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yet another advice needed thread

  • unhappyBurt
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02 Oct 12 #358898 by unhappyBurt
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Hi all,

I am planning to move out of the mariatal home. ( i will be crashing at my brothers for a while)
we have a house with a large equity (about75-80%)
we have two children 11 & 14

I am self employed (ltd compamy) and take a small salary of £624 p/m and after expenses and tax take the rest as dividends.

My wife has a part time job and also does some work for the ltd company (about£300 p/m)

my many questions are:
1)can we just make our own agreements on how much i should pay each month.
2)If i cant afford to rent a flat due to the mortgage payments can I make her sell the house and divide the assets?
3) if we sell the house I would like to make sure that they are well looked after so i was thinking that the assets are divided into thirds- 1 for me 1 for my wife a 1 for the children. is there a way to protect their interests in this?
4) I presume my salary and dividend are included in any calculations but i also oresume that expenses are not- is this correct?

many thanks in advance

  • WYSPECIAL
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02 Oct 12 #358900 by WYSPECIAL
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ninecrimes wrote:

Hi all,

I am planning to move out of the mariatal home. ( i will be crashing at my brothers for a while)


DON''T DO IT! STAY IN HOUSE UNTIL EVERYTHING ELSE IS SORTED.

The pot of assets, including the house, will be divided between you and your s2bx. you can''t put some aside for your children

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02 Oct 12 #358901 by unhappyBurt
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why do i need to stay at the house?

sureley rather than take my half of the equity (£120k) I could take £70k and give the children the remaining £50k which i would put towards the their house in their name

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02 Oct 12 #358905 by WYSPECIAL
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ninecrimes wrote:

why do i need to stay at the house?

sureley rather than take my half of the equity (£120k) I could take £70k and give the children the remaining £50k which i would put towards the their house in their name


First mistake= your half of the equity.

The equity forms part of the total pot. Given the ages of the children and your wifes income you are not going to get anything like 50% of the total pot. depending on what other assets there are your wife may get all or the majority of the equity in the house.

The priority will be housing everyone. Your ex will need a house that is big enough for her and the children to live in that she can afford.

You can''t make her sell the house. Only a court can order that. If you move out and carry on paying the bills do you think she will be in a rush to sell or be pushing for a court to order she can stay there while you pay spousal maintenance?

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02 Oct 12 #358907 by WYSPECIAL
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Post more details on all assets such as pensions savings etc, incomes and your ages togther with outgoings and debts.

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02 Oct 12 #358913 by unhappyBurt
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ok that makes sense
i would hope that she will play fair.

obvioulsy all the time i am paying for the bills then there is no need for her, but if i move to a flat and need to pay rent then we wont be able to pay the mortgage.

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02 Oct 12 #358920 by WYSPECIAL
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I don''t know what your current house is like. Is it bigger than she will need? Good starting point would be how much would it cost to house her in a 3 bed house in your area?

Also find out what she is entitled to tax credit wise. Once you know what her income will be post seperation you''ll have something to work on.

CM at CSA rates will be 20% of your income.

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