how is this money dealt with?

ok - so wife and i have tried mediation, but she refuses to go and talk about herself - so we have decided to split and divorce.

We have talked about the settlement of finances a bit (im not rushing atm - happy about getting myself sorted mentally and physically). She is proposing to use her equity split from the house of around £200k and put it in a bank and use the interest to fund a rental until the kids are older and she has to work!

Does the potential interest that she could earn from the 200k come under as income for her? - it would be approx £900 per month (and rentals by me are around £1200 for a 3bed house)

cheers

peter

Well, there is no doubt that the capital sum, and the interest from it, would be taken into account.

But you see, a Court looks on the picture as a whole - not just part of it. You need to look at incomes, assets, pensions, life assurance - the lot. The needs of any children are always paramount.

I don't want to worry you, but - - -

If your wife takes legal advice, she may well be advised that the Court may defer the sale of the house until the youngest child is 18 and give her the right to live there in the meantime.

I'm afraid, sir, you need some legal advice from a solicitor specialising in family law, and do it sooner rather than later. However, try for mediation if you can, it is much cheaper for both of you and so there is more money for you and less for lawyers. Case of a stitch in time saves nine.

Mike

the house is a 5 bed detached, with over 1400 per month mortgage, wife refuses to work, so she wont have an income, so wouldnt be able to maintain the house, and my salary would not cover the cost of paying a mortgage that size as well as paying for a house for myself.

im off to see a sol on Wednesday to get the legal-low-down, so hopefully my options will become clearer then.