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History: Home UK Divorce Forum
Topic:
Finances (3 Posts)
Started By:
Date:
10 February, 2017 05:37PM
Finances
Mockingbird - 10 February, 2017 05:37PM
Hi,

My divorce is at nisi stage and has been for quite a while. My ex has been very reluctant to disclose his finances and move forward. He has now sent me a proposal which he would like to get settled through mediation. Our mediation would be shuttle due to previous domestic violence. We attended mediation previously but could not agree and I was at the stage of applying to the courts when he sent the proposal ( I had mentioned I would be applying)

We were married for 7 years, together for 11 with 2 children, 9 and 11 years old. They live with me and that is to continue.
Myself and the children currently live in the matrimonial home. My ex hasn't in the last 2 years. He rents a house but uses it only at weekends as he lives with his girlfriend (who he left for) at all other times.

I work part time and earn approximately £680 a month. Also in receipt of tax credits. This is to fit around the children

He works full time as an engineer. I am unsure of his earnings but similar roles pay around £30-35k a year. As far as I am aware he gets his wages weekly however he previously classed himself as self employed (He is a director of his own Ltd companies. one set up when we were together in the process of being dissolved and another set up last year)

For 2 years since separation, I paid the mortgage without any support from him. (I paid siginificantly longer without support but we were technically still together) I have paid approx. £15k off the mortgage in the last 2 years.
He pays £45 a week maintenance for the children.

Recently, he began putting a sum of money in my account stating that due to a promotion and salary increase he was now paying towards the mortgage. My first question is, shouldn't this be put towards an increase in maintenance? (my concern is he will claim he earns less than he actually does due to self employment to make out he doesn't need to increase maintenance)

he is going on expensive holidays and running an expensive car, paying into 2 household essentially so I believe he has more disposable income than he is admitting to.

He is proposing to continue paying the level of maintenance as is and half of the mortgage until the end of the mortgage term (approx. 12 years time) for this he wants 50% of equity upon sale at that time.
In the meantime, he wants me to take sole responsibility for maintaining the property ( there is currently around £10k worth of work required on the house - guttering, roofing, and some external and internal repair work)
Am I reasonable to think that this is an unfair split given that I have full care of the children and would have essentially put £25k more into the property than him?

I am capable of meeting the mortgage payments without his help however due to my low income am unlikely to be allowed to take his name off the mortgage.
I would like to have the property transferred into my name with him having an interest in the property and I would make best endeavours to release him as soon as I could. what percentage split would be reasonable?
What would you consider a fair settlement to be? Does my suggestion sound feasible?

Any advice would be gratefully received.
Re: Finances
Mockingbird - 10 February, 2017 07:33PM
I should have added that the house is worth approx £180k with approx £89k left to pay.



Edited 1 time(s). Last edit at 10/02/2017 07:34PM by Mockingbird.
Re: Finances
puma931 - 13 February, 2017 12:02PM
Regarding Child Maintenance, have you contacted the CMS and have they set the rate at £45 per week? The CMS set rates based on P60 information obtained from the Inland Revenue, so I would get them to set the rate if you haven't already done so.

Regarding the house, I know some couples that have agreed a percentage splits based on:
1) both staying on mortgage
2) House to be sold when youngest child is 18 and finished school
3) % split of equity at point of sale based on interest only mortgage, you might need a different method if you have a repayment and also take into account the work that needs doing.
4) Buy-out option at a time when you are in a position to take on the mortgage and pay you Ex his equity at point of sale.

It is difficult to comment on what is fair, only you and your Ex can judge this, but it should take account earning potential for both of you (later you could work full-time when the kids are less dependant on you) as well as the items you raise. During mediation you are essentially negotiating and trying to reach a middle ground that you both find acceptable.

One other point is at mediation there should be full disclosure so your Ex should provide recent bank statements, payslips, employment contract/accounts of the old/new Ltd company etc, so you can see what he earns, what goes into his account and what goes out.
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