Has anyone done anything or know of anything like this?
Basically am nearly divorced, all that is outstanding is the financial side.
Brief history/summary -
Married 2000 parted 2004, wanted to go to mediation however wife declined and therefore sols involved.
As far as i am concerned i have been very amicable and reasonable albeit she doesnt see it that way. Wife living in property, currently paying £700 per month to cover half mortgage, associated insurances and child maintenance. Wife has boy of 17 (from previous relationship) who works and goes p/t to college, and also our daughter of 8. marital home valued at approx £320K, although accepting downturn in market lets just say a value of £305K, has outstanding mortgage of £105K giving £200K equity. I have suggested and had agreed by my wife a 65-35% split, my proportion being valued on aforementioned equity £70K. Agreed i would accept £30K cash and the remainder given to my wife as full & final settlement of my child maintenance for daughter til she is 18. This has benefits to both parties.
I have now found out that there is no legal document that can be drawn up to protect me! Is there any way to make this work other than an initial document detailing the equity split which after 1 year isnt legally binding and its purely left down to my trusting my wife.
Sorry to disappoint you old chap, but you cant have a settlement as far as child maintenence is concerned only maintenence for your ex.
It is probably best to get a Consent Order drawn up if you can agree on everything, however if you cant agree, get ready to say hello to the court system and say goodbye to a large slice of your equity, earnings and your sanity!!!!!
You are able to make a Clean Break. In the past the sticking point has been Section 6 Child Support Act 1991 which requires a parent to make an application for Child Support if they find themselves on a prescribed benefit (mainly income support). However this is to be repealed in May 2008 when the new CMEC legislation gets Royal Assent.
Under current legislation if you obtain a Court Order you can not return to the CSA for 12 month and 1 day. If you were to get an Order today that would take you to Nov 08 so in effect even if you’re ex partner found herself on Income Support she is not required to complete a Maintenance Application Form.
All you would need to do to get round the 12 month rule is to have written in the order some penalty/pay back should your ex go to CMEC, but if you are both in agreement I cant she any reason why she would.
Sorry dont fully understand, u say i can get a legal document drawn up then confirmed by a court which would include a chargeback clause should she go to the csa, however how long would this be valid for?
My primary concern is protecting myself, whilst i do trust her word, looking at it worst case scenarios who knows how she will be in years to come, be it employed, unemployed, with disability etc etc.
I cant just give over circa £40k, especially on top of 65% of equity and not have some form of legal protection otherwise i could be ruined completely.
In principle yes you can get such a Court Order. You can have anything written into a order as long as it is reasonable and has a pupose to make the whole agrement work. You also have to remember its for Child Support you ex partner has already been taken care of. The agreement is about Child Support until your Daughter is 19 Years (CSA payable till 19 not 18 if still in non advanced education)
I was reading up on this last night as i have a pal in the same situaition.
From what i found out pre-payng your child maintenence could turn out to be a costly mistake:(
The CSA will see this payment as a "gift" to your ex-wife and not maintenance for your daughter.
Even after the new version of this dreadful scheme comes out next year your ex will be "encouraged" to make a private agreement with you but if she can't/doesn't/won't then they will get involved and see your pre-payment as aforementioned "gift"
Sorry to be the bearer of bad news but my pal is now paying CSA after giving a "gift" (maitenence to you and I)to his ex last year.
I stand by my post. in principle you are able to make a Clean Break child support order from today. (only real risk is a IS claim by the Ex betwen now and May but unlikey if the spirit is there plus savings over £7000.00 would bar any claim. After May it is a fact.