About to separate.

Inmyslippers

My DH of 29 years is about to leave me. I need some financial advice as to what to do now.

I run a business which always provided a second income, it should be enough to support me and pay the bills. I have DS in final year at uni so I asssume he will still be home at holiday time.

We have some savings which are in DHs name. Also he has a much bigger pension than me as I had time off for children. Mortgage is paid. Help! What should be my next move?

thorsoak

Find a good solicitor who will help you to keep a fair share of what you have both built up over the years.

RAS

Are you married?

The starting point for a financial settlement is that each party gets 50% of the assets of the marriage.

The assets of the marraige include the house, all savings, all tangible assets and pensions.

If you took time off to care for children, and this went to court, it is likely that you get more than 50%.

You may find JackRS's thread illuminating because that is written by someone on the opposite side of the problems; albeit that the marriage ended somewhat sooner.

Jack's wife has been told that she should get spousal maintenance and expected the whole of the value of the house although this has reduced slightly.

Do you have your own bank account?

Do you have any shared bank accounts or credit cards as you need to protect yourself from these being overdrawn, maxxed out and being liable for the debt.

When you ex leaves, ask junior to get a CT exemption certifiate from university and claim single person's discount.

Inmyslippers

In my experience through my business solicitors won't speak to you for less that £200 hour. Is it the same in family matters?
yes I am married. DH is moving into rented accommodation and says he doesn't want me to lose the house, but that will have to be sorted at some stage. I have my own bank account which I set up when marriage hit the skids, but I also have several joint accounts. I will need to change these to his name only? What is a CT exemption certificate? What is he exempt from? My business is also in joint names.
At the moment all being "very reasonable" about financial matters but I am just preparing for the worst.

Inmyslippers

Would it be better to speak to a financial advisor before going to a solicitor?

RAS

Don't change the account to his name only; that just gives him all the money in the accounts.

If it is all very amicable, I suggest you see a lawyer NOW so that you understand the implications of all these ties. Having the joint accounts and having both names on a business that you hope to use to provide income makes this very complicated.

You need advice on how to dismantle the ties and protect yourself and your business.

Believe me, you cannot afford not to get advice in this situation. Do not talk about it though; you need to get information not freak your ex out.

When your ex leaves the property, he ceases to be liable for Council Tax. If you are the only person there other than a student, you can apply for a single person's discount of 25%. You need evidence that your son is a student; the university will provide a letter.

Seabee42

Solicitors are for divorce and getting a good experienced one will benefit you. Financial advisor if you want help with your finances, i.e. mortgage. I suspect you want to become better informed and as others have suggested there are other threads on here which may give you some useful information.

Inmyslippers

Thank you that is so helpful. Any idea how much a solicitor would cost? Would they charge by the hour?

RAS

Hi

You do NOT need a solicitor for a divorce; you can do that by download the paperwork from the court web-site, filling and paying the court fees. Except I recommend that you let your ex take that bit on and pay the fees.

You need a solicitor to advise you on your rights regarding the financial settlement. Generally you want one who is very good it it comes to a court case but can help you understand the legal situation so you know what to ask your ex for. You will be expected to go for mediation and if you and ex can agree the settlement with the mediator there is no need for a court case.

Solicitors charge by the part hour and for every communication. Which is why £200 spent on an hour asking all your questions and recording the response is a lot more effective than 4 emails at £50 a pop.

Inmyslippers

Will a solicitor help in the case of a separation or just if a divorce is iminent? I could do with our financial situation sorting now. I'm not ready to think about divorce just yet.

TBeckett100

You'll need a financial adviser at some stage of the pension is being split as the ring fenced portion will need a new home I.e a new pension wrapper. Also the IFA can assess what is anglaise split. Believe it or not a pension split isn't 50/50.