I have been for a free one hour session with a solicitor and so has my ex. We were both told that the usual financial split of assets is 50/50 and that's it. I earn £27000 and my ex over £54000 per year. We have always talked about a 50/50 asset split, but now I wonder if I may be entitled to more. I am not out to get all I can, but want it to be fair. We share the children 50/50, so I know that maintenance is not something I will receive.
It was my decision to separate. If my ex knew I was looking at more than 50/50 split, he would be extremely angry. I don't want to cause huge arguments about this and wonder if I should suggest mediation to talk it through and bring it up there?
The number of children you have and their ages (including any step-children that live with you); Son 14, other son 12
How many nights the children spend with each parent; 50/50 so 3.5. nights each
The length of your marriage and any period of pre marriage cohabitation; Under one year cohabitation, 17 years of marriage
Your respective incomes; Me 27K, Him 54k approx
Your respective outgoings; I am currently paying towards his mortgage of the family home, £333 towards a £1k/ month. I am living in our other property which we used to rent. It is mortgage free, but I need to apply for a mortgage for it so that I can stay there. It is worth approx 190k and I have provisionally been told I could get a mortgage of up to 100k. I can't do this until my name is taken off his mortgage. He is living in a house worth approx 360k and his mum lives there too. He is going to sell the house and we will pay her back half the value of the house, whatever it sells for. There is a 170k mortgage left on that house, so it will probably break even, approximately.
I pay approx £100/month for council tax and energy, food approx £300/month. No childcare costs
Your assets - both solely held and joint (ie property equity, pensions, vehicles, savings, etc);
I have a car worth about 2k. His care is worth 10k but his mum lent us the money to buy it so he is paying her back for that.
We have money in our currents accounts, approx 5k each (spending less due to Covid)
We both have teachers' pensions, with mine being worth considerably less than his as he has always worked full time and I have worked part time since the children were born (I am doing more hours now).
Your liabilities - both in sole and joint names (ie credit card debt, outstanding mortgage, etc).
As I said above, £170 left on the house he is in but should be paid off when he sells it.
Any other factors, such as one person having limited earning capacity due to ill-health or a long career-break, etc.
I earn less than him because he became promoted in his career. Not ill health, no.
I am not certain yet, because the house I am in has not been revalued. I am going to try and get a mortgage on it next week. My job is also not certain in these times, so even more important to get a mortgage sorted.
Why are you paying £333 towards the mortgage on a house you are not living in?
If he is earning £47k he can easily afford the mortgage himself. Usual rule of thumb is whoever lives there pays the mortgage and bills.
How much of the FMH does your Mother in Law own?
You each need a three bedroom house. How much do these cost by you?
You really need to know the value of the pensions as you will probably want to negotiate more, or all, of the house equity in lieu of a share of his pension.in order to reduce your need for a mortgage.
Thank you for your reply. Im paying towards his mortgage because I am living in our other property which has no mortgage. The best result would be for me to stay living in it, but he owns half of it so after it being valued i owe him half. MIL owns half the value of FMH, whatever it sells for as she put in half on purchase.
Ex says if i cant afford to stay where i am i will have to rent or he wants to sell it too. 3 bed are over 200k. This one was valued 190k in Nov. Could it be valued higher in covid times since then??