there are no other assets in question. I have 1 property I own and I rent another. We each own our own car. My children are aged 15 (16 in December), 13, 11 and 8.
I currently contract with an investment bank earning £650 a day. There is no other income and Michelle, my wife, gets £2000 a month from me for the children whilst I also cover the mortgage, TV, Broadband and half of the girls monthly dance expenses. All of this combined equates to over £2000 a month.
The girls stay with me on average 1-2 days at the weekend as I work during the week.
there is equity of at least £55k. My wife has no work skills as she hasn't worked since she was 19. She is currently at University studying to become a clinical dietician.
My gross income was around £160k.
she should be qualified in 2 years and according to http://www.prospects.ac.uk/dietitian_salary.htm she can earn £21k if with the NHS but I believe she wants to go freelance.
She is worried as to whether it will impact her ability to claim her child tax. Due to it being in joint names we need to know whether it has a detrimental impact to this before we look to progress further.
What if I was also using the additional equity to fund building improvements? Part of what I want to do is help use the funds to put towards a conservatory and kitchen extension. Would this not be viewed as increasing the value of the property rather than diminishing it?