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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34233
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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Hello, I have a question! I was in the relationship for

Customer Question

Hello, I have a question!
I was in the relationship for 10 years. 5 years of cohabitation and 5 years of marriage. No children. I am going through a divorce at the moment and need your advice on my settlement.
We bought a flat 3 years ago in London for £1,300,000. At the moment, the estimate of the property went up to £1,693,969. We still have a mortgage to repay... about
-£1,027,443. My ex is a rather well paid lawyer so I have to be absolutely sure that I make a right decision in my settlement!
I was after a clean brake a lump sum of about of £517,500 and a pension share effecting an equal division...
The latest offer that I had from my ex:
The flat be transferred to him;
· He pays you a lump sum of £500,000 in two instalments - £300,000 immediately (when the order is made) and the remaining £200,000 within 6 months
· No maintenance (clean break)
· No pension share
· I move out of the flat within 7 days of the first lump sum payment
· I not to spend excessively on the joint accounts while you still have access to them (presumably they can be closed/transferred when the first lump sum is paid).
I believe I should expect more than that, about £600,000 as a lump sum if no pension (!) also flat value is constantly going up...
What shall I do? Thank you!
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.
What income do you each have?
Given the equity in the property is only £600,000 where did your settlement idea of £517,000 come from/
Who paid the deposit?
Clare
Customer: replied 2 years ago.

My ex paid the deposit, but it was on "our" money as he made the most of it while we were married. My income about £8000 His about £390000
We trying to find a middle ground on £517,000 advise from other lawyers.
Thanks.

Expert:  Clare replied 2 years ago.
Hi
Just to check - how much is the flat now worth?
Is there going to be any spouse maintenance?
Clare
Customer: replied 2 years ago.
Hi, the flat value £1,693,968 (I've included it in my first message). No maintenancet just a lump sum. Thank you Clare.
Expert:  Clare replied 2 years ago.
Hi
It is clear that the Lump sum you are being offered is intended to capitalise your other claims
May I just check - how old are you both and how much is his pension worth
Clare
Customer: replied 2 years ago.
His pension £126. I'm 34, my ex is 41.
Expert:  Clare replied 2 years ago.
Hi
How long has he been paying into the pension scheme
Clare
Customer: replied 2 years ago.
Only my ex was paying. 10 years. 12 years maximum.
Expert:  Clare replied 2 years ago.
Hi
So your claim on his pension scheme is half of five years worth - essentially 25% - which when discounted for cash is not a particularly large sum when compared to the other figures involved.
Given current capital assets of £500,000 the current offer appears reasonable given the absence of children UNLESS you compromised your career to be with him - although it may well be that there is some other pertinent fact that s not evident!
A settlement of £550,000 and no pension could be a compromise figure
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

Thank you Clare!

I'm just thinking... if the lump sum of 517k (my asking price) has to be in two instalments first £300k than after 6 months £200k. I have to increase my asking price to £560k or even to £600k. As the flat value constantly going up and lots might change during the 6 month of my waiting.

What do you think about it?

K.

Expert:  Clare replied 2 years ago.
Hi
It is worth asking - but not letting the matter go to court
Clare
Customer: replied 2 years ago.

Thank you!

Expert:  Clare replied 2 years ago.
Hi
You are most welcome - I hope all goes well
Clare