Hi everyone hoping someone can help
I’ve separated from my wife amicably and we are looking at financial settlement, i need some advice on what’s been discussed so far particularly around house split and spousal etc.
We have a 16 year old girl and a 14 year old girl. Been together for 20 years, married for 17. My wife has been a stay at home mother since the girls were born however did go back to work for 12 month during Covid when we needed extra money. She then quit again as didn’t want to work.
Since separting she now works 2 days per week and gets £800 per month on a fixed 12 month contract and has just been awarded £300 per month in universal credit. She could work 5 days per week if she had a second job. I am continuing to pay all the bills and mortgage etc and rent somewhere else whilst the house goes on the market for sale.
I earn a much bigger salary however my income does fluctuate as its commission dependant however overall it’s roughly £150K per year.
We’ve agreed 80% house split in her favour which would give her approx £160K and we’ve agreed I could keep my shares for work which is in addition. If that was put in one big lump sum it works out 60% to her and 40% to me as an overall financial split. My pension isn’t huge so she isn’t making a claim against that.
CMS is £1700 per month and I’m trying to work out what spousal is reasonable.
Her needs, from mortgage and household payments, going all the way down to nail appointments and hair cuts for the girls and her, holidays, clothes etc is £3300 per month. I’m suggesting I pay £3000 per month to her for 2 years, when my eldest daughter turns 18 then child maint stops (she’ll be going into work) that figure will reduce to £2150 for 12 months and then the final 12 months it will just be
child maintenance for our youngest daughter until they reach 18 or end higher eduction.
Year 1 (£3000 month)
£1700 child maint
£1300 spousal
Year 2 (£3000 per month)
£1700 child maint
£1300 Spousal
Year 3 (£2150 per month)
£850 child maint (one child now doesn’t qualify for child maint)
£1350 spousal
Year 4 (850 per month)
£850 child maint
No spousal
This gives my wife 3 years worth of spousal at around £1300 per month to allow her to retrain or increase her hours from the 2 days per week she works now and become financially independent from me.
Does this all seem reasonable in terms of equity split
80/20 on house or 60/40 if we include shares, either way she gets around £160K from house.
Plus 3 years spousal at £1300 per month with an adjustment of year 3 where CM is halved?
Thank you
