I'm recently separated from my wife and I'm concerned about the future.
We have three children, and although my wife also works, I earn much more money than her.
I would hope that we could agree a 50/50 split for the Children, but i am worried about what will happen in terms of how much money I will have to continue to give her in the event of Divorce.
I'm comfortable with the CMS Calculator, but it's the potential for Spousal Maintenance that I'm concerned about.
We do not have many assets... we have minimal savings and have a car each. No huge debts and no mortgage.
We live in an expensive area just outside London and cost of living is high, we won't want to move as the kids are settled at School.
I'm just wondering if anyone has any guidance on how this might end up?
Looking forward to your responses.
I don't have any personal experience but you might do well do get some legal advice. Most solicitors will offer half an hour free and then you can see what the likelihood might be and whether you need someone acting for you
Sorting out a financial order upon divorce is one of the most complex areas to deal with. Getting some good legal order would be best as no two situations are the same even if others have experience of this area.
In relation to your circumstances, whilst you say you don't have assets or savings, are there any pensions? Or is a property owned? Other variables would be whether your children have any specialist care needs? Also the length of marriage, who contributed what financially and what each parties needs are likely to be going forward.
It is possible to agree to a lump sum now to avoid spousal maintenance for the future which is often the suggested approach, however again there are lots of variables to consider.
All the best.
I would open a case with CMS and get that sorted out so that it doesn't get lumped in with spousal maintenance, though I'd take professional legal advice initially to see what they suggest. Be careful about going in for a protracted legal battle if you can, otherwise anything you gain in terms of a settlement could be swallowed up by legal fees - best to come to an agreement if possible, even if you do give away a bit more than you'd initially like. Also make sure you cover eventualities in case you income reduces for any reason.