My wife wanted my child to go to private school and we use the money received from a rental property to pay for his education. The rental property is in my wifes name, she had this property when we met. I know know why she was so resolute in not having may name on the mortgage. Therfore if we loose this property as a source of income I would be unable to cover the £12,000 yearly fees. Don't get me wrong I do not want my sons life to be affected or disrupted by moving him to a state school as he is very settled and doing well, he is obviously my primary concern. If we could come to some arrangement I would be happy for him to continue his education at this school. I am asking the question as my wife seems to be waiting or stalling to move forward with the divorce and I am not sure if it is to do with his age as we are approaching the end of the school term and his birthday, where he will be 6 years of age. She seems to have been planning this split for some time and has put herself in quite a lucrative position. I therfore need to be fully informed wih regard to what I may be forced to pay for.
It will probably have to be sold, but as it is in her name I beleive I would only be entitled to the increase in value from the date we started seeing each other. Even though I have continuously maintaned the property at my expense and I deal with all the tenants and contracts, which inturn has allowed us to have consistant funds for my sons education. She has now taken some form of control back over recent days and has asked for the template contract to be sent to her. The tenants contacted me recently as they want to exted through to July next year. I have also recently found out that she has been spending some of these funds on personal items and withdrawing large chunks of money. I have no idea were these cash withdrawls are going but her response to my asking was that she has aways covered the school fees. It was agreed that all the funds taken from the rental of the property would go to my sons education, this would create a buffer if we ha a few months without tenants.
The house in my wifes name is worth £140,000 with a mortgage of around £30,000 = £110,000
She also has a pension which I believe is worth around £30,000.The house in joint names is worth £600,000, which came from assets acculated by myself through property development before we were married - There is a £150,000 mortgage on this property. = £450,000
My wife gross income is around £25,000 (not including the extra she gets from my son's school fees fund!)
My gross income is around £65,000 - I am self employed so this is subject to change.
Hi about £100 - 130,000
Yes to your question- we have since had a conversation with regard to what happens next and she has spoken about a trust for Harry, to use the continued rent to pay for his education then pass the house to him when he is old enough. I was quite taken aback - this was probably the solution I would prefer but with her histoy in spending his fees the access to his account would need both our authorisation.