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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33519
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 a question regarding likely asset split in a divorce

Resolved Question:

I have a question regarding likely asset split in a divorce - we are going through mediation but as we separate my wife seems to believe that she can get a 75/25 split of a property with £450k equity in it. We have 2 children (3 and 5) and childcare is
currently split 50/50. There are very little other savings - £40k max, which may be eaten up with legal fees. My lawyers suggest that we have equal housing needs and a 50/50 split is possible but 55/45 is probably more likely as her earning potential is lower
( her mortgage capacity £150 bs £275 for mine). I know these things are complex but would appreciate a 2nd opinion. Thanks
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firstHow much does a three bedroom property in the same school area cost to buy?
Customer: replied 1 year ago.
We can move 1/2 mile down the road and still keep the girls in the same school - 3 bed house cost around £430-450 there, she can get a £150k mortgage so I made an offer i made was a 60/40 split of assets giving here around £280 cash/equity +150 mortage, which makes a house purchase realistic i think? this gives me £170k + £270 mortgage capacity= roughly equal house, as my intepretation is that we have equal housing needs
Customer: replied 1 year ago.
what is your view on the likely asset split ( i also have a £120k pension)
Expert:  Clare replied 1 year ago.
What offer are you making on the pension?
Customer: replied 1 year ago.
I make a pension offer of £35k - which is 50% of the amount accumulated during the marriage
Expert:  Clare replied 1 year ago.
How many years have you been paying into the mortgage and how many years have you been married?
Customer: replied 1 year ago.
Paid into the mortgage for 4 years ( £25k paid off all from me ) married 8 years. 100% Deposit for house came from my family and me £160k. Increase in value of house £290k
Expert:  Clare replied 1 year ago.
For clarity - you have only been paying into the pension for 4 years (all during the marriage) and it is worth £120,000 - is that correct.
Are you offering her £35,000 cash for her share?
Customer: replied 1 year ago.
no i have been paying into pension for 15 years, and had £60k accumulated before the marriage, a further £65k has been accumulated during the marriage so i propose to give her half of this ( pension sharing order, in fact its a discrete pension as the other £90k is spread across 2 other pensions). The mortgage has been paid into over last 4 years.
Expert:  Clare replied 1 year ago.
Hi
For clarity - you are offering her 60% of the equity plus this £35,000?
Clare
Customer: replied 1 year ago.
Yes 60% of equity and £35k pension. Plus spousal maintenance £400 PCM for. 5 years. We've verbally agreed 50/50 split for children ( 3 and 5)
Expert:  Clare replied 1 year ago.
For clarity - she has rejected this offer?
Customer: replied 1 year ago.
so far she has no accepted the offer - I still retain hope that she may change her mind though
Expert:  Clare replied 1 year ago.
It is a reasonable generous offer since the pension money increases her capital to a point where she should be able to afford another property.It is possible that she would get slightly more if the matter went to court - depending on the property market - but it is a very close call and would be a gamble for herI hope that this is of assistance - please ask if you need further detailsClare
Customer: replied 1 year ago.
And the maintenance payment is reasonable as well?
Expert:  Clare replied 1 year ago.
What income do you each have?
Customer: replied 1 year ago.
Net ( after tax, pension deductions) income £3000 per month
Expert:  Clare replied 1 year ago.
Then it i snot an unreasonable amount to offer
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33519
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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