One of the things I would observe if I was looking at matters
was the face you have an inordinately high car loan for your
How long has that been going for it may be be prudent to ditch the car
and the loan and buy a cheap but reliable car and those savings will
self finance the transfer of equity
Anor Q'n is the mortgage on an ordinary repayment basis?
Need to know:
A common error made by people is the solution to cases can be found
in knowing your mortgage market
The drafting of an agreement is not too complex
Most County Courts produce pro forma the solrs use-
The earliest the order could be made is on pronouncement of the D/N
It would take 3-4 months to get that so sometimes if you both
want to get on with it the trnsfer can be dealt with then
Now a couple of points re timing:
Base rate redcn yesterday
Most likely anor in Feb and say
late Spring so any remortgage best left till then so aim to get to D/N by late Spring/Summer
That way your buyout will be cheaper
If house prices reduce further have a joint valn then and the buyout will be cheaper again.
Remember the Crt looks at assets and debts
Equity of FMH +Cars+Savings - Debts-Car Loan-Mortage+ Pot
divide by 2
What about Pension
My guess is it will be irrelevant as a short mrge -similar salaries
If her Pension lower still likely irrelevant as Crt looks at Pen during marriage
One impt point did you cohabit before marriage as Crt will + this to length of mrge if cohab "seemlessly" moves into marriage without a break
From the facts I have to say it looks that a settlement should be poss to work out swiftly
Solicitors generally charge between £150 and £200 per hour plus VAT and it is clear to me from my experience with this site that there are those who are really excellent whose advice is well worth this sort of money, some who are competent but not brilliant, and there are some who are frankly useless or in some cases whose advice is just plain wrong. The best safeguard you can get is not to consult any Tom Dick or Harriet, but to use someone who does family law and nothing else.
I have already said that your case looks fairly simple to me. What you must - and I mean must - do is to get a financial settlement with your wife, one that is legally watertight and prevents her doing an Oliver Twist and asking for more ten years down the line. The drafting of the order can be crucial and you should not attempt it yourself unless you know what you are doing.
The procedure is that, if you are agreed, you should apply for a Court order which incorporates the terms you have agreed, that makes it legally binding and both of you can get on with your life without a sword of Damocles hanging over your head. You will both have to give short details of your assets, liabilities and other such details, but it is not as complicated as the mind-blowing form E. It is best done through a solicitor, even if only because the judge is more likely to sign it off if the parties have had legal advice. And the cost should be very modest - at least modest when compared what what it would cost for the whole kit and kaboodle.
Your case looks - on the face of it - pretty straightforward. It looks to me as though there will be no ongoing maintenance, split the equity 50/50 and buy your wife out, you probably keep the car and the loan that goes with it, and I tend to adopt a ruthlessly pragmatic approach and say that this looks like a sensible deal and it will cost you a heck of a sight more if you or your wife wants more than 50/50 and you have a fight in Court about it at the rates that I have quoted. Don't delay, do it now. If you do it now you ought to get a Clean Break and you can get out of the marriage without significant damage.
Most solicitors will give you 20/30 minutes free legal advice. It is legitimate to ask for a few quotes. Check out this advice by all means, indeed I encourage you to. If you delay your wife could come back at you if the circumstances change. If you try to reach your own agreement your wife may later attack it on the grounds that it was made without legal advice. Ask your solicitor what (s)he would charge for a straightforward Consent Order.
Pete, my friend, I know I am an old f**t but I have lived long enough to see the world and its wickedness and hopefully try to learn from other people's mistakes. I have been paying maintenance to me ex for 25 years with little hope of release. Admittedly the circumstances in my case are totally different but if I can stop you getting into the same morass then the time spent on this post will not be wasted. See a lawyer and good luck.