division of assets

What is a fair settlement?

My wife (age 63) and I (age 65) have been married for 14 years and separated for 20+ years! This was done so that my wife could stay in the family home to bring up our three boys (now aged 22,30,31). I have maintained a close relationship with all members of the family to enable a healthy upbringing, paying for education, mortgage and house running costs in the early years, tho'' the wife now pays the household costs. I have lived with my new partner ( who gets on well with my wife) for 20 years in his house. All three boys have flown the nest. The house is worth about £550,000 with a mortgage of £37,000 (5 beds). My income from a part time business is about £12,000, My wife''s is about £13,000. She has savings of £5000 as far as i know and I have savings of £140,000 mainly accrued during our 20 year separation and including a £64,000 inheritance from my mother 2 years ago. I also have a state pension of £9,500 (my wife has deferred her pension) and a private pension pot of around £120,000 as yet untaken. The "REAL" asset built up during our 14 year marriage is our house and it is on this basis that I want to give my wife 3/5ths of the proceeds from the sale (i.e. about £300,000)plus I will pay all moving expenses up to £50,000. My wife thinks a better settlement would be the whole house goes to her. We have to agree an amicable arrangement in order to perpetuate the good family relationships I have worked hard to build.
What is a fair split?

What do you each NEED? A single person clearly doesn''t need a five bed house! What would £300k buy in your neck of the woods? What are you doing about your other assets? Just because your £140k was built up while seperated you were still married so it could be included.

Before anything else true valuations need to be established, in particular your pension in payment and both your pension funds. On the face of it there is in excess of £800k+ to share and £500k might not be so excessive if that is also to provide income in retirement.

You also should find out the tax position as you can only claim capital gains tax relief on your main private residence or nominate the former matrimonial home for the relief.

Only once you know the true valuation of all the assets and liabilities will you know the net value of the matrimonial property to be shared.