The answer to this is complicated as my business is winding down and I now earn approx. 1/3 of my income at the time of divorce. This will shortly just be State Pension. My ex wife, I'm not sure, probably just pension. I am more interested in the principle as opposed to someone telling me how much the maintenance agreed 12 years ago of £725 p.m. could be reduced. I'm sure this will require the attention of a solicitor and court. I would really like to establish whether the maintenance payment should leave us both with an equal income. I have always earned good money but my wife did not work once we started a family, we have 5 grown up children.
There was a pension sharing order at the time of the divorce. All assets were split equally except my ex wife received 70% of the house proceeds as I was working and could therefore supposedly afford a mortgage. The maintenance was then calculated in order to give us both equal disposable income. I assume from your answer that 'reasonable needs' means that my ex wife's needs are the same as mine and therefore I should assume I should always pay maintenance to equalise our income. In other words, nothing I do until I die will ever be mine it will always be shared with my ex wife.
Thank you for your help Clare. I'm assuming my ex wife's income consists of full basic state pension based on my earnings record plus whatever she gets from the her private pension that was split 50/50 at the time of the divorce. My income is now state pension plus additional pension which is £222.76 p.w. in total. I also have a SIPP, as I invested in this with my original pension split, but 2 of the 3 companies with whom I have an investment have gone into administration (forestry products).
£725 per month.
Yes there was 'and upon the parties agreeing that the said periodical payments order shall be reviewed upon the Petitioner's retirement from full time employment.' This is why I am seeking the principle upon which the payments should be reviewed. If my ex wife agrees to a discussion about this then I need to know the basis upon which I need to negotiate. For example, if my wife's income is x and my income is x plus say £5,000 p.a. should we agree that I pay her £2,500 p.a? In other words, because this was the principle upon which we agreed the original maintenance (our net disposable incomes were equalised by the maintenance payments) should this principle be continued into retirement? Should the maintenance payments ensure that we are equally well (badly) off until death. Whatever I do until my death must be shared with my ex wife?