child support/divorce/pension mess

64sam

Any advice please? I am nearly 65 and divorcing my wife for adultery as she found a younger model.We have 2 kids,14 and 12 and jointly mortgage our home which still has 14yrs to run. She and her lover want to try to buy me out. At first I agreed as it meant my sons could stay in the family home.Now I am not so sure as he has 3 kids of his own from 2 marriages and I think my sons will lose out so I wonder if a clean split would be better for us.
I will not be able to continue at work due to a cardiac problem and will have to retire. Am currently signed off with the stress of all this which has aggravated my health.
I will only have a state pension, so would I have to pay child maintenance out of any equity I get from the home? as I want to use that to try for a part ownership property for me and my boys as they want to spend equal time with me
I am seeing a solicitor next week but advice is expensive and some unbiased input might help me get things in perspective.

withabix

64sam wrote: »

I will only have a state pension, so would I have to pay child maintenance out of any equity I get from the home?

No, you would only have to pay child maintenance based on your income.

If you will only get £107.45 state pension, the amount you would pay per week is £7.00 (based on a few assumptions).

Calculator here: http://www.csacalculator.dsdni.gov.uk/calc.asp

PippaGirl_2

I highly recommend the site wikivorce you will get expert advice there on the forums from professionals in the field as well as people who have learnt by experience.

What I would say though is that buying you out of the house could well be part of the clean break, it doens't mean it can't happen. A clean break is now always preferred by the courts, with periodical payments only occasionally ordered and usually only for limited periods. If there is another party involved, that would be less likely imo.

pmlindyloo

At your age you are eligible for Pension Credit.

You can have a look at this here:

https://www.gov.uk/pension-credit/overview

If you have no other private pension/income then you would get a top up to your state pension. if you received any Guarantee Pension Credit (no matter how small) you would be entitled to Housing Benefit/Housing costs (Support for Mortgage Interest)and full Council Tax Support.

Which ever option you take you would need somewhere to live.

If you bought a part buy/part rent property using the equity from your current joint property then you would get help with the rent(but not the service charge I believe). Presumably you would not take out a mortgage?

Of course I don't know how much equity is in the joint property or what the divorce arrangements will but wanted to give you a 'heads up' about Pension Credit so that it might relieve some of the stress financially.

64sam

PippaGirl wrote: »

I highly recommend the site wikivorce you will get expert advice there on the forums from professionals in the field as well as people who have learnt by experience.

What I would say though is that buying you out of the house could well be part of the clean break, it doens't mean it can't happen. A clean break is now always preferred by the courts, with periodical payments only occasionally ordered and usually only for limited periods. If there is another party involved, that would be less likely imo.

Hi, you recommend wikivorce and I had a look. There is so much info that I don't know where to start?....Have you used any of the services? I like the idea of saving a pot of cash but am a little hesitant about doing it online where I have no physical contact with the company if you see what I mean.