Is this offer fair - your views?

Hi

I write on behalf of my brother who is going through a hellish time. Any advice is much appreciated. I will try to keep things brief.

One year ago W (47) left FMH leaving H (43) with their 12 yr old son.

W moved in with new partner straight away but rented a house to make it look like she hadn’t had an affair. Now admits to affair.

W’s new partner lives in £700,000 house and runs own business

H and W divorce came thru in July 21

Had First Appointment for Finances awaiting a date for FDR

As soon as finances mentioned W “splits” with boyfriend and rents a flat again.

Within two weeks W is back with boyfriend but states she will continue to live in flat.

H spent over £40,000 to get this far and can no longer afford legal fees so LIP. W still represented

Married 18 years, Cohabitation 2 years

W earns £40,000
H earns £40,000

H is insulin dependent diabetic and has recently been diagnosed with diabetic maculopathy which will lead to him becoming blind - perhaps within 5 years. Which means he will lose his employment as soon as he can’t drive.

H has 80% care of son and receives £270 pm in child maintenance

FMH value £354,000 (agreed in court)
Mortgage £100,000
Equity less sale cost fees/early redemption etc £242,000
50/50 share is £121,000

Pensions
W generous scheme £140,000
H military scheme £66,000 and weak standard gov pension £7,700
Difference in pensions is £66,300
Judge instructed actuary will be used and is about to be appointed

W states she won’t settle for less than 50/50 of equity and H to leave her pension alone

H wants to make an offer to see if they can come to an agreement as just wants it all to be over and as little costs as possible.

Bearing in mind H’s child care commitments, poor health, diagnosis and earning potential does this appear fair:

* FMH 70/30 split = H £169,400 W £72,600
(Divorce Calculator on here suggested 70/30 split and SM of £197pm)

* Pension offset ?????? (Difference in pensions is £66,300)

Was thinking of offering £35,000?????? In overall settlement ??Clean Break, which seems ridiculously low. It would mean H could cover mortgage on his own and keep son in the only home he remembers. W could have a deposit on a property she has told friends will be a rental investment as she will move back in with boyfriend. She would keep all her pension and retire at 55 still, keeping her lump sum. I have considered Section 25.

Please be honest and let me know what you think. Don’t want to make a stupid offer but need to offer something. It’s not about being greedy or nasty, it’s about H not having much of a long term future.

Thank you in Advance

What size mortgage can they each obtain?

How big is the FMH?

What would a 2 bed property cost to buy?

I would take the divorce calculator with a large pinch of salt.

Even if the ex has a new relationship, she is still entitled to a fair share of the matrimonial assets. It may be that she has to wait until the child is older if the funds are needed to meet their housing needs in the short - medium term. Ideally though there should be a clean break with each party in a position to buy a suitable property.

Hadenoughnow

Hi Hadenoughnow

Thank you for your swift reply - you are always so helpful and balanced on here - we do appreciate your advice.

The FMH is 3 bedroomed. H has the family dog and may well need a guide dog in the future so can’t really have a flat.

Mortgage capacity for H is £135,000

Wife will be about the same

2 bed houses in this area upwards of £220,000

2 bed flats upwards of £130,000

3 bed houses upwards of £250,000

Yes, of course, W should receive what she is entitled to but I simply don’t know how to work out an offer that is affordable, covers Both needs and is not insulting x