Need help with likely settlement please

floss2

OP, what has your mediator or solicitor suggested? And do you have a pension of your own?

sosad1968

Thank you everyone for your comments. Clearly keeping the house is not an option! Fair enough. I am not keen on the idea of keeping the house in joint names until the kids are 18 though. I would prefer a "clean break" situation.

So, what WOULD be fair? Sell the house and split the equity in what ratio? What is commonly agreed in divorces where children under 18 are involved?

How much maintenance and tax credits could I expect?

Clearly I will have to work full time and that is fine, but I just want a rough idea of what I will have to live on every month.

Gillyx

50/50 to me would be fair, although if hubby has contributed the majority of the money it doesn't always work like that. Although background, have you given up a career to give him children/look after them etc?

Maintenance is around 20% of his earnings. Tax Credits etc I'm not sure, there is a website though here, which could help you work out what you are entitled to.

Padstow

sosad1968 wrote: »

Thank you everyone for your comments. Clearly keeping the house is not an option! Fair enough. I am not keen on the idea of keeping the house in joint names until the kids are 18 though. I would prefer a "clean break" situation.

So, what WOULD be fair? Sell the house and split the equity in what ratio? What is commonly agreed in divorces where children under 18 are involved?

How much maintenance and tax credits could I expect?

Clearly I will have to work full time and that is fine, but I just want a rough idea of what I will have to live on every month.

There are too many gaps in the info given for anyone to comment on your situation.

Even then a sol won't commit himself by saying "you'll get the house and £800 pm global maintenance." Only a judge can decide that.

A better way is decide how much you and the kids need to live and take it from there.

You haven't even said how many bedrooms your property has, but say it's four. It would most likely to be financially foolish to downsize to three, taking into account associated selling and buying costs.

As for clean break. You and he can have a clean break, but for the children there is no such thing.

clearingout

I wouldn't agree to a clean break with children - you can get a nominal spousal maintenance order - you never know when you might need it. Essentially what this does is leave the door open to go back for money should you fall on 'hard times' - serious illness or disability are the obvious ones. Obviously, it would be dependent on him being able to pay and there may be good reason a clean break would work in your situation but don't dismiss the nominal maintenance order without due consideration.

You need to work out your entitlement to Tax Credits and child maintenance and then take it from there. You also need to be clear now if you want to re-train or re-enter education to secure your own future. Your children wont' live with you forever and there is always the possibility that you won't re-marry. Consider the biggest picture possible - what would happen when you retire?

fawd1

I know a lady who on getting her divorce kept the house on agreement that it menat that no further maintenace had to be paid for the childrenthe. Basically they worked out that there was approx 300k equity in the property ans he would be paying maintenence (assuming school, university, etc etc) of about 75-100k over the years. This plus any option on pension made them thin it was easier for her to keep the house and then go back to work full time for living costs (which would abviously be pretty low with no mortgage- or lower anyway!)

brians_daughter

op, what you are suggesting is IMO opinion unfair. You cant expect to use joint savings to pay off a mortgage for him to leave the family home with not a pot to pee in? Just ask for the shirt off his back.. re-read your post and imagine it was your brother/friend saying his wife wanted him to agree to said conditions, i am sure you will quickly see its a case of wanting everything whilst leaving him with nothing

We (ex and I) have an agreement where when we split we got the house valued. for ease lets say £150k with £75k os mortgage. Thats £75k equity. To cut a long story short we have agreed i will stay in the home until our children are of adult age once this happens i basically owe him 1/2 of £75k. when that time comes we either sell or i find the £s to give to him. The amounht cannot go up or down as it was valued when we spilt, so if the house ends in neagtive equity in 10 years then its my shortfall, if prices are through the roof and its valued at £300k then that money is mine iykwim so it is a risk of sorts

Maybe you could agree (although you cannot leagally do this its a gentlemans agreement type thing or so i was told by solicitor) that he pays mortgage in repalcement of child support so you can continue to live in the home and do the split as above when the time comes.

Thats what we are doing, mortgage is £700pcm cm would be £450 so i pay £250 mortgage payments ex pays the rest but we do not get 'cash' for child supprot, it goes into the mortgage payment - if that makes sense? BUT legally you cant agree to forefit cm so it does take trust on both sides..me to know he will pay the mortgage payment him to trust i wont chase via csa, TBH i wouldnt recommend it but for our family it was the easiest solution for us and the best outcome for the children

re TC go to HMRC site (section for tax credits) put in your details,and childrens and that will give a good indication what entitlement would be

re child support (assuming hubby has no other children apart from with you) you would be entitled to 15% of his income if you have one child, 20% if you have 2 children and 25% if you have 3 or more.
HTH

zzzLazyDaisy

fawd1 wrote: »

I know a lady who on getting her divorce kept the house on agreement that it menat that no further maintenace had to be paid for the childrenthe. Basically they worked out that there was approx 300k equity in the property ans he would be paying maintenence (assuming school, university, etc etc) of about 75-100k over the years. This plus any option on pension made them thin it was easier for her to keep the house and then go back to work full time for living costs (which would abviously be pretty low with no mortgage- or lower anyway!)

It is important to understand that no matter what agreement the couple come to, the parent with care can ALWAYS go to CSA for maintenance. You cannot negotiate out of this obligation as it is the child's statutory right. Of course the couple concerned can come to any voluntary agreement that they wish, but nothing can prevent the parent with care later changing their mind and going to the CSA.