I just wanted to gauge opinion on whether the financial settlement below seems fair. I think not, but that''s obviously not a surprise.
The facts are thus: -
I am 45, my wife is 43
We have 2 children - daughter aged 16 and son aged 8
My daughter lives with me in the marital home and my son lives with his mum in Scotland (Near Aviemore). She left the marital home, with my son, last June. With regards to access, the children see the other parents approx. 50 nights per year.
We have been married almost 14 years
My income is £70k per annum (Consultant for Virgin Media)
Her income is circa £12k per annum (Part-time Call Centre Agent)
I pay the mortgage (£715/month) and bills for the marital home. My fixed monthly outgoings, including maintenance payments of £750, are £3k.
Wife pays £650 in rent and bills for rented accommodation
The marital home is in joint names - both mortgage and deeds. The value of the home is circa £280k, and the outstanding mortgage £165k.
I have very little in the way of savings, due to paying £30k in legal fees!! Current financial assets are circa £10k, but there are legal fees to pay.
I believe the wife has in excess of £20k in savings, the bulk of which resides in Sweden.
My key liabilities are: -
Mortgage - £715/month
Car PCP - £450/month
Personal Loan (to cover divorce costs) - £200/month
The highlights of the financial settlement, as it stands, are thus: -
Wife to get first £100,800 from house sale
Me to receive next £10k
75/25 split on remainder
She wants compensation for the beds and electrical items (white goods and hi-fi) that she didn''t take when she moved last year. She did take in excess of 60% of the furniture and other household items
Wife receives £500/month in child maintenance. I get nothing from her for daughter. When the son visits me, I buy new shoes and clothing for him, as I see fit.
Wife receives £250/month in spousal maintenance
I pay travel costs (flights, petrol, accommodation etc) for children when visiting other parent
I paid £2,500 to assist with her removal costs
The main stumbling block at the moment is equity split from the house sale. The current split was based upon the house selling for £292,950, but there''s not a chance it will achieve that in the current market. Assuming the house sells for £280k, I will be lucky get £10k after costs are taken off. This is not acceptable to me.
I have paid substantial legal costs, for both parties, in excess of £28k since Feb 2010. I also facilitate both children visiting and staying with the other parent. This includes flights to and from Luton and Inverness, meeting ''half-way'' in Gretna or Newcastle, plus any accommodation needs.
I miss my son greatly and would never wish to see him go short or suffer hardship. However, I do feel that the current maintenance is fair. Taking into account that when he visits, I always buy him gifts and make sure that his clothing needs are met.
My wife presently makes communication with my son challenging. There always seems to be a problem with the home phone, she doesn''t put credit on his mobile phone and also refuses to let him use Skype; which would effectively be free!
The thing is, should I pay up, so that the divorce can be concluded after 2.5 years of grief, or take it to Court in the hope that a more reasonable settlement will be reached?
My stbx wishes to buy a 3-bedroom property in Inverness-shire for circa £160k; thus why she wants £100k in equity from the sale of the marital home. I am intrigued where the remaining £60k is coming from, as her current earnings do not warrant a mortgage/loan above £30-35k. On that premise, she must have £20k + in undeclared savings.
Our daughter is 17 next month and must be legally housed until she is 18. Therefore, both parties should live in 3-bed accommodation.
Once the marital home is sold, I will move into rented accommodation; due to the lack of capital for a deposit.
The prospect of paying more for less does not appeal, but that''s divorce I guess.
Sorry I''ve just edited my post after omitting "order" after "court." IF CM and SM are included in a Consent Order a mortgage lender may them as income. £750 a month would be £9k a year plus £12k earnings would be a total income of £21k. Multiply that by the usual 3.5 and your wife''s mortgage raising capability would be £73.5k. She would also be able to claim CB and WFTC.