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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33300
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I separated form my wife 3 years ago. she wants to keep the

Customer Question

I separated form my wife 3 years ago. she wants to keep the family home worth £ 500.000.00 with a £ 220,000.00 mortgage. I moved into a flat which I bought ( £ 243,000.00 mortgage ) 5 years ago in my name. the flat is approx £ 85,000.00 in negative equity. My net worth ( savings ) is approx £ 85k and they have approx £ 60k. I have a 17yr old Son whom I still pay maintenance.
They want to give me £ 78k settlement.
Q1 Do I wait till my son is 18 and in full time employment as he is now, and then sell the house and split monies. ?
Q2. Should she contribute responsibility to the negative equity on my flat ?
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thanks for using JustAnswer. My name isXXXXX will do whatever I can to answer your question
What income do you each have and does your ex have a new partner?
Claire
Customer: replied 3 years ago.

I am currently unemployed due to ill health but receiving £ 2000.00 per month in dividends from my dormant company which is approx £40k in credit.They are earning approx £ 20k per annum plus income from my daughter approx £ 200.00 per month. My ex, as far as I believe doesn't have a new partner neither do I.

Expert:  Clare replied 3 years ago.
Hi
Do you mean "she" is earning £20,000 a year?
Claire
Customer: replied 3 years ago.

YES

Expert:  Clare replied 3 years ago.
Hi
How much is the company worth and how old are you both?
How much does a two bedroom property in the area in which your ex lives cost?
Claire
Customer: replied 3 years ago.

the company is a small concern with approx 40k in credit. I am 51 and she is 54.


A 2 bed property in her area equates to the same amount as where I live as we are only a few miles apart. Between 200- 220k

Expert:  Clare replied 3 years ago.
Hi
How has your negative equity crept so high?
Claire
Customer: replied 3 years ago.

I paid 284k in 2008 with a 29k deposit of my own money as it was new build and meant to be our retirement appt. paid slightly over the top but wasn't bothered cos when we sold the house and retired the profit on house would pay off mortgage. Don't know if this helps, but she discovered god approx 12 years ago and dedicated her life to the church. I tried to keep it together for the children

 

Expert:  Clare replied 3 years ago.
Hi
How much is it worth now?
Claire
Customer: replied 3 years ago.

2 Bed flat in my block sold last month for 180k

The family home is worth 500k plus

 

 

Claire

 

I need to go pick up my son from work and will be back at 18.30. hope this doesn't inconvenience you and we can continue this eve or tomorrow

 

Kind Regards

 

kevin

 

17.28 hrs 4th Feb 2013

Expert:  Clare replied 3 years ago.
Hi
So the negative equity is in fact £43,000.
What pension provision do you each have?
Claire
Customer: replied 3 years ago.
She has a B. T pension of approx 10 years service and I have a firefighters of 6 years
Expert:  Clare replied 3 years ago.
Hi
Do you know how much the two pensions are worth?
Claire
Customer: replied 3 years ago.
I've no idea. I only paid for 6 years and was told in the past that it wouldn't be worth much. I need to contact LFCDA to find out. My ex paid into hers for approx 10 years but was on probably double what I was earning at that time. Hope this helps
Expert:  Clare replied 3 years ago.
Hi
What was the explanation given for the very low offer
Claire
Customer: replied 3 years ago.

No. Only that she said that it would be what the courts would decide !!!!!!

 

I dont believe she has seen a solicitor. She offered me that amount when I was first ill with nerve problems which is still ongoing. I said ok at that time because to be honest Claire, I wasn't well and my health was more important.

Expert:  Clare replied 3 years ago.
Hi
As soon as your youngest turns 18 your chances of obtaining a settlement equivalent to 50% of the assets improves.
The matrimonial assets are the value of the two properties plus the savings less the amount outstanding on the two mortgages
A 50/50 split would mean you should receive something in the region of £115,000
Claire
Customer: replied 3 years ago.

Morning Claire.


 


Thankyou for your answer.Now you are aware of my circumstances, would you be interested in representing me through divorce and financial settlement.If not would you be able to draft a letter to my ex stating the facts and asking for that said sum of money in an out of court settlement

Expert:  Clare replied 3 years ago.
Hi
Unfortunately we are not allowed any contact outside of this question and answer forum.
A Simple letter setting out the assets and saying that in view of the age of the children you will be looking for a 50/50 settlement is all that is needed - I woudl be happy to check it before it goes if you would like
Claire
Clare, Solicitor
Category: Law
Satisfied Customers: 33300
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 3 years ago.

Claire


 


Did you get my last message regarding representation ?


 


Kevin

Customer: replied 3 years ago.

Thankyou for your help.

Expert:  Clare replied 3 years ago.
Hi
You are most welcome - I hope all goes well
Claire

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