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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33547
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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My husband is having an affair, which he has admitted. We

Resolved Question:

My husband is having an affair, which he has admitted. We are now separated with him living at his parents. We were together 27 years, married 22. We have two children, 12 and 16. Where do I stand financially? We own our home (mortgaged), have a business (debt-free) and a holiday home (mortgaged)
Submitted: 6 months ago.
Category: Family Law
Expert:  Clare replied 6 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How much are the assets worth and what debts are there

Customer: replied 6 months ago.
No debt on the businessHouse worth approx £250 mortgage approx £150
Holiday home worth approx €75 mortgage approx €45
Expert:  Clare replied 6 months ago.

How much is the business worth?

Customer: replied 6 months ago.
Approx £66
Expert:  Clare replied 6 months ago.

Do you mean just £66?

Customer: replied 6 months ago.
163;66,000
Expert:  Clare replied 6 months ago.

What income do you each have?

Customer: replied 6 months ago.
Both approx £33k
Expert:  Clare replied 6 months ago.

Do you both work in the business - and can you continue to do so amicably?

Customer: replied 6 months ago.
We both contribute to it in different ways and will continue to do so. We also both have full time jobs - we don't take a wage from the business
Expert:  Clare replied 6 months ago.

Who will the children live with going forward?

Customer: replied 6 months ago.
Myself
Expert:  Clare replied 6 months ago.

How much does a cheaper three bedroom property in the same school area cost to buy

Customer: replied 6 months ago.
Approx £175
Expert:  Clare replied 6 months ago.

The starting point for division of the capital assets given the length of your marriage is 50/50 although it is possible that a court might award your a higher share - say 60% for the fact that you will have to have the care of the children until they are 18.

How that could be achieved would be a matter of negotiation between you using Family mediation if necessary

www.familymediationcouncil.org.uk

It is however the housing needs of the children which are the priority and if you cannot obtain his release from the current mortgage - and if a sale would not give you enough to purchase another property with a mortgage in your sole name then your ex would have to wait for his share until the youngest child is 18 or you cohabit.

I hope that this is of assistance - please ask if you need further details

Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33547
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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