We have around £180k in the pot (property already sold)to divide up. There are limited pension pots, no maintenance claim and a clean break.
My ex has a low income (around £20k pa) and a low mortgage capability. My ex is [url=Glossary/General/PWC.html ]PWC[/url] of our 14 yo son. I pay maintenance of around £750 per month due to my high income. There are no savings or pots of cash anywhere.
There is an outstanding liability of £50k each, however I can afford to pay off my liability on \"terms\".
It has been suggested that my ex needs to buy a house to provide a home for our son (we are both currently renting). However she will find it difficult to raise a mortgage for property (estimated at around £120K to buy).Its likely she will need something like a £80k deposit.
So one option is to pay off the liabilities (£100k) leaving £80k to provide her with a deposit for a property. I then have a charge on the property such that I receive a percentage of the equity when our son is 14.
My worry is that I may well be 60 with a lump of money and renting....