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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34497
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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I have been seperated from my wife for 18 months. Im trying

Customer Question

I have been seperated from my wife for 18 months. I'm trying to understand my financial obligations. I have 2 children aged 3 and 5
Submitted: 3 years ago.
Category: Family Law
Expert:  Nicola-mod replied 3 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Expert:  Nicola-mod replied 3 years ago.
Hello,

I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?

Thank you for your patience,
Nicola
Expert:  Clare replied 3 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.
Who owns the matrimonial home and who currently lives there?
What assets and debts are there and what income do you each have?
Clare
Customer: replied 3 years ago.

Hi Clare


Thank you for replying.


 


We jointly own three properties.


 


My wife and children are in our marital home while I am living in a flat we own the third is an offshore investment we have never seen but as yet generates no income.


 


 


We have significant joint savings plus I have again a substantial amount of company shares in a corporate scheme.


 


I have 25 years service with my employee with a final salary based pension.


 


We have not separated any finances yet. Approx 55% of my net monthly income goes to our joint account because we want to continue to reduce our mortgage.


 


I am a little uncomfortable sharing financial specifics in this forum.


 


Does that help?


 


Thanks Dom


 

Expert:  Clare replied 3 years ago.
HI
I appreciate that you do not wish to give specifics - but I need to have an idea of the income you each have - and the extent of the capital
Clare
Customer: replied 3 years ago.

Hi Clare


 


Ok, marital home home recently valued at £400k, mortgage balance £140k with 6 yrs left


 


The flat is valued at £93k with interest only mortgage balance of £63k


 


 


 


My salary is £82k, ex wife is £40k


 


Shares equate to approx £90k but clearly fluctuates


 


Joint savings approx £150k


 


Hope that helps?


Dom


 

Expert:  Clare replied 3 years ago.
Hi
Thank you - it does indeed.
So far as child maintenance is concerned the overall rate is basically 16% of your Gross pay.
This can be reduced if you have the children overnight more than 52 nights a year
There is a potential small liability for spouse maintenance which could be avoided if you give your ex a marginally larger share of the capital
There is little reason to overpay the mortgage now that you have agreed to separate
It would appear sensible for your wife to take on the house whilst you keep the flat and the lions share f the shares and savings
An overall 60/40 split of capital in her favour would not be inappropriate as a full and final settlement
This can of course only be the roughest of guides
Please ask if you need further details
Clare
Customer: replied 3 years ago.

 


Hi Clare


 


Thank you so much, really useful!


 


One point for clarity - is the 16% per child?


 


Thanks


Dom

Expert:  Clare replied 3 years ago.
Hi
No that is the figure for two children
Clare