I am going to a mediation session today with my wife to discuss the financial terms of the separation and was just wondering where I should begin in regards ***** ***** offer, i.e. - Do I start as low as legally possible and let her and her lawyers push me up or - Do I start with what I deem a reasonable offer. My main concern is I offered my wife £1000 a month(£520 child maint + £480 spousal maint) for the next year (which could then be reviewed if she had a job etc. so the split was fair) and half of everything else, house, current pension etc. She turned this down and got lawyers involved which is why I'm dubious about starting at this same price point. My income is approx £3,100 a month currently and with the split I would also take on the main share of the loans we have (£12k against her £7k). She is getting approx. £600 a month from the gov't currently. Is there anyway to decipher how much she may be entitled to as spousal maintenance to know if my original offer is reasonable? Regards Chris
Hi, I will amend the question including the latest information and hopefully that will help with a response.
Current position is that we have to take all financial records in for our next mediation session to try and reach an agreement on the monthly total that I will pay her. My wife does not want a lump sum payment in order to have a clean break and would not be given a mortgage due to her being out of work so keeping the house is not an option.
Agreed so far:-
- We will have to downsize and rent/buy 2 smaller houses.
- Children's time will be split 4 nights with her, 3 nights with myself.
- I will pay £520 a month child maintenance
- She will have half of all the assets, house, Pension, belongings + the more expensive family car.
- I will cover our joint loans £12k, she will cover her student loans £7k
- The spousal maintenance she expects to receive.
Is there any way to estimate how much she could expect to receive for spousal maintenance should we go through the courts?
I take home £3150 a month currently, no new partner and will have the boys stay with me 3 nights a week.
My wife receives approx £600 a month in benefits without my contributions and will have them for 4 nights a week.
If you need any further details please let me know.
Please see detail I have below:-
House - For sale @ £165k, mortgage £143k. = £15k approx after fees
Wifes car - £5k
My Car - £3k
Household belongings - approx £25k. She is basically taking what she wants apart from a few belongings such as PC, bed and a few sentimental items which have been agreed.
Pensions - I am awaiting the cash equivalent transfer value from my company. I have been employed by the same firm for 11 years. Wife will be given 50% of the CETV. We have agreed that pensions before my current employment will be excluded as mine and my wifes would be of similar value.
Shares - I have unvested shares which will become available as of 2017, current value of these is $8713. Most likely outcome here currently is that once they become available to trade I will sell them and split the money equally.
Savings - approx £7k split evenly between the boys, this will stay in the boys names.
Possibly worth mentioning that my wife stopped working 6 years ago when the first of our children was born. She then re-trained from being a geophysicist to a child minder approx 3 years ago so she could continue to stay at home with our son. She was earning approx £1k a month until she ended the contracts recently due to the house selling, although the sale fell through. I do not believe she put any earnings aside for a pension or saving during this time but there is earning potential.
I think that's everything, if theres anything you think I may have missed please let me know.
No problem, firstly she wants to be closer to her parents so wants to move anyway, the house was already up for sale before we split. And secondly because the matrimonial home costs approx £1600 a month to run excluding food, petrol, loans etc. My wife would therefore be unable to keep the home without a large amount of money from myself and the mortgage company would most likely not lend her the money solely either.
We are both living in the home together currently also. In separate rooms with separate lives but I am covering all costs for the house currently and therefore have nothing much left over for alternative accommodation.
She will move approx 30 miles from our current residence. I plan to move within about 15 miles of her to keep contact with the children easier.
She could return to Child minding, earning potential there of around £1k. Her previous geophysics career is not really an option as that is based predominantly down the south of the country and as said she wants to be near family.
I believe however that she may not return to work straight away as I believe she plans to return to university to re-train... In what I don't know.
She was looking at around £500 - £600 a month.
Hi, do you think you will be able to give an estimate from the information provided?