My needs V's his inheritance

Hi all
I have posted many times but rarely get any response, probably down to the lengthy posts, so I'll keep it brief.
I live in the FMH, interest only mortgage (remortgaged £75,000 to pay his business debts a few years before seperation) 10 years left on mortgage term. £190,000 outstanding. Approx value £230,000
FMH has a charge for approx £50,000 in his sole name for a business debt.

He lives in his fathers property with his sister, they have recently inherited 50% each of the property. Approx value £230,000
They are also to receive 50% each of a property overseas. My theory is, they will sell Spanish property and he will buy sister out of the U.K. Property. He will be mortgage free.
He is also a residule beneficiary of the remainder of the estate. Approx £200,000 to each residule beneficiary.

No idea what he earns, he takes dividends from the family business, he and his sister were made a directors shortly before their fathers death.

I earn £17,500 P/A no pension
He has a pension, no idea of the CEV.
He has cars, motorbikes a motor home
I have my car on finance.
1 adult child of the marriage.

Has anyone any suggestion on what kind of proposal I should put forward to him which may come close to what a judge would order.

When I asked my solicitor is what I am asking for fair? The reply was they could not say until after the full financial disclosure of a form E.
This didn't answer my question, and doesn't answer yours either!
The only way to find out what a judge would say is to go to court. I would avoid this if possible as it is hideously expensive.
How about working out what you think is fair, and suggest that?

Did he inherit after your separation?

What equity is there in the FMH it is confusing as you mention several mortgages but looks like there may be negative equity?

You need to exchange financial details before you can have any idea what assets and incomes there are.

What are you hoping for? Maybe with his inheritance to protect he may be open to suggestions.

Thank you
House is in negative equity if you factor in selling fee's. From what I've read if the house was sold, the creditor is only entitled to take anything from husbands share, as it would be very little the balance would revert back to being an unsecured debt which wouldn't affect me as its not mine.
This is probably the best option but I would be homeless at the age of 56.

We are still married, but been separated 3 years, he inherited 9 months ago, he's executor and is delaying applying for probate I'm guessing in the hope he can divorce me before probate is granted and he has his properties and money.

Just one mortgage and the charging order, or restriction as it's known due to it being a joint mortgage.

From what I know to be fact once probate is granted, he will be able to buy his sister out of the U.K. Property and be mortgage free, he will have dividends of at least £1500 per month (rental business) plus any earnings from his self employment. In addition he is likely to have circa £100,000 in cash.

I don't resent him for this, although they weren't close its still his family member who has given him this security so understand it's not my right to have anything from his inheritance, but I do need something even if it's just him paying off the charging order.
Would that be a fair thing to ask him to do?

Without full disclosure it is very difficult for you to accurately assess what is "fair". For example you don't know the CETV of his pension, which could be a significant sum.

If you do voluntary disclosure (Form E via solicitors) you still have to trust that he provides accurate information.

Another way to look at the situation is what do you need going forward? Given your age and current earning capacity, I don't think the courts would allow you to be effectively homeless (or burdened with a mortgage you cannot afford) while he has a mortgage-free property and cash in the bank.

It's nice that you don't resent him for his inheritance, and I can understand you might feel guilty taking some of that from him, but think of it another way - if you were still together it would have been *your* inheritance too, and since you're not yet divorced then you do still have a legitimate claim of need for him to support you.

What would it cost for you to purchase a small home or flat in your area? Suppose that was £150k then it would not be unreasonable to ask for that so you can live mortgage free. With his inheritance it sounds like he may still be able to buy out his sister, perhaps with a small mortgage that he could probably afford with his earnings.

In short you need to be realistic about what you need (put guilt aside). He may resist at first but given the situation you have described, I would think he stands to come out better off negotiating with you than letting a judge decide.

Thank you willap, it's very kind of you to reply.

I have heard from his solicitor (I can't afford one) and she has suggested we voluntarily exchange Form E, I'm not surprised by this as there are more than one reason why he wouldn't want to go to court, but I have zero trust in my STBX, him and honesty just don't go together.

I was thinking a fair figure would be around £150k, but I would if I could, pay the CO off, and reduce the balance of the mortgage by £100k.

Although the FMH is only 2 beds it does have room to build an annex, I would be able to have my son and his gf (and my grandson) stay here with me (they currently live with me) which will enable me to overpay the mortgage for the next 5 years or so until I retire. Of course having this annex would generate an income after retirement too, either from my son or someone else.

Is this kind of proposal something a court would consider, to me it makes sense, building costs aside I would have means to generate an income and I'm not making my sons family homeless.

Thoughts would be appreciated

Hi Lipstickandlollipops

The first step with any solicitor is to advise a client to exchange financial information voluntarily and to avoid court if a settlement can be achieved by mediation or negotiation. So can I suggest that you try to look at the step of voluntary disclosure as standard procedure, rather than a suspicious step.

It sounds like you want to stay lving in the former matrimonial home. So move forward on how can you achieve this with an overall fair financial settlement.

As others have mentioned, you do need full finanical information, so wait until Form E's have been exhanged and you have that information. (Just some initial thoughts, I'm not saying they are fair at this stage, but look at all the figures, there are debts that you say relate to your husband's business, would it be reasonable for your husband to pay a lump sum to reduce the mortage debt ), this question can only really be considered once you have full disclosure as part of a proposed settlement)

It is worth finding out your borrowing capacity as this will help you make an informed decision. You can also ask if that is not with your H's Form E that he provides his borrowing capacity.

Best Wishes D