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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34581
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 have been married years and brought up 2

Customer Question

Hi I have been married for 30 years and brought up 2 children. 1 lives at home and will be 17 next month the other is 27 and is married and lives in her own home. I would like to know if I am entitled to some of my husband wage as he earns a good wage? I own a 40% share in his company how much can I sell these shares for? I know that I am entitled to maintenance for my daughter who lives at home. I do own property but there is no equity in them and I don't pay income tax as most of the income goes on repairs and maintenance etc. So I don't earn an income and therefore can't get a mortgage. Our own home has only £35k equity in it as I borrowed £70k to buy 3 properties. What am I entitled to? This is for separation leading to divorce settlement. Thank you Diane

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.
How much are the various properties worth, how much is the business worth and what does your husband earn?
Clare
Customer: replied 2 years ago.

I have a total of £600,000 in property and I am just in the process of buying another property valued at £118,000. My husband has his own company which I own shares in. My husband earns £671 pm basic and then we take dividends of £2500 pm. Total £3171 pm. I do not know how much his business is worth. I guess the business cannot earn money if he does not work as he hires him self out as a contractor to major construction companies as a project manager.

Customer: replied 2 years ago.

I forgot to add that out of that £600k the balance outstanding on mortgage is £549,162.94, which leaves only £50,837.06 in deposits or equity. This is less than we put in to start with as values have dropped and not regained in this area.

Expert:  Clare replied 2 years ago.
Hi
Ho wold are you both and what is your earning capacity?
Clare
Customer: replied 2 years ago.

We are both 51years old and My husband is the high earner. I have not worked in a long time, when I worked in boots as a part time counter assistant and I didn't earn very much at all. My husband company earns about £1,400 per week he does pay flat rate VAT out of this and of course corporation tax.

Expert:  Clare replied 2 years ago.
Hi
May I ask why you are going ahead with the latest purchase given the situation?
Clare
Customer: replied 2 years ago.

I should add that the contract his company has at the moment is quite low in the past he has earned between £300 to £400 per day and earned £90,000 plus in a year.

Expert:  Clare replied 2 years ago.
Hi
What pension provision is in place?
Clare
Customer: replied 2 years ago.

The houses where our pension provision as we do not have private pensions. We do have the standard government ones that is all.

Customer: replied 2 years ago.

I am going ahead with the latest purchase because it is a 6 bed house and will give my daughter and myself somewhere to live if needs be. The house we live in is in my husbands name only. He has moved out and is renting somewhere and has not made any demands or asked me to move out. The latest purchase will allow me to have lodgers that will pay the mortgage for me if I need to move out. Our home does not need to be sold and I would like my husband to have the proceeds from the sale. He will most likely keep our home till it has gone up in value and will replace the money taken out to buy houses. I would like to keep the house I own if possible.

Customer: replied 2 years ago.

It should say houses I own.

Expert:  Clare replied 2 years ago.
Hi
That is helpful to know.
Is the latest mortgage a Buy to Let mortgage?
Clare
Customer: replied 2 years ago.

Yes I don't earn enough to get a normal mortgage.

Customer: replied 2 years ago.

Hi I was just wondering when I will get an answer to my problem?

Expert:  Clare replied 2 years ago.
Hi
Given the length of your marriage the starting point for the division of all the assets is 50/50 - and you are also entitled to spouse maintenance as well as child maintenance
From what you have said the Shares actually have no value but the properties in total have an equity of £80,000 or so
Whether it is sensible to enter into a new purchase with a mortgage that you will have to change if you do wish to live in the property is an issue for you - remaining in your current home and selling the other properties to pay off the bulk of the mortgage could be more realistic.
There i s no set figure for Spouse maintenance - it is based on your reasonable needs as opposed to your ability to earn.
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

Hi Clare you haven't given me any idea as to what I am actual entitled to and I would like to know how much spouse maintenance I am entitled to? that was in my original question. Is spouse maintenance on top of child maintenance? I presume it is.

Diane

Expert:  Clare replied 2 years ago.
Hi
Spouse maintenance is indeed in addition to Child Maintenance - but unlike child maintenance there is no set calculation that you can use.
The amount he has to pay will depend on your "reasonable needs" - which will depend on your current lifestyle and what income you can earn of your own (and you will be expected to try and earn something)
A very very rough and outdated guideline - out of date even before I started in law which was many moons ago is that the wife's income should be a third of the joint income - so a total of £1000 a month is not unlikely - but that may have to include the amount you receive as child maintenance
Clare
Clare and other Family Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi Clare

That helps thank you I would like to be as fair as I can with my husband.

Diane

Expert:  Clare replied 2 years ago.
Hi
Thank you - I hope all goes as well as it can
Clare