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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34105
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 believe my marriage is very close to coming to an end

Resolved Question:

Hi I believe my marriage is very close to coming to an end but I am concerned over the financial side of things. We have two children 7 & 11 and one jointly owned family home. It doesnt have a lot of equity in it (around 15%) and is already on interest
only. My wife works part time and I am full time, her income is around 26k pro rata and mine is around 75k full time. I understand from reading some info that I would have to pay 20% of my take home after tax but not sure what happens with the mortgage etc..
do i also have to pay this and the bills also. I dont want to cause any more trouble to my children than I have too and understand they will stay in the FMH. There is a loan outstanding but I and a few credit cards and our accounts are jointly owned. Would
i have to pay spousal maintenance also, she is part time. Like I said, very initial stages.. im even happy (to cause less upset) to hand over the house and everything in it in order to cause less pain. Thanks
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is Clare. I shall do my best to help you but I need some further information firstHow much is outstanding on the loan?
Customer: replied 1 year ago.
HIAt the moment it is down to 16k and I have a meeting with the bank tomorrow to get additional borrowing to clear it off (or at least get it down to about 4k), what I should have said earlier is that there is at present about 21% equity but going to the 15% i mentioned in the original post is taking that into account.. but they may not give me that tomorrow so will have to wait and see.Mortgage at present is 247000 and the house is valued at 300000-305000 (Bank has it at 285000 so I have asked them reevaluate hence tmw). She has a pcp car loan which is up in February 16 and has about 3.5k on her credit card. I dont have anything now on mine as I sold my car and cleared it off (Getting a very cheap lease deal to tide me over).Just to re-iterate,... very early stages... I am not sure even if it will happen but I wanted to know the ramifications if it does.. hope you can understand.Thanks
Expert:  Clare replied 1 year ago.
If you are paying the Child Maintenance then would your ex be able to afford the mortgage payment?
Customer: replied 1 year ago.
It depends on how much i have to pay, if my maintenance is 20% as well as her own salary then i believe so as mortgage interest only already and at £565 but doesn't take into account bills though (I.e utilities)
Expert:  Clare replied 1 year ago.
In fact under the new rules what you will have to pay as Child Maintenance is 16% of your GROSS income.From this and her income your ex will have to pay the mortgage and all the bills and all her other expenses.As you have correctly identified the difference in your incomes makes Spouse maintenance a real possibility - unless you trade it for her having a larger share of the capital settlement.There is no set percentage for spouse maintenance since it is based on needs and resources - so a period of also paying half the mortgage whilst finances are sorted out- using Family mediationwww.familymediationhelpline.co.ukI hope that this is of assistance - please ask if you need further details
Customer: replied 1 year ago.
Apologies for late reply as have been in a conference. When you say larger share , are you referring to the house equity or monthly payment? (Happy to hand over the house anyway). I wouldn't want to take away the family home for my children. Bearing in mind my salary do you think that the 16% and the mortgage payment would be it I he short term? (As well as the house) or more? Thanks
Expert:  Clare replied 1 year ago.
I meant the equity in the house - and 16% and HALF of the mortgage payment should work in the short term - in the longer term giving her the house in full and final settlement of her claims and then just paying child maintenance should work
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