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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33547
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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My husband and I have split up and once the mortgage,fees are

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My husband and I have split up and once the mortgage,fees are paid off he is proposing that we take the remainder of the money,pay off our £40k debt,I give him £40k as he has no private pension and I do and then split the remainder 50/50. We have 3 children that are living with me. Is this a fair and reasonable amount?
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 long have you lived together and how old are the children?
How much is the house worth and how much is outstanding on the mortgage?
How much is your pension worth and what income do you each have?
Clare
Customer: replied 2 years ago.
We have been married for 17 years and the children are 14,11 and 8. We owe £100000 on the mortgage and it has sold for £250000,once the fees are paid etc we will be left with £145k. I propose that he has £100k. I have £45k and from that he can pay off our £40k debt,put some money aside for a pension and keep the rest as a lump sum,then we are pretty much equal. I work part time and clear £900 pm and I think he clears about £1400. I'm still awaiting my pension statement to see what it's worth.
Expert:  Clare replied 2 years ago.
Hi
Where will you and the children live?
Clare
Customer: replied 2 years ago.
I have moved out of the property we shared and the sale is due to complete on this Friday. I am renting for now and he will probably do the same.
Customer: replied 2 years ago.
I have sent a reply did you receive it?
Expert:  Clare replied 2 years ago.
Hi
My apologies for the delay
You are being very generous - is that a conscious choice?
Clare
Customer: replied 2 years ago.
No,that is an amount that he suggested as he has no pension and I do.I think £20k is a more reasonable amount but obviously I'm trying to keep things amicable and be fair and he states that he is trying to do the same.I just need advice on what is a reasonable split of funds and how it can be approached.I have rarely had a 'voice' in our marriage with regards XXXXX XXXXX so need to make sure (although he states he's not trying to rip me off) that I am making the correct decision for mine and the children's future!
Expert:  Clare replied 2 years ago.
Hi
May I ask - were you given a choice about the sale, and how much would you need to purchase a suitable property?
Clate
Customer: replied 2 years ago.
The sale was mutually agreed and at the moment I am happy to rent although in the future would like to buy.At the moment I don't think I will be in a position to do that for about 5 years as I would need £200k to buy.
Expert:  Clare replied 2 years ago.
Hi
What is your CURRENT mortgage capacity - how much can you borrow?
Clare
Customer: replied 2 years ago.
I would need about £80k
Expert:  Clare replied 2 years ago.
Hi
Please understand that I have no wish to interfere with any arrangements that you and your ex have managed to make - it is always a question of what works for you - that will always be better than anything a court can impose
However I do want to tell you what the court would so if you did not reach an agreement so that you can understand the strengths and weaknesses of your bargaining position
The priority for the family court is the safe and secure housing of the children until they are 18 - and it is held that the safest housing is that which is owned.
On that basis IF this matter was in dispute and before the court you would receive the first £120,000 - £130,000 to allow you to purchase an alternative property for yourself and the children.
Your ex would be able to have a "charge back" on the property which means that when your youngest is 18 or you cohabit you will have to pay him back "his" money - that you have had to use the house the children.
When it comes to deciding how that much would be it is in fact likely to be about the percentage equivalent of (50,000 to£60,000 - assuming that he takes on all the debt and gives up any claim on your pension - on the basis that your future career will be hampered by the fact that you will have to work around the children.
If you do not wish to push for that then another possible approach would be to accept that once the house is sold and the debts are paid then there is £105,000 to share between you and unless your pension is worth more than £100,000 the court is likely to settle for a 50/50 split with your keeping the pension to reflect that you have the long term care of the children.
If instead you wish to keep to the agreement that you have reached then you need to "discount" the current value of your pension - after all it is not the same as cash = so offer him 30% of the Cash Equivalent Transfer value
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33547
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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