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familylawexpert
familylawexpert, Family Solicitor
Category: Family Law
Satisfied Customers: 311
Experience:  Substantial experience (14yrs +) in divorce, financial cases, cohabitation, pre-nuptial agreements and civil partnerships.
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I was married for 20 years and,we divorced last year is she

Customer Question

I was married for 20 years and,we divorced last year is she entitled to half my monthly earnings,i have three children 22,20,18 they still live at home.
Submitted: 3 years ago.
Category: Family Law
Expert:  familylawexpert replied 3 years ago.
Hello,

My name is Mac. I will be able to help you with your question. First I need a bit more information:

- were there financial proceedings at the time of the divorce proceedings?
- is your youngest child still in full-time education?
- how have you divided the capital assets (eg the family home etc) between you?
- what is the total value of the other assets you and she hold (a total value rather than individual values is fine)?
- what is your income (after tax)?
- what is her income (after tax), if any?
- do either of you have any pensions?

Sorry to ask for so much information, but I want to give you a full answer.

.
Customer: replied 3 years ago.

were there financial proceedings at the time of the divorce proceedings?


NO
- is your youngest child still in full-time education?


YOUNGEST IS 18. AT COLLEGE. LOOKING AT UNIVERSITIES FOR NEST YEAR.



- how have you divided the capital assets (eg the family home etc) between you?


SHE IS STILL IN THE HOUSE. WE ARE TRYING TO AGREE THE FINANCIAL SPLIT NOW.



- what is the total value of the other assets you and she hold (a total value rather than individual values is fine)?


NOTHING. I HAVE AN ISA £3,000.



- what is your income (after tax)?


I AM SELF EMPLOYED. I EARN ABOUT £50k



- what is her income (after tax), if any?


SHE WORKS PART TIME AND EARNS ABOUT £10k PER YEAR



- do either of you have any pensions?


I HAVE A PENSION. I DON'T KNOW ABOUT HER.

Expert:  familylawexpert replied 3 years ago.
Thanks.

What age are you both?

What is the value of the house (and any mortgage)?

Do you know what you can roughly expect to get from your pension when you retire? (And when that is likely to be?)

.
Customer: replied 3 years ago.


SHE IS 49 AND I AM 52


 


VALUED AT APPROXIMATELY £500,000.00 AND THERE IS ABOUT £240k EQUITY.


 


PROBABLY AGED 66 I HAVE NO IDEA ABOUT VALUE.


 


* I HAVE ALREADY OFFERED HER THE FULL EQUITY WITH AN AGRREMENT TO REPLAY ME A % OF THE EQUITY IN 4 OR 5 YEARS ( THIS IS TO ALLOW HER TO MOVE NOW)


 


* AT THE POINT OF SEPARATION MY BUINESS WAS DECLARED BANKRUPT AND THERE WAS AN OUTSTANDING £85k CHARGE AGAINST OUR HOUSE.


 


* SINCE SEPARATING I AM NOW TRADING UNDER A NEW NAME. SHE HAS HAD NO INVOLVEMENT WITH THIS.

Expert:  familylawexpert replied 3 years ago.
Thanks for the extra information.

You haven't asked about capital specifically, but I would say in passing that the total net assets are likely to be divided equally (including the capital value of the pensions). This does not mean that every asset would need to be divided in half, as you could keep your pension (for example) which would be balanced off against her having more of some other asset. The debt upon bankruptcy will be deducted from the overall pot before division (rather than only coming out of your share).

When you have agreed on the finances, the two of you should ask the court to make a financial order in the terms of your agreement. The reason for doing that is that it is the only way to make that agreement binding upon the two of you. Otherwise either of you could go back in years to come and ask for something more.

On the income front, you have said that your income is around £50k net a year.

if your youngest child continues to be based at home where your ex-wife will continue to live (and stays in fulltime education), you will pay child maintenance up to that child turning 20. You can check out the likely level of maintenance yourself using the Child Support Agency online calculator, but I estimate it will be around £580 per month - but it varies based on a number of factors, so you should definitely do the calculation yourself as well.

On the facts you have provided, you will also pay maintenance to your ex-wife for her benefit - the order is likely to be expressed to run until her remarriage or further order, but in reality would last up to your retirement. It can be varied at anytime if there is a change of circumstances, such as you losing your job, or her getting a very well-paid job. The court will look at your income needs, and her income needs. Given your similar ages and the length of your marriage, I anticipate the court would consider that your income needs and hers are broadly the same. It would probably therefore equalise your overall net income positions, but it would do that taking into account the income she already has.

So, she already has £10k plus c.£7k from you for child maintenance. A total of £17k.
You would have £43k after child maintenance, so you would probably be subject to an order to pay a further £13k a year.

However, a court would phrase that as a fixed sum, not a percentage. So she doesn't automatically get half for all time. So if your income went up in the future, then her maintenance would not automatically increase. If she found out that your income had gone up, and I'd be surprised if you told her, she would have to ask a court for an order for more, which would be a lengthy process and one in which she could not certain of success. Most ex-wives do not go back to court for an increase because of the difficulty and uncertainty.

You should also bear in mind that in two years, the maintenance for your youngest will stop, at which point you'll be £7k better off automatically.

I hope that is helpful. If you would like me to clarify anything, please ask. If not, I would be grateful if you could rate my answer.

Regards,
Mac.
Expert:  familylawexpert replied 3 years ago.
Hello,

I hope you found the answer helpful. If you could rate my answer (OK or above), I'd be very grateful as it's the only way we get paid - sorry to ask.

Regards,
Mac.

.
Expert:  familylawexpert replied 3 years ago.
Hello.

I apologise for messaging you again. If I don't hear from you, it will be the last time I disturb you.

I just wanted to ask once more if you would be kind enough to rate my answer (OK or above) as, if you don't, the website company simply retain the deposit and we (the experts) remain unpaid.

Thank you very much,
Mac.

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