DUAL SOA`s (hopefully the last ones)

dojoman wrote: »

Below are mine and my wifes SOA`s hopefully they are starting to take shape, please have a look at them and make any relevant comments,
thank you in anticipation....

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1525
Partners monthly income after tax....... 396.95
Benefits................................ 453.05
Other income............................ 0
Total monthly income.................... 2375
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 75
Petrol/diesel........................... 125
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 60 what is this?
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 63
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1956

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,375
Expenses (including HP & secured debts). 1,956
Available for debt repayments........... 419
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 419

And here is my wifes,

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0 why is there a figure for this on your SOA and no figure here?
Partners monthly income after tax....... 1638
Benefits................................ 521.95
Other income............................ 0
Total monthly income.................... 2159.95
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 35
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 63 OR may have an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1629

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,159.95
Expenses (including HP & secured debts). 1,629
Available for debt repayments........... 530.95
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 530.95

There is something wrong with the way you have reported income. Your wife has none of her own income on her SOA yet has a surplus - enough for an IPA but if she has no income she shouldn't have an IPA. Also you have put a figure for partner's contribution on your SOA. Does she have an income? Please check the figures.

I agree confused - it would be much easier if couples could do one SOA and that would really be a better reflection of their income and expenses.

Depending on circumstances some couples can get away with 1 SoA between them. But looking at Dojo's I think he is going to be best to do 2 seperate ones.