Daughter leaves for uni this year so tax credits and child benefit will stop so I need to know where I will be financially.
I post below details of incomes, pension and mortgages and would like advice on what type of settlement might be appropriate.
H = 50
W = 55
Husband income £1600 per month from employment.
Has a small pension worth £2000 ayear at present with a lump sum of £9000, not yet in payment. Has already received £9000 from a previous redundancy 12 month ago.
Allegedly living with friends so OW can claim tax credits or so he says, so paying rent there I assume. No other outlay as far as I know.
The last date for his CETV was October 2009 at 83034.00.
Wife income £608 per month from pension.
No other income.
4 bed house in need of a lot of work worth £175,000 oustanding mortgage £22,000, where I live with daughter.
2 bed in area would cost 125,000 to 150,000
No other debts or assets.
He pays me £600 per month to cover mortgage and daughter maintenance but assume this will stop when she leaves for uni.
You posted a week ago under title "financial split". Wikis did come forward to try and help. I think Mathsisfun suggested you may try and negiotate a mesher order so that you can stay in the FMH until your daughter leaves university.
Is your ex pushing for a settlement? Has an application been made to court for ancillary relief?
Its a tough one as there just is not enough money for you to be housed in a 2 bed property, unless your ex agrees to you retaining all equity (is that likely?)
I think the problem here is that there is just not enough money to achieve a settlement that you will like .
It is a long marriage so start point is 50:50.
There is circa 150k in the property. Half is not enough to buy a place for 125k which is the minimum you say you need. Your daughter''s need for a room is relevant but only in the short term. I cannot see an argument for you having the lion''s share of the equity long term although you may be able to agree to defer sale until she completes her degree.
The other problem here is the Nhs pension you have. You have taken it early but if it is paying 600 a month it must have had a substantial CETV. My back of a fag packet calculation is 7k a year for 30 years is over 200k. This means you already have most of the joint pension pot. Was there a lump sum with it?
You say the pension is your only income. I think a court would expect you to look for work unless you have a disability that precludes this.
As the pension is a life time income I don''t imagine there will be any pension share except potentially in his favour. Sm on his income is pretty unlikely although he may have to pay mortgage while house is sold. This may be in 3 years time. My worry though is whether you can afford to run the house.
I think you need to find a job ASAP (not easy I know). If you were able to raise a small mortgage, that may open up your housing options. You could investigate shared ownership in your area it look at properties for over 55s which can be cheaper.
I know this all seems very unfair but unfortunately when it comes to finances, courts don''t care about how the divorce came about: they are only interested in the assets and how to divide them according to need.
I only hear from my son what ex is thinking so not sure if this is accurate as I am not in contact with him as OW does not want him to have contact with me.
No application has been made yet as I have been happy with the situation but as daughter will be leaving soon I know things will change dramaticaaly for me on a financial level as I will loose tax credits and child benefit and assume stbx will want to stop payments for her which is fair enough.
I really am worried that I will end up in a very small possibly rented place and I have three dogs which stbx wanted and then just left me with. I know they won''t be aken into acount but they mean the world to me and the kids.
It will be difficult to negotiate with someone you are not allowed contact with.
I did not work full time for the last 22 Years so pension was based on 20 years full time in the end. CETV was 151,000 and I did get a lump sum of 21,000. I have had to spend some to live on and gave my son 2000 to compensate for the money his dad took from his 18th insurance money, so I have around 15,000 left but it will dwindle as I need to dip in to it.
Will the 9000 stbx had not be taken into account and also the fact he has a pension too.