Moved out of former marital home with children more than a year ago. Have been earning more than ex for some time but not hugely so. Really need some more income as housing and legal costs are high but am concerned about the following:
If I increase my income further, will I end up having to pay spousal maintenance?
Will the difference in income affect the way that assets are divided (former marital home is mortgage free, but I have a big mortgage on my new home)?
Have an interview tomorrow for a better job - but also have an offer of a temporary promotion that will come up later in the year. Should I go for the interview for a permanent better paying job or wait for the temporary promotion?
It is hard to answer this question without knowing where you''re at right now. Are you still in the process of negotiating a financial settlement ?
Obviously, any change in your circumstances, or those of your husband / wife, could have an effect on a divorce settlement. To take an example, an increased salary could mean you could afford a larger mortgage than you would otherwise, and that can mean that your spouse might have a larger share in the house.
I think anyone who is paying spousal maintenance, or is at risk of doing so, should be aware of the risk that a Court could make a permanent sm order on the basis of a salary which is only temporary, or where the payer''s income, for example, consists of overtime or bonuses which are not guaranteed, and which could fall, when the sm would not. To say that you can apply to vary is all very well, which might have more substance if variations were compartatively simple and cheap, but of course they are neither.
Things like spouse maintenance often depend on the difference between incomes and may also take into account earning potential. So we may be able to give you a bit more help if you can give actual (and potential for you) income figures, and also whether either or both of you works part-time and whether it is feasible to increase hours.
STBX earns £28K and I currently earn £35K both working part-time (approx 4 days/week).
The marital home is mortgage free and worth about £300k. STBX lives there. I have bought a house worth about the same but have a £200k interest only mortgage and kids live there with me apart from standard contact.
I would like to apply for a promotion which might add another £4/5K to my salary if I remain on same hours. Should I do it or sit tight in current job until matters are resolved?