Hi all, I plan to start divorce proceedings after 2 years separation next month and would like some views on what could be a
fair settlement:
Married 14 years, my age:42, her age: 40.
3 children: 13, 10 and 9
Income/Assets
My income:130,000 (I work overseas tax free. If I come back to UK it would be 90,000 before tax - not planning to come back to live permanently anytime soon)
Hers: zero (stay at home mum)
Savings: 40,000
House equity: 140,000
Mortgage payments: 2,000 per month
My pension: 210,000
Her pension: negligible
In terms of earning capacity, my ex is an ex-nurse but says she cannot go back to work full time until the youngest child is in senior school (2023). I currently pay her 4,500 a month for her and the kids as a "living allowance". I pay the mortgage on top also. We agreed this when we separated and it is probably generous.
I am thinking along the following lines as a settlement:
child maintenance: 1,200 per month
Payments for the mortgage: 2,000 until 2023 when house is sold (youngest in senior school)
80% of house equity: 112,000
50% of the savings: 20,000 (paid when the house is sold)
25% of the pension: 52,500
She would have to work at least 16 hours a week and will also get tax credits, etc to increase her income (not sure by how much it will increase). Also, if I have to come back to the UK before 2023 the house must be sold immediately. I have zero accommodation costs, bills etc, where I live overseas. She would need a house priced around 300,000 to rehouse in a 3/4 bed place the area we live.
Another option is that she gets 100% of the house equity up to 140,000 then a 50:50 split on increase in house value (if any) and I keep 100% of my pension and she gets 25% of the savings (10,000)?
I am thinking of getting it agreed in the
Consent Order that I get my capital payments on the mortgage reimbursed when the house is sold but would this mean I would have to pay spousal maintenance on top as well? The person I spoke to advised me to call spousal maintenance "payments for the mortgage" instead.
Staying in the house means a lot to her and she mentioned informally that I can keep my pension if she can stay in the house. I asked her to get advise on what she is entitled to for the last 12 months and she has not done so yet.
Bottom line I want to be fair and avoid my kids bearing the financial impact but do not want to be funding her lifestyle unfairly as well. Things are fairly amicable and I skype my kids most nights and come to visit/take them away during school holidays so would prefer things to stay this way.
Thanks for looking at this.
Vig
