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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33549
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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looks like the wife and I are going to split up we live in

Resolved Question:

looks like the wife and I are going to split up we live in the family home with our 3 children 7,10,12. there is about £850000.00 worth of equity and we have a further £50000.00 in shares.
My wife doesn't work and I am down on my luck at the moment earning £30k/year, unfortunately my job is at risk.
what would be an appropriate split in such circumstances.
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much does a three bedroom property in the same general area cost to buy?
Clare
Customer: replied 2 years ago.


lots of small villages but between 350k and 600k

Expert:  Clare replied 2 years ago.
Hi
How was the purchase of your current property funded
Clare
Customer: replied 2 years ago.


I sold my property and put 350k down in 2002 and my wife sold her flat and put approximately 60k down. bought for 600k the rest I have paid through my earnings.

Expert:  Clare replied 2 years ago.
Hi
How much is the property actually worth and how much does a four bedroom property in the area cost?
Clare
Customer: replied 2 years ago.


We have not had it valued yet but I am guessing £900k also within a 5 mile radius a 4 bedroom could start at 475-500k


 


 

Expert:  Clare replied 2 years ago.
Hi
How will the care of the children be shared between you?
Clare
Customer: replied 2 years ago.


well I would hope to have them as much as possible, I am out at work between 5.00am and 8.00pm so am really a weekend dad but would hope to have them as much as possible.

Expert:  Clare replied 2 years ago.
Hi
The Starting point for the division of the assets is 50/50 - but the priority for the court is the safe and secure housing of the children until they are 18
On that basis that she will have the ongoing daily care of the children a 60/40 split in her favour is likely - and since on the figures you gave originally a 60% share will allow her to purchase a four bedroom property then this is the likely outcome.
You will also have to pay child maintenance at 20% of your gross income
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33549
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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