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Finances settlement

 
Vik2001
(@Vik2001)
Trusted Member Registered

I have 2 kids aged 6 and 2. I'm still  fighting to get shared access. Cafcass section 7 being done at moment etc. I have no fact findings against me.

We have a house between us. Kids live with mother currently but I want to move closer and have 50/50 access.

I proposed a split of 50/50 house so we can both rehouse ourselves. But ex wants 70/30 split. If we do this I can't rehouse myself and move closer. She has moved back to her parents and I'm in the family house still.

She will most likely drag it through court. Her solicitor also suggested she might be able to get spousal maintenance which they will pursue if I don't agree to a 70/30 split, on top of me paying cms of £600 per month. I can't afford to pay her spousal maintenance,  what's her chances of getting this??

I genuinely want to move closer to play a part in the kids upbringing,  she wants to rip the family home in her favour so I can't move closer and share access with kids.

Advice appreciated.

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Topic starter Posted : 07/05/2021 8:50 pm
warwickshire1
(@warwickshire1)
Honorable Member Registered

Dont pay any attention to solicitors letters. They are just instructed by your ex to frustrate and make threats they cant carry out.  You proposed a 50-50 split so at worst it may be 60-40 in her favor as a worst scenario. shes not even in your family home which wont look good for her either. Under no circumstances let her back in either as it will quickly be roles reversed.  You are paying a significant amount of cms. I dont know your circumstances , but spousal maintenance probably wont happen either.

 

50-50 shared access is very hard to get and i would look at setting your sights lower, but its up to you how you proceed. if you dont move closer then you are looking at potentially less contact 

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Posted : 07/05/2021 10:41 pm
Vik2001
(@Vik2001)
Trusted Member Registered

Im paying alot of cms because she won't allow me to have any overnight stays so she get the full cms. I'm trying best to get overnights... and as close to 50/50. I'm hoping by moving closer I can achieve as close as this to possible. I have flexible working hours so can help with the kids taking them to school etc.

So I don't have to worry about spousal maintenance which is good. I have never funded her and she had her own job.

I know she's going to pursue it via court they made it clear if I dnt agree. It's only the house we have no cash or other assets.

I have always paid the mortgage and contributed towards more of the house upkeep. I wanted to stop paying the mortgage so i can use the money to rent at least by the final hearing to show I'm near by to improve my chances. I'm going to have a word with mortgage company to figure out my options of not paying the mortgage while the divorce is sorted.

She won't be returning returning back to family home as she rehoused at her parents,  but is using the card she's in temp accommodation.

If it goes to court I'm hoping to find a cheap barrister at £1500 a day.

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Topic starter Posted : 07/05/2021 10:57 pm
Daddyup
(@Daddyup)
Honorable Member Registered

Hi, it all depends on how much you earn compared to your ex, your earnings potential vs hers etc...

If you earn significantly more then there is every possibility that you will have to pay spousal maintenance especially if she is left caring for the children and you do not get 50:50, although shared care is less of a factor.. It can be paid either on a regular basis until a trigger point (kids turn 18) or if you are very wealthy then indefinitely or the % split of assets can be more in her favour to account for this as a one off lump sum.. The lump sum route is preferred as this allows for a clean break with no further claims on each others finances in the future..

The likelihood of her getting it is too complex to say, depends on assets, debts, pension funds, earnings capacity, standard of living prior to separation, the children etc.. Depending on the amount you probably should get legal advice. Based on what you have said it appears they may have suggested 70:30 so that you agree to 60:40 in her favour with the 10% over 50:50 to cover a one off lump sum towards spousal maintenance.. It is important to remember that you get a clean break as part of the financial settlement otherwise she will have a claim against your future finances too.. 

 

All the best.. 

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Posted : 07/05/2021 11:09 pm
Vik2001
(@Vik2001)
Trusted Member Registered

Hi

She currently does not work and I am working. My salary is around 43k per year.

She says she can't work as she's looking after kids while living at her parents. But before her leaving she was working. My wish is to rehouse myself closer to the kids so I can help also. I currently have no pension. I'm saying I should get close to half so I can rehouse myself and provide rooms and a house for the kids when with me.

Our only assets is the matrimonial home, neither of us have any savings or anything else. 

I obviously don't want to pay her spousal maintenance on top of cms. That will leave nothing to me to survive on.

The equity in our house is around 460k, with a remaining mortgage of around 180k.  What should I do, how should i play this?

Her solicitor said she wants 65% and to give me 35,% of house split together with a clean break,  and she won't come after any spousal maintenance.  However it's not been determined by cafcass or the judge yet what level not access I will get .   With no finding of facts proven and me relocating closer there I'm hoping I be in a good position.

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Topic starter Posted : 08/05/2021 6:53 am
Yoda
 Yoda
(@yoda)
Famed Member

I would strongly suggest taking some specific legal advice on this matter, even if you pay for a couple of hours with a decent lawyer, it will help you in the long term. 

With regards to finding a barrister. The first hearing is usually fairly straightforward and you could probably go it alone and then get a direct access barrister for the hearing where decisions will be made. 

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Posted : 09/05/2021 12:01 pm
Daddyup
(@Daddyup)
Honorable Member Registered

With the level of equity you are talking about a good barrister is what you need and will be worth it as even a 5% change in equity split is worth a lot more than the barristers fees. Make sure they don't charge based on total assets etc and Direct Access is a good place to start. 

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Posted : 09/05/2021 8:28 pm
Vik2001
(@Vik2001)
Trusted Member Registered

thanks all.  if anyone knows of a good but cheap finance barrister around london/essex let me know..

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Topic starter Posted : 10/05/2021 11:28 am
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