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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33324
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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Hi - please help.My wife wants a divorce after 6 years

Customer Question

Hi - please help.

My wife wants a divorce after 6 years of marriage and I want to know where I stand.
She currently earns £93k a year with bonuses of £20k. We also benefit from private healthcare through her employer. She also has a £300k pension pot.

I, on the other hand, have my own small business and will be lucky to earn £40k this year - I've been in business for just 18 months. I have no pension pot.....the plan for retirement was to use her pension and to take an income from my business.

We live in a £400k house - with an outstanding mortgage of £275k.

Last but not least is our 5 year old daughter.

She wants me to move out but I do not want to leave my daughter or my home....I'm heartbroken to be honest.

As she earns significantly more than me I want to know where I stand financially - I don't want to be left out of pocket. Please advise. Thanks.
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 actually lived together and who has the day to day care of the child?
How much does a two bedroom property in the same general area cost to buy and what is the claus of your business?
Clare
Customer: replied 2 years ago.

Hi Clare.


We have lived together in the same property since 2006. We are still living together but she wants me to find somewhere to rent....I feel like I'm a student starting out....nightmare.


Tilly, our daughter, will be looked after mainly by my wife but I will be picking her up every day from school as I work from home and looking after her until my wife comes back from work - I'll see her 7 days a week - we are very close.


Basic 2 bed properties cost upwards of £200k.....I don't want to live somewhere nasty though while my wife lives it up in our house...it's just not fair.


 


I own a group travel business - I'm a 100% shareholder.


 


Thank you

Expert:  Clare replied 2 years ago.
Hi
How much would a two bedroom property suitable for your wife and child cost to buy - and my apologies the question should have read what is the VALUE of your company
Clare
Customer: replied 2 years ago.

Hi - a half decent property would be around £250k plus but she's adament that she staying in our home which is worth £400k. I have no idea of the value of my company...it's just me but it's growing...I need to take someone on in the New Year....I envisage earning £50k before tax from it next year once I pay off my start-up debts.

Expert:  Clare replied 2 years ago.
Hi Lee
What she wants and what will happen are not necessarily the same.
Best guess on what you would get if you sold the business tomorrow?
Clare
Customer: replied 2 years ago.

Well based on a quick online valuation that I just did it's worth £178k....based on me taking a NET income of £40k next year - so around £55k gross.

Customer: replied 2 years ago.

Hi - did you get my valuation response?

Expert:  Clare replied 2 years ago.
Hi
My apologies for the delay
Last point - how was the purchase of the house actually funded and how much mortgage coulf you raise
Clare
Customer: replied 2 years ago.

My wife purchased the house we currently live in.....I sold mine and moved in wirh her when we got together....I'm listed on the mortgage of couse and we've been jointly paying that since 2006.


 


As I've only been trading for 18 months and am self-employed I'm not sure if I can get a mortgage yet - my enquiries suggest that I need 3 years of accounts before anyone will consider me. Based on a £50k income I can borrow around £220k...but that probably won't be applicable for another 18 months or so

Expert:  Clare replied 2 years ago.
Hi
What capital did you bring and could your ex get you released from the mortgage?
Clare
Customer: replied 2 years ago.

I only had £5k capital from my previous property and that went towards a new car. She cannot release my from the current mortgage with my authorisation.

Expert:  Clare replied 2 years ago.
Hi
My apologies - I meant could she financially afford to do so?
Clare
Customer: replied 2 years ago.

Yes, she could financiallly afford to take on the current mortgage.

Expert:  Clare replied 2 years ago.
Hi
Your six year relationship certainly gives you a financial claim on the assets - but the fact that she brought all the capital to the relationship and there is a child limits the amount that you are likely to receive - realistically an 80/20 division in her favour is likely to be the very best achievable - if that
You also have a claim on half of six years worth of her pension which is best traded to ensure a settlement
You should try and negotiate matters with your ex using Family mediation (www.familymediationhelpline.co.uk)
I hope that this is of assistance - please ask if you need further details
Clare

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