Is this a fair offer?

choccyface2006

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If you can avoid it, only seek legal advice when you have negotiated a settlement (for them to draw it up). Solicitors have a vested interest in prolonging the situation, often by requesting or suggesting unrealistic numbers to simply draw out negotiations. If partes can remain cordial, there is no need for this.

The kids, pension, etc. all cloud the issue and legal advice should probably be sought here.

It will be hard to prove the debt was jointly accumulated if it is only in his name. However, she is presumably claiming half the equity in the house despite not working to support it. However, I am not sure how realistic it is to lump all these together and net off the £28k debt against the £40k equity. He also has a responsibility towards his kids and to provide somewhere for them to live.

Her offer may well be limited by what she can afford rather than a realistic settlement. He may have to accept that. In turn, he may wish to approach his creditors and offer a % settlement because obviously he cannot afford additional rent, maintenance and debt repayments.

princessdreamer

Court costs could be 15k+ to fight leaving his equity at a lot less than the 7k he is being offered. It could take up to 2 years and at any time she could stop paying the mortgage and wipe out the equity completely.

Gigglepig

Sounds like your friends needs a proper divorce settlement where everything is taken into account - equity, debts, pension pots etc. If they were married 7 years and have 2 kids it seems quite reasonable if they split everything 50-50%?

benb76

The 2 children make things tricky and tend to push the balance in her favour. But even with that accounted for, she's offering to give him 7K to buy 20k equity in the house, not to mention the debt, which was I assume, built up during their 7 year marriage. Doesn't sound like a fair offer to me.

Solicitors will give you a free 30 min initial consultation to let him know where he stands and whether or not such a case is worth taking to court or trying to settle (even if that does mean accepting an unfair offer).

princessdreamer

Fine Ben but the debt could have been simply sent on himself, going out, new clothes, gaming unless they can prove it was spent on her not him or the children he will have a hard time.

choccyface2006

Thank you both, it just seems so unfair.

I know its unrealistic to think he could offset all the debt with the equity but a settlement of 7k is a drop in the ocean. Of course he wants to support his children but he should still have enough money left over each month to find somewhere to live himself.

Sarah

fannyanna

choccyface2006 wrote: »

Thank you both, it just seems so unfair.

It normally is where children are invovled.

princessdreamer

He needs to be on the DFW boards to sort his debts out. He can say he will accept the 7k as a clean break in exchange for the house BUT any other assets belong to him.

choccyface2006

princessdreamer wrote: »

Fine Ben but the debt could have been simply sent on himself, going out, new clothes, gaming unless they can prove it was spent on her not him or the children he will have a hard time.

The debt was very much jointly ran up, holidays to Florida seemed a good idea when you have somehwere free to stay as they did but flights/park tickets don't come cheap, renovating the house (converting the attic) HER two designer dogs and household items.

He worked very hard in two demanding jobs and she had an affair. She keeps the house and he is homeless with so much debt

Sarah

choccyface2006

princessdreamer wrote: »

He needs to be on the DFW boards to sort his debts out. He can say he will accept the 7k as a clean break in exchange for the house BUT any other assets belong to him.

Sadly there are no other assets (apart from his pension) she has a decent newish car and he has an old banger!