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My wife and I are planning to seperate and it was proposed I move into one of the rental properties we jointly own. I'm currently refurbishing this property and my wife has subsequently stated I will legally have to pay her 50% of the potential letting income value in addition to 15% of my gross employment income for maintenance of one child, or possibly 15% of all gross income from property rental + employment income. Is this correct?
Wife's employment = ~£15,600pa net
I'm currently unemployed whilst refurbishing a property to let, which both I and the wife own.
Income from 2 other let properties =£19,500pa gross, less mortages, services charges etc = £7700 net profit
We have 3 children between the ages of 17 to 25. The youngest & eldest both live at home with the youngest at full time educations
The property I will be living in (which was to be let) has no mortgage as do the other 2 let properties and neither does the family home. I was staying at this property over the past 2 weeks to hurry completion for letting when the wife declared she wanted a separation and I was not to return to the family home.
Hi ClareThanks for the information, but just a couple of more questions;
Would 50% of my rental income due to my wife be gross figure or net after deduction of mortages/costs etc. If it is the gross figure then it would appear a better option to sell the properties and split the proceeds, I assume equally?
Also does my wife have any legal right to insist I move out of the family home?
Should I need any further advice after this session am I able to contact you again or will it be another solicitor