Hi, I am currently seperating and discussing the financial split, I am male, we have 2 kids, we are both still in the home we jointly own, jointly pay endowments to finance a joint mortgage.
Her solicitor stated that credit cards are in my name so my liability, I countered saying car is in my name so I can sell it (worth more than the cards) - all of a sudden she wanted to split the credit cards !!
My question is she has an ISA which services the shortfall of the endowments and therefore is a requirement of the mortgage, it is in her name although I have agreed to pay half of the premium as it services the mortgage, she has offered to take £5000 capital from it which we can as we overpaid for 16 years and split it, this is an ulterior motive as she is trying to get me a deposit so I will move out. This is in her name and I presume her solicitor will say I have no rights to half? True? Does anybody know?
She also has her eyes on work share options I pay into monthly, of course in my name and paid directly from my salary, she wants half of their current value and for me to stop them which is financially stupid. Does anybody know if she is entitled to half? Surely if the credit card in my name is my sole responsibility so is this?
If I rent somewhere do I still need to pay my half of the mortgage? Surely I can't be expected to pay rent and half the mortgage? What about my payments to the endowments and life assurance that services the debt? I have a free call to a solicitor, just wondered if anybody had a heads up on this?
To the best of my knowledge the longer a marriage then the more all individual liabilities and assets are lumped together and become joint liabilities and assets.
Your wife’s ISA goes in the pot to be shared out. Your work share options go into the pot too.
If you can possibly stand it, do not move out of the marital home and try to agree as much as you can between the two of you. Try to resolve what you can’t agree through mediation via Relate or similar – solicitors should only be used to get agreements drawn up for endorsement by the court. The alternative is that solicitors will fill each of your heads with fantastic probabilities of what you’re both plotting against each other, leading to years of animosity, huge legal bills and a late awakening to the fact that in the meantime your children have lived these years of their formative life in an atmosphere of suspicion and absence of goodwill that cannot but adversely affect their adulthood.
Nice to see such a mature level headed response and I appreciate your help, she is the one meeting the solicitor, I prefer to get the agreement sorted then ratify it, like you say she is expecting things causing animosity. I intend to stay in the home, financially it is my only option.