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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34459
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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I need some help to work out a divorce settlement.

Customer Question

I need some help to work out a divorce settlement.
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 would you like to know?
Clare
Customer: replied 2 years ago.

Following a recent divorce I need help to work out a fair financial settlement. If I provide you with the details you require for this can you come up with a figure that would be an approximation either from my ex partner or to my ex partner. Thanks.

Expert:  Clare replied 2 years ago.
Hi
If you let me have the basic details I can certainly give you a guide
Clare
Customer: replied 2 years ago.

My Assets/Commitments:

1.House in my name only circa 150k with a 35k mortgage, interest only with a 25 year assigned life policy which has18 months to run. No capital from my ex partner for the purchase of the house, furnishings etc.

2. 15k savings of mine which is the estimated sum of mortgage shortfall as like most life policies returns have not kept up with original estimates.

3. Credit card debt: circa 18k all in my name.

4. My total current income is £4400 at present from pension income. It was higher before the divorce because we received Family Credit.

Ex Partners Assets:

1. Unknown but I believe circa 10k - 15k perhaps more was transferred abroad from her employment income during the last 3 years but she refuses to disclose her bank statements for the time we were together.

2. Income unknown but probably maternity pay. She is not working at present. She rents a flat and our two sons live with her at present.

We have two children. My age: 64, hers: 36. Together 4 years 6months and married for 2 years 7 months of this time.

Mortgage, utilities and all other bills paid by me. In all our time together she has never contributed to these or general household expenses, my bank statements support this.

Hopefully this is sufficient information but if not please let me know.

Thanks.

Expert:  Clare replied 2 years ago.
Hi
How much does a two bedroomed property in the same school area cost to buy?
Clare
Customer: replied 2 years ago.

She does not live in this area but I would guess circa 125k where she is.

Expert:  Clare replied 2 years ago.
Hi
What income will she have when she returns to work?
Clare
Customer: replied 2 years ago.

If she returns to work full time circa 15k but she is unlikely to do this.

Expert:  Clare replied 2 years ago.
Hi
How much does a studio/one bedroom property in your area cost to buy?
Clare
Customer: replied 2 years ago.

circa 110k

Expert:  Clare replied 2 years ago.
Hi
The priority for the court is the safe and secure housing of the children until they are 18 and it is within the realms of possibility that the court could order the sale of the property to allow her sufficient funds to purchase a property for her and the children and you would have to wait until the youngest is 18 to receive your share of the equity.
HOWEVER given your age and the lack of financial contribution to the property I do not think that the court would Order this.
The most likely outcome is that you will be ordered to pay a lump sum from your savings, and potentially for your ex to have a Charge on your property payable when the property is sold for whatever reason.
This can of course only be the roughest of guides - please ask if you need further details
Clare