Good morning everyone I'm completely new to this apart from a little bit if google research. So here’s my story my wife and I married for 5 years together for 10 years. We are separating and have 3 children aged 7 and twins which are 3. I work via my own limited company (1 man band for tax reasons pay my self a minimum wage plus dividends etc) company turn over of about 40k. My wife choose not to work since our first born and didn’t go back to her teaching job even though I encouraged her so doesn’t have a job and can’t get a mortgage.We have 260k equity in the house and I have agreed to give her a 60/40 split in her favour which would be 160k Plus all the furniture leaving me with 100k. She’s decided that she should get more as 160k isn’t enough. So we are looking at going to solicitors to see what they say any thoughts or experiences from anyone on her with a similar situation.
Welcome to Wikivorce but sorry you find yourself here.
Financial settlement on divorce is about needs first - for housing and income, now and in the future. Both parties are expected to maximise their incomes - through a combination of working and claiming appropriate benefits.
Each of you has the same housing need - even more so if you intend to share care of the children pretty equally. If one party has the majority of care, their needs along with the children will tend to be prioritised. That doesn't mean she gets to keep a bigger share of the available capital indefinitely but if more is needed to house her and the children you may have to wait for your share.
We need a bit more information please.
What is the market value of the former matrimonial home?
How big is it?
What is the lowest price for a 3-4 bed place in your area?
Are there any pensions to consider?
How old are you both?
Are there any other assets to consider?
If you want to talk things through you could consider calling the helpline to see how we can assist.
Hi thanks for the reply so the value of the property is 400k 5 bed house with 137k left on the mortgage. You can buy a 3 bed house for around 160-200k in the area I’m age 41 she is 35 there’s no pensions and about 30k in my business account. I will be having the kids 2-3 days a week
If you can port the mortgage to another property, it seems there is sufficient for you each to have a property of around £160 - £200k. She would be mortgage free. I would suggest the contents should be divided between you.
I would base any agreement on the actual cost (plus fees etc) of a suitable property. So if a decent property could be bought for say £175k plus a small contingency pot of say £5k that may be considered fair. You would have £80k plus the money in the business. If she is mortgage free and you have a mortgage that would be a reason to make it a Clean Break.