I think I am at a point where my 7 year marriage has come to a end, and I can''t see the wood for the trees. I would like an opinion to help me manage my expectations should I file for divorce.
So here goes....
My wife is spending a large amount of time away from the house, and sometimes does not come home until the early hours of the morning. I don''t believe there is anyone else, and think it''s more of a case that she simply doesn''t want the commitment that a marriage requires anymore, and prefers to socialise with her single sister instead.
We don’t fight and argue, but we don’t talk that much either. I find myself looking after our 3 kids a lot, I take them to school, cook for them and generally put them to bed. I also seem to be doing the housework, all in addition to holding down a fairly stressful job.
To be honest god knows what my wife does during the day!!!
The marital home was in my name, but my wife has since registered an interest at the land registry. I have an additional 3 buy to let properties, all in my name. The MH has about 60-70K equity, and the investment properties have about 100K, but this would be subject to capital gains.
I would like a clean financial break from the divorce, but I can''t see how this would be possible as my wife does not work, and would not be able to secure a mortgage on the MH, if I were to sign it over to her.
I am sure she is taking some sort of advice in the background, as she would never have known about registering an interest in the property at the Land Registry, and I think she may have been advised to stall as little else has materialised.
Please don’t get me wrong, I am not looking for advice on how to weasel my way out of dividing up the assets. What I would like to understand is what the actual outlook on the situation is.
From my understanding I am likely to lose my shirt should this go to court, so I would like to plead to her better nature, and see whether I could pay some of the mortgage down on the MH, so that she could afford the mortgage on a part time job.
We have 3 children, 2 of which are from this marriage, and the other from my wife’s previous relationship. The father is absent, but I would be willing to support her as my own. By my reckoning a payment of £400 a month would be reasonable child support under these circumstances, given my salary of £35K.
So I think, if I could lose the mortgage on the MH, I would be able to draw down a deposit on the rental property to buy myself a 3 bed house so that I have somewhere reasonable for the kids to stay over.
I have a couple of pensions so I guess they would need to be considered, but I don’t think they amount to much.
I would be ever so grateful if someone could give me an indication as to whether I have a reasonable expectation on this or whether I am severely wide of the mark.
So you have around 170k in equity and you think a couple of small pensions.
pension sharing at your age is a fair way down the list of priority''s, in effect because the wont pay anything for many years you can more or less forget them.
Your income is 37k how much of this is from the rental income, if your wife takes one obviously you lose income so you need to take that into account.
Is there any reason your wife cannot work, she is very young, if she can work she will need too.
Is the 37k net income? if so spousal maintenance may come into play, lets find out first before we talk about that.
The main aim here is to make sure you all have somewhere to live.
Have you agreed to share the kids half the time?, if not child maintenance will be an issue, if they lived with mam all the time you would need to pay 20% of your net income, this is reduced depending how many nights they will stay with you.
Even if you go 50/50 on the kids this will still be in the womans favour on money the financial division of assets.
You have £160000 in assets.
Work on 70/30 to 75/25 split in her favour by the time her mates and legal aid solicitor get their teeth into your finances split.
She will also want to make sure she is the resident parent as that way she will pocket all the state funded benefits of a single parent.
Believe me on £35k a year gross you will be living like a pauper post divorce.
£2500 take home
£625 child maintenance for 3 kids less
£1000 month rent less
£90 month council tax less
£40 month gas less
£40 month electric less
£15 month tv licence less
£30 month phone and broadband less
£15 month water rates.less
£30 month car insurance less
£160 month petrol less
£15 month house /contents insurance.
So that will leave you £400 a month approx for you to raise 2 kids 50% of the time possibly 3.
GO FOR RESIDENCY OF THE KIDS AND GET HER TO BE THE NON RESIDENT PARENT!!
Give her £40000 to feck off and go party.
She will definately be sleeping with someone else if she''s staying out all hours.The ex harridan used to pull that one and in the end when I was on my own I found all these places she used to roll in at 3am from a week night were all tapping their watches and telling me to drink up at 11pm on the dot and putting the chairs up on the tables around me.