Hi my husband left a few months ago and I’m waiting for the Decree Nisi! We have started mediation and at financial disclosure stage! I’m not sure I’ve done the future needs correctly! I can’t get it anywhere near my net monthly salary based on potential new mortgage. Roughly £1400 over and that doesn’t include future savings, house maintenance, replacement appliances etc. No idea how much I need to live on my own as always been a family! Any advice welcome! No sense from the calculator! Husband has estimated his future financial needs as a wish lousy which equals his net drawings and doesn’t leave room for spousal maintenance although the majority is massively inflated to previous expenditure and compared to what I have put!
We are both 50, married 27 years next month and have two grown up children who now live separately (since last summer)! I have always maintained the home and childcare etc. whilst husband built his career and I had mainly part time jobs until last few years when I gave re-qualified and worked full time. We have had a good standard of living (spenders not savers) with 2-3 nice holidays a year and weekends away. Everything we have had been built up during the marriage.
Husband earns £112k fixed equity drawings (self employed basis) plus £6-9 annual bonus and £12k additional benefits as part of package inc. life cover, private healthcare which I benefit from. (Net £6663 pm)
I earn £32.5k (net £1950 pm)
His pension is a SIPP est. CETV £270k mine are active and deferred member pensions CETV total £140k
Marital hone - 4 bed detached House for sale equity around £200k.
Two cars total value £15k and other valuables totalling £10k. Savings £10k.
He has a small equity share of business which is paid for by business loan of £63k taxes and business loan interest are deducted before net drawings paid).
I have a heart arrhythmia condition which is managed by medication but potentially get worse as I get older or need further surgery. I manage it quite well and whilst I’ll at times currently do not need to take much time off work. I’ve recently been declined critical illness and attempting to go through specialist brokers which I was hoping to use to cover mortgage payments.
I’m looking at smaller 2-3 bed houses of £200-230 and would need a £130 mortgage if I got 50% split of equity, husband is looking up to £300k.
We are still amicable and want to stay that way. Any advice what a judge would see as fair in a Consent Order! I just want an idea to help in negotiations. A 30 minute consultation with a solicitor has suggested I should get most of the equity from the house with husband having a 10% deposit half pension value set up in my own SIPP and £1300 monthly maintenance for life! I think that sounds a lot and we were hoping for a Clean Break if possible! For the record I didn’t choose to end the marriage and still emotional which is impairing my judgment! Hence the help and advice, I need to think with my head and not my heart!
Last edit: 18 Jan 21 by Left confused. Reason: Amend
By the sounds of things you shouldn't really have any problems as there is enough to cover everything you both need..
The starting point is 50:50 split of the assets but because of the disparity in incomes you could argue for more. You have pension provision and still have time to increase your pension so ask for more of the equity instead. He has much greater mortgage capacity than you so will need a smaller deposit.
If you could argue for as much of the equity as possible then the closer to mortgage free you would be which would reduce your outgoings.
Make a budget and look at all your outgoings too. If it is currently coming out as a spend of over £3000 per month that is a lot for a single person even with a mortgage.
Hi that was estimated future needs loosely based on lifestyle during marriage which I was advised to put although I have reduced it quite a bit -
My husband’s estimated needs total almost his entire income and the only difference is £1000 extra mortgage if I get more equity and him a 10% deposit and £1200 voluntary pension payment