Been married for 8 years with 2 children, aged 5 & 7. Both children live with me in the matrimonial home and stay with their dad 1 night per week (CSA in payment of £450pcm).
I work part-time so we don't have to pay childcare costs and earn approx £8,500pa.
House valued at £215,000 with a mortgage of £90,000 which I pay solely on my own.
No spousal maintenance in payment as his argument is if I can't afford the house and kids he can. Surplus cash each month excluding utility bills is £250.00 (all food, petrol, clothing etc)
Capital of £28,000 is in stbx name only and have commenced savings since we married.
We had agreed a 70/30% split on all assets but now he wants to add a further scenario of a 70/30 split but 10% each goes to our children reducing my share to 50%. He will keep all capital to reduce his property share to 12.1%
Due to my earning potential I am unable to obtain a mortgage in my own name so he remains as joint policy holder, stopping him from obtaining a mortgage in his own name.
My question are:
Can the property be split with the kids receiving 10% each?
Should I consider his pension? He still has 25 years until retirement at 60.
Should spousal maintenance be payable?
How to overcome the mortgage problem.
1. Theoretically yes practically No it would be a disaster as you could never borrow against a ppty part owned by C whose int would be held by trustees
No Court would EVER give a C a LS or interest in a property
2 Theoretically yes practically no you will get a pension offset so you keep the FMH
3 Yes but practically No as capitalising SM helps you get FMH
"joint policy holder"-what policy????
Some lenders will lend if his mtge covenants are not released - he will need to see an IFA