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plclegal
plclegal, Barrister
Category: Family Law
Satisfied Customers: 6362
Experience:  Barrister at law
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My soon to be ex wife and I are finalising the divorce. She

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My soon to be ex wife and I are finalising the divorce. She is putting forward that she will keep 60% of the equity in our house and 40% of our pension funds.She does not want to sell the house until my youngest is 19 in two years.The problem is that I am 60 this year and having to wait two years will put a new mortgage out of my reach especially with only 40% of the house equity. My ex wife is 6 years younger so getting a mortgage in two years time will be much easier for her and her repayments over say 14 year will be much less than mine would be over say 8 year.As to the pensions my wife will have an extra 6 years than me to pay into a pension and also more time for the pension fund to increase. We both have similar incomes., my daughter who is 20 lives with her partner with my ex wife she is currently unemployed and is thinking about going to college. Is this an equitable split of matrimonial assets.
JA: What steps have you taken? Have you filed any papers in family court?
Customer: Yes papers have been filed and decree nisei due to be issued ,she has just submitted papers for the financial settlement
JA: Have you talked to a lawyer about this yet?
Customer: Not yet
JA: Anything else you want the Lawyer to know before I connect you?
Customer: The original plan was the house would be sold some years ago we have been separated for over 3 years. Then she wanted to keep the house until my son was 16, then it increased to 17 and the original` plan was a 50/50 split of assets.

Hello, my name is*****’ve been asked to look at this for you, thank you for your patience.

Please bear in mind as this is an email service and not live chat I may not respond immediately.

I will look over this and come back to you shortly with a response.

Customer: replied 2 day ago.
Thanks for your response, I forgot to mention that I suffer from COPD lungs and therefore breathing will gradually get worse, there is no cure which may/ most probably impact my ability to work in the future.I am therefore severely impacted by the proposed statement. I will not be able o wrk as long as my wide can..

How is your youngest going to split their time between you?

Am I right from reading the above that your youngest is 17 years old currently?

How much equity is there in the house?

And are the pensions of similar value?

Customer: replied 2 day ago.
My son is 17 next ,month , he is at college doing a course in plumbing and heating , he works part time at McDonald's and earns about £500 a month. The combined pension fund is £500,000, £350,000 mine , £150,000 my wife. The house was worth about £400,000 pre Covid, research suggest prices will drop in the area by 5% thins year but rise by 5% next year. Thew mortgage is about £130,000

OK. On the basis of the figures, I cannot see that a departure from 50/50 on the house is needed or justified.

Nor is the delay in a sale, to be honest. By the time it all goes through he would be at the youngest 17 1/2 years old, and almost an adult. There's no good reason to delay on account him, as there is plenty of equity to go around and you both have mortgage capacity.

As regards ***** ***** my view is that as you are older and potentially will retire due to ill health, you could seek a higher than 50% share of the joint pot.

I hope this assists?

Customer: replied 2 day ago.
Thansk you

My pleasure.

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