My husband and I are splitting (with my instigation and no other parties involved) after 16yrs of marriage and 21 yrs of being together. He is 59 and early retired. I am 42 and work as a self employed fitness instructor (not very well paid). We have a substantial house with no mortgage and he has substantial assets in the form of savings accounts, inheritances and pensions. Please can you tell me what is the worse case financial scenario for me when we split??. I don't want to fleece him but I would like to know that I could afford a small house and that I could pay the bills associated. Please help.
When there are substantial assets the starting point for dividing assets is 50:50 unless there is a good reason to diverge from that. Good reasons might include housing dependent children, ability to raise a mortgage etc
The first question, and an important one, is, whether you have any dependent children, but your post suggests probably not.
If this is correct, then the fact that the house is ' substantial ' with no mortgage suggests it would be possible to sell it and have enough left over to house both of you, especially if your x2b has substantial assets from other sources.
The question of income comes into it, of course. You need to have a look at your situation to see if you could be entitled to any benefits like working tax credit if you are , or soon will be, on your own, as opposed to being married. Try a CAB.
It is difficult to give an opinion without knowing more of the financial situation of both of you, but it does look as though there should be enough assets to make sure both of you have a home. I feel that would be one of the Court's priorities. You will need to have a look at your income needs, both now and after you retire.
I hope this might offer some limited reassurance, but if you want to take it further please drop me another line.
Thanks Mike, it is reasuring.... I have told my husband that I want a split.... and after researching the internet am quite interested in the "deed of separation" route... there is no other party involved, we are very reasonable people and still think a lot of eachother and there are no other parties involved.. However, I am really confused as to what would be a "reasonable" ask, given our financial circumstances... I earn around £800 per month and so does he. He takes an amount from his investments/pension of about £30,ooo per year to run the house and pay for hols etc. He does pay for most of our life together. My money is for me and for furnishings etc. Our house is worth £550,000 (no mortgage. He has savings accounts/shares worth £480,000 (I'm not sure what income he gets from those savings. I have personal savings/endowments totalling around £80,ooo. He also has a pension and totalling the whole lot equals about £2million. Do you think if I ask for about 1/3rd of this £2m amount I am being unreasonable or have no chance of getting it?? I don't mind if it is a staggered amount or includes some sort of maintenance over a few years whilst I'm getting on my feet again...