer two bed flat/house).
I don't think an 80:20 split is fair as I won't ever earn enough to step up the property ladder. But I am currently single, so technically I only need one bedroom.
The house is by far the biggest asset we own. Would the courts think an 80:20 split is fair if it's enough for me to get a one-bed flat, thus meeting my "housing needs" and my ex gets to keep a three bed house?