So I found out today the absolute was made final in January, I have had nothing from the court. I only know because I emailed about a week ago and asked where we were with it, as I had signed the petition last July but heard nothing back. mediation last November failed, form A is ready to be signed by mediator (first one expired, it's only valid for 3 months) and I'm almost ready to submit to the court.
The only assets available are his inheritance, it's a very clear case of a needs based claim as the matrimonial property is highly charged with his debts and a further advance taken out to support his business, pay HMRC and VAT, there are no other joint assets.
I know inheritance is a sticky subject and some people feel the other person had no entitlement to it but my view is, he had the benefit of the equity during the marriage (along with me) but I'm left with a huge mortgage, there is no way I can repay the capital when the interest only term ends in 7 years.
The idea when we took out the IO mortgage was when it had 10 years left to run we would both be able to work full time, convert to a repayment mortgage and pay the balance off with his inheritance.
Unfortunately when the 10 year plan should have come into play he moved out, and in with someone else and left me to follow the long term plan alone.
I estimate his assets to be around £400,000, if I were to ask the court for £150,000 to pay the majority of the mortgage off, I could then take out a small mortgage for the rest (£40,000) over 10 years which is the maximin amount of time I think I could work until, as I will be 68 then.
Me No pension
Him yes but no idea what it's worth
Me income £19,500 PA
Him S/E paid a lot in cash - No idea of true income
I live in the FMH with our son and his family (our son also inherited but ex is executor and will not distribute - legal proceeding commenced by our son against executors)
He cohabits with girlfriend/wife FMH value £230,000 in poor state of repair, no planning permission for works carried out by ex - debatable whether it is saleable in its current state.
At mediation he offered me £30,000 and he has the FMH
I refused his offer.
What realistically can I expect to achieve? Your views would be appreciated.
NB I was a very downtrodden loyal and supportive wife, controlled to the point I believed I couldn't go out alone (without him) wasn't allowed to work, or have access to any money, I supose it amounted to financial and mental abuse, although I didn't realise it at the time because I loved him.
When was the inheritance received?
How big is the FMH?
What do you mean when you say he has had the benefit of the equity? If there was an agreement that the mortgage would be cleared with inheritance that would be relevant.
If he has used funds from the FMH equity or secured loans against it, that is also a factor. You should not have to pay his debts, especially if he has the means to do so.
Inheritance received 2 years after seperation. FMH is a two bed bungalow
No formal arrangement to clear the mortgage with inheritance, just discussions between husband and wife at the time when agreeing to remortgage our home for £75,000 to prop up his business, and pay its debts.
I forgot to mention in my previous post that there are two charging orders on the property for more business debts (around £50,000)
I'm fully expecting to take on some of the debts as they were incurred during the marriage and it can be argued that I benefitted from it.
My way of thinking is, if I can get £150,000 in settlement, I have 10 years to pay the balance of £40,000.
The charging orders could then be repaid upon sale or when I die.
In effect, given the £75,000 remortgage money and the charging order debts of £40,000 had nothing to do with me as I had no access to the funds and didn't run up the business bank account or builders merchants account into debt he will be only actually be parting with £35,000, as he has had the benefit of all that previously. To my mind, he's had the benefit of any equity, and has debts on it so technically left nothing for me, and nor does he think I have any entitlement to any of his inheritance.
I have had some legal advice, but never been advised if what I'm asking for is fair.
My non legal perspective would be that the charging orders are his debts and should be cleared. The remortgage if it was used solely to benefit his business should arguably be repaid by the business or him.
Your need would be based on the cost of suitable alternative housing, not the FMH if it is bigger or more costly than your strict need. As it is only two beds it could be considered an appropriate size. Could a two bed place be bought for much less??
I don't think there's any harm in getting this before a court. If you need help to make the application etc, please give the helpline a call to see how we may assist.
Mortgage is in joint names (100% beneficial interest is mine, purchased from the trustee in ex's bankrupcy during the marriage) although I have paid it myself (and paid off the arrears he left me with) since he left, nothing from him at all.
I couldn't buy a two bed for what is owed on current property, only a one bed flat, additionally if I stayed here I have potential to rent out the converted garage (not completed) as a self contained studio flat, thus giving me an income in retirement, and possibly pay off a large amount from the charging order debts as I'm willing to take them on, if he clears the mortgage.
I can't see any better way of resolving it.
I would be housed, mortgage free
He has a mortgage free property - Inherited
He has an income in retirement - his pension
I have an income in retirement - rental income
Is it best to ask for exactly what you need, or ask for more and be negotiated down.
I could ask for the cost of rectifying the dodgy work on he did on the FMH, I will have to get retrospective planning permission, and have various other works redone to bring it up to building regulation standards, probably another £20,000.