Fair settlement?

Hi,
Your advice and guidance please...I'm in the process of divorcing my husband of 21 years on the grounds of adultery. We have two children together 18 and 15 years old. Trying to sort out finances, he's come back with the following offer and I'm not sure if this is fair or not.

Me - Him
45 years - 52 years
Salary £15K - £45k
Savings £70K - £295k
Pension £0 - £150K
House - jointly owned £410k

He's offered 100% house + £80K. No pension or spousal maintenance. Currently paying £450 per month child maintenance, has said will stop when youngest is 18 years.

Offer seems ok, apart from I'm self employed and my income can drop (as well as rise potentially)

Having completed the Divorce Calculator on here it's suggesting I should be entitled to more.
Any advice or guidance would be great. TIA

*UPDATE his savings are £295k not £395K!

Assuming the £410k means equity then there is £875k in equity and £150k in pensions

50/50 would give £437.5k in equity cash each. He's offered £490k equity but no pension effectively. (and still less than 50/50 in theory)

Assuming you can afford a 2 bed place on the £437.5k then there is an argument you have money and some savings that can be put towards a pension. Whilst he is still 3 years away from being able to use the pension it's still quite close and effectively he has £535k in almost realisable assets. If you can be housed with the money you are being given and can put by some into a pension/savings then you could always argue that rather than his pension he gives more of the savings to equalise it and provide towards your pension(you also have 20 years effectively to contribute towards a pension yourself).

Comes down to how much you wish to spend on the legal system, if the above is his first offer then maybe you could swing the opposite way and ask for an extra £150k and hope he settles in the middle giving maybe £512.5k in cash for you (a 50/50 split effectively even though his is also in a pension which isn't strictly cash)

I wondered where you'd got £875k equity from...I've got his saving incorrect, it's £295K!

This is his third offer. Locally a two bedroom house is in the region £220K. But would be a squeeze with me and the two kids. Also I work from home which the current family home is setup for. Without a larger house, I won't be able to run my business, therefore no income.

Ideally as minimal as possible spend on legal fees as I'm sure we all do!

So with the adjusted figures you would receive £490k and he would keep £285k and his £150k pension

If a 2 bed house is £220k then presumably a 3 bed would be sub £300k which still gives you £190k in cash that can be put towards a pension etc and savings. Assuming your income, along with tax credits and child benefits and child maintenance covers your expenditure and gives you a lifestyle am not sure what else you were hoping for.

On the face of it for "average" salaries you are quite equity rich and able to house both of you and presumably both able to afford to run a house.

What has your solicitor suggested or what extra are you aiming to get? As per previous comment, on the face of it with the new figures you are taking a bigger share and whilst you could get some more potentially you could also incur a lot of costs that would then nullify any gains. What do you think you need over and above the offer he's made?

I have recently been through a Divorce and I would say take the offer. It will save you money dealing with Solicitors and will allow you to start moving on and planning your financial future and housing. The minute you agree the weight should be lifted off your shoulders.

My current monthly out goings outweigh my 15K self employed income. I'd like to retain the house as I run my business from and know the history of the house and had a new boiler, roof, windows etc only a few years ago. Maintenance wise the house will not need any work doing on it.

I'm worried if I can't work, if I fall ill. I've looked into income protection which is around £40 / month and will only pay out 10K / year.

My solicitor has not given any indication of what she feels is a fair settlement or what I should expect. I feel each time I see her / call she is trying to drag the process out, which is costing more in fee's.

I think as HforHappy has suggested, take the offer and then I can start to move on with my new life.

So you'll have the house plus £80k of the savings, he'll have £285k of savings plus his £150k pension.

If you include the pension it's 53:47 in your favour but in terms of liquid assets (cash and equity) it's 63:37 in your favour.

If you want more you'll need to demonstrate a need and you'll be expected to maximise your income.