Just passed my first year of separation and am intending to proceed with a mutual divorce at the two year point.
My children, aged 14 and 13, spend one week with 'her' and the other week with me then back again, making equal shared care all the time. The kids are happy with this.
She is still living in the marital home with her boyfriend and I am renting with my girlfriend.
I have been led to believe that when there are children involved, the marital home cannot be touched, with regards to financial settlement, until they finish full-time education up to A levels.
Does the fact that it is equal shared care make any difference?
I would like to get my share (ideally 50%) of the house profit as soon as divorced so I can put down a deposit on a house.
She is on a joint income of about £33K per year and I am on a joint income of about £75K per year.
Since I moved out I have only been paying child maintenance and half of the buildings insurance. She has been paying the mortgage interest and everything else related to the property.
The house is worth about £200K and the mortgage is an interest only one for £100K.
Sharing assets is about balance and a court wouldn't keep children in the former matrimonial home if there is a lot of equity in it and the parent who moved out is left destitute. The consideration is the income of the divorcing party, new partner's income is only relevant in so much as it contributes to household living expenses.
There are a check list of factors to give regard to when splitting assets. In most cases needs is at the top, or near the top, of the list. A good starting point is to ascertain each parties mortgage raising capabilities. If one party earns more they can borrow more and the other party would need a larger share of capital to leave them on a similar footing.
Would you mind sharing how this was resolved in the end?
I am in the middle of separating and we share care for the kids 50/50 too. I earn about £100K and she earns £20K. I worked hard at developing my career and my spouse chose easier roles to have a better work/life balance.
Curious whether you ended up 50/50 or whether you had to take a lesser share because of the needs to the financially weaker?
I am also unclear on whether your spouse continues to be entitled to your earnings until you get a divorce & court order i.e. If you wait 2 years, does she continue to be entitled to half the joint assets generated during that period?