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Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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I was married years and have been separated years.

Customer Question

I was married for 25 years and have been separated for 4 years. We are now looking to divorce. I have 2 grown up children aged 25 and 19 that live separate from us. Since the separation I have paid my ex 1500 pounds per month and all the household bills.
We have a house that would sell for 475k and has a mortgage of 340k
My wife wants to move away and I am prepared to to offer her the whole difference of the house totalling approx 125k plus a continued monthly income of 1500 pounds.
I have a business that has done well since the separation and a pension that kicks in in three years that would equate to the 1500 pounds
Can you tel, me if I am being fair on this. My wife will also have an income which will be hers and all other assets like furniture she can keep
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What income do you each have at present and what pension provision does your wife have?
Customer: replied 2 years ago.
Hi Clare thank u for coming back
She is working at the moment on an income of 1200 per month approx . She has a small private pension of approx 20k
My income is from my business and I draw approx 4000 pounds per month from this of which I also continue to pay the mortgage on the house which is approx 1000 pounds at the moment
Expert:  Clare replied 2 years ago.
How much is your business worth?
Customer: replied 2 years ago.
Not been valued but profits last three years were -30k
+150k 2013
Last year 220k
Expert:  Clare replied 2 years ago.
Is the business essentially you - or is it one that could be sold to someone else?
Customer: replied 2 years ago.
I am the sole owner Clare and it is my only income. The business could be sold on if I wanted to and bought by perhaps a competitor if they wanted
Expert:  Clare replied 2 years ago.
If that happened what would they be likely to pay?
best guess is fine
Customer: replied 2 years ago.
To be honest I am not sure
Naturally the business is growing and I want to keep it
I think I could be offered between 250k and 1mio
To be honest I have never thought to haven't valued as my aim is to increase profits
Customer: replied 2 years ago.
Dear Clare I am still awaiting a reply to the below answer
Thank you very much
Customer: replied 2 years ago.

i am still waiting for an answer to my question

thank you