Separation money question

steveb1964

Looking for some advice before I have to go and pay for it!

Starting to go through a separation and a house and kids are involved.

Everything will be split 50/50 but I wanted to check a few things. If one of us has a savings account in our own name with 20k in that was inheritance from a family member would that have to be split 50/50 or is it only things in joint names?

Also if we sell the house and our joint bank account is 3k overdrawn is that paid off before any equitity from the house is split?

Thank you

VestanPance

No, the joint bank account wouldn't be cleared off. Unless you had that agreed and in writing. Only the mortgage would be cleared. You'd need to agree terms to pay off the overdraft before closing the joint account.

The split isn't as simple as 50/50, you'll need to speak to a solicitor. If you both agree over the finances and can agree a split then that is best and easiest*. If not prepare for an expensive and long drawn out round of arguments between your respective solicitors. Depending on various factors the inheritance money could be challenged by the other party as could pensions etc.

* Be aware that nothing is certain until the legal documents are signed. My ex and I agreed financial terms easily between us, but I know that we both had our respective solicitors trying to get us to let them agree a deal as they could get us more. If one party is swayed by that it could get ugly.

steveb1964

Thanks for the advice, seems if it does go to court they swing in favour of the women especially when kids are involved.

What annoys me is she committed the Adultry yet will probably walk away from this smelling of roses.

VestanPance

Blame on splitting up has no impact at all. I was lucky in that my ex and I wanted to make the separation as less troublesome as possible. Although even then it's difficult when the solicitors get involved.

The situation will play a huge part in it. If she gave up work to raise the kids, she could claim on all sorts including inheritance money and pension funds in your name.

The courts will look to see the kids alright, which does mean you could end up supporting her as well as your kids even if the split is not your fault. In truth the courts don't care who's fault it is.

Mojisola

VestanPance wrote: »

The courts will look to see the kids alright, which does mean you could end up supporting her as well as your kids even if the split is not your fault. In truth the courts don't care who's fault it is.

I don't think spousal support is very common these days.

It's expected that the PWC will claim any benefits that are appropriate.

steveb1964

VestanPance wrote: »

The situation will play a huge part in it. If she gave up work to raise the kids, she could claim on all sorts including inheritance money and pension funds in your name.

She does work 3 days a week so does have an income and the benefits that she will claim, working tax credit etc, she will actually end up bring more money home a month than me!

My main concern is the kids. I just want to make sure that I am finanically sound as well so that I can provide a decent home for the kids when they stay with me.

VestanPance

The only real advise is get a good solicitor. Try and sort things amicably and if you can't prepare for a hellish and expensive time of it.

I hope for his sake they can deal with it amicably.

Mojisola

steveb1964 wrote: »

She does work 3 days a week so does have an income and the benefits that she will claim, working tax credit etc, she will actually end up bring more money home a month than me!

My main concern is the kids. I just want to make sure that I am finanically sound as well so that I can provide a decent home for the kids when they stay with me.

If you go through the CSA, they aren't interested in this aspect so try to get things sorted by private arrangement.

steveb1964

Mojisola wrote: »

try to get things sorted by private arrangement.

I think this is the way forward.

I'll get the house valued by 3 separate estate agents and then she can decide if she wants to buy me out or sell up.

blue_suzy

hi stevie,i am in the same boat as you,cant take over the mortgage because its joint names, cant sell,i don't know whats going to happen you need to get legal advise.

whatgoesaround_2

Hi Steve,

I have gone through a 2 year battle so far because my ex was unreasonable. The best advice i can give is to be amicable. talk about the issues, try not to involve solicitors until you both agree, then get it written up and signed.
Have you been married for a long time? Only in a short marriage will they consider any money that you have brought in to the marriage to be seperate and not joint matrimonial assets. So my advice would be to do what is fair. If she accepts 50/50 go with it. If she lets you keep the 20k go with it, but agree to pay a fair share for the kids. Try not to get CSA involved if possible, but you can use their calculator to see what they would force you to pay.
Also remember that a court might actually stop you from selling the house if she wanted to stay in it with the kids. I dont mean this to sound harsh because they are wonderful little beings that need love and affection but they are the power in the struggle if things dont go right.
I can only wish that you have luck on your side and can get through this unscathed for your sake and the kids.
Best wishes...