just starting divorce procedings - need advice

Hi,

I am just about to start divorce proceedings. Bit of background info. Been married nearly 11 years. Have 2 kids, 4 and 6. I've moved out of FMH and renting flat. Still paying mortgage on FMH, current value 265k with outstanding mortgae of 63K. Ex2b thinks she will be getting a better than 70:30 split on assets. I have pension with cevt of approx 60k. Divorcing on grounds of unreasonable behaviour. Anyone had or in similar circumstances so to advise probable outcome re: assets awarded.
Oh yes, and i've made ex2b an offer of 15k cash and sign over all rights to my pension, in return i'll pay £400 per month child maintenance and sign over deeds to FMH. Ex2b initially accepted but now things turning sour and she thinks she'll get more via courts.
Any advice please

Thedbs

Can't work this out?

You're saying you're signing over Deeds? So you're giving her 100% outright ownership of house? Leaving her the mortgage?

Under law, it's usually 20% (for two kids) of your take home salary.

You'll need to post a bit more info, and you'll get a better answer?

Value of pensions, incomes, 15k represents what percentage of savings? Sounds good, but if she's home, without income, two young kids, this won't go far!

Spousal support? Ages? (yours and hers?) she can't take pension I assume for a few years? How is she going to pay mortgage, bills, food etc????

In your circumstances, two young kids in the FMH, I expect 70-30% could work, in her favour.

Hi,

Sorry, didnt make myself clear. I've offered to sign over the house (outright ownership) so she can take on the mortgage. House is 4 bed detached. She has already arranged a mortgage in principle. We are both 34. She works part time, income £600 per month. She worked full time until we had kids. My income £2300 per month. Not sure on value of her pension (not going to be much) but mine is approx 60K, (awaiting cevt). Savings already been split - £6500 each. I'll have kids staying with me for 1-2 nights each week (already checked out CSA website and calc worked out at £360 per month). Total equity in house between £180K and £200K. Have offered to leave all other assests in house such as furniture etc as part of deal. We each have a car. Based on her total income inc. benefits and child maintenance she will bring in £1100 per month.

As house 4 bed and she really only needs 3 bed as kids boy and girl, would court find in her favour and demand FMH be signed over to her or would they force sale of house and her share of equity be used to buy 3 bed house and be mortgage free?

In return i'm asking for £15K and keep all my pension, which i don't see as unreasonable. Want to agree this without use of courts if possible but will go down that route if needed. Think ex2b is trying it on!!

Does this help?

Thanks

thedbs wrote:

As house 4 bed and she really only needs 3 bed as kids boy and girl, would court find in her favour and demand FMH be signed over to her or would they force sale of house and her share of equity be used to buy 3 bed house and be mortgage free?

It would probably cost more to get a Court to order this, than it would in any saving. If both legally represented, to full Hearing, you could be looking at fees of £50-£80k

Just in the legal fees. If the difference of 3 bed house is say £30k (???) in your area. Consider that the fees to Estate Agent on selling 4-bed home, the Stamp Duty on new 3-bed home, the legal costs of moving, the registrating fees of new mortgage, the inconvenience and unsettling of kids, the actual remoavl costs, decorating, instalation of services, (or charges to re-connect / transfer Utilities etc) will probably NOT be worth the left over bit, and I doubt then that her mortgage would be cleared.

It sounds a reasonable offer, as stands with both her age, and a further 31 years work time left to contribute to her own pension, or the fact that her pension will be in the equity of the home.

If you feel cheated, then you could retain equity in the home. Even if that was a small percentage. BUT: She would probably not be ordered to sell, until kids at least 18. You'd benefit however, in that your equity would increase by then.

However, Courts usually award a bigger slice of the house to a Parent with care, instead of pension sharing.

The best thing is that you've so far managed to get this sorted without the legal costs.

Your wife could go to court, it could cost many, many thousands, and she may get a worse deal than you've already offered.

But whatever you do decide, get it drawn up legally to prevent further claims. (Although if her employment was to change in the future, she may claim for more child support I think?)

Many thanks for your comments Sera. Fingers crossed we can keep this amicable and agree terms without going through the courts.

regards

Thedbs