Hello, I am in the process of going through a divorce. I have been married to my wife for 7 years and we have two children 6 and 3. I earn £50,000 pa and she hasnt worked since having children, and she was a former advertising exec earning approx £40K. She now also wants to home educate the children and doesnt plan on continuing to work. We have a house worth £585,000 which was bought outright. We have been mediating and the current deal on the table is as follow: 60/40 split in her favour of the house (approx £330k to her, £220 to me) Child maintenance payments of £330 per child per month Spousal maintenance payments of £600 per month for 4 years I also get to keep My small work pension of £6K, A trust fund worth £45K 1/2 field ownership worth £20K Ideally I would have liked to just go for 2/3 years spousal but I have been advised that it will cost me £20K min to go through court with no certainty of improving the deal. Could you advise me as to whether I am being ripped off and whether it would be worth going to court to get a fairer deal?
NB - I should also add that she has retained a car worth approx £8K whilst I retain a car worth £2K.
The house was partly purchased by the sale of the previous house approx £318K (paid for whilst we were married but 100% funds came from my family) and funds loaned from my father to make up the difference. My father originally wanted these loans repaid but as it would put us in housing difficulties to rehome he has at this stage allowed us to default on the loans.
My gross monthly income is 4783
My net monthly income is 3286
I should say also we both have 4 ISAs with a combined value of 40K each.
When we seperated in Nov 2013 she moved into rented accomodation which I have been paying the rent for(£950pm) as well as the child maintenance (£660). The maintenance order she has suggested says I should continue to pay this until the sale of our marital home, but she has told me she has moved into a boat - with obvious lower overheads. We have a cash offer on our property so hopefully all will go through but potentially it may fall through and I would be left paying the higher amount until another sale comes through.(950 + 660 - rather than 600 + 660), so should i insist that the payments go to the lower amount now?
The ISAs have been split 50:50 so she has 4 and I have 4 - and of equal values.
Well I think part time work would easily be achievable. Her previous employment was as a advertising sales executive and I think good sales skills are always in demand. Equally I believe she has talked about child minding which would also allow her to home educate.