Tax credit calculation and budgeting, have I got this right.

Icequeen99

Will the children be living with you?

IQ

spitandpolish

Caz3121 wrote: »

have you spoken to a solicitor? why do you think your share of the mortgage free house is only 1%. As the main carer for the children you will likely get more than 50% of the marital assets then you will be able to be less reliant on benefits

I've never claimed a means tested benefit in my life, my children are educated outside of the state and I have personally contributed in excess of £200,000 in taxes over my working life. I couldn't be any less reliant right now.

Reason for the 1% is that the mortgage company (when we had one) asked for both parties to approve the loan. I took the lowest equity stake as it has been paid for in full with the wife's earnings.

spitandpolish

Icequeen99 wrote: »

Will the children be living with you?

IQ

I can't see why not; the soon to be separated wife spends most of her time abroad with work only seeing the children at the w/ends.

I have been and continue to be main carer of our children. I only work w/ends pulling pints from 8pm-4am.

spitandpolish

nannytone wrote: »

the way to do that ISNT to ask her to buy a house for you to rent though

you need to look at the local housing allowance rate for your council area.

it only covers the lowest third of the rental market, so don't expect anything too luxurious
your income will also reduce the amount you will be able to receive

on her income, she should be paying you quite a large amount of maintenance ( around 15% of her after tax income)
this wont be counted as income for benefits purposes

Thank you. I missed this very informative post.

FBaby

Why is she paying £433 in child maintenance but you would only receive £100. Does she have a horde of children elsewhere?

Darksparkle

FBaby wrote: »

Why is she paying £433 in child maintenance but you would only receive £100. Does she have a horde of children elsewhere?

£100 per week = £433 per month.

OP has put some figures as weekly then changed to monthly for outgoings.

Caz3121

spitandpolish wrote: »

Reason for the 1% is that the mortgage company (when we had one) asked for both parties to approve the loan. I took the lowest equity stake as it has been paid for in full with the wife's earnings.

The % split of ownership does not really come into it when sorting out the financial side of a divorce, it is a marital asset...there are plenty instances where one person has the house in their name 100% and the other contributes nothing or little financially but maybe stays at home and looks after the children/house and they may still end up with over 50% of the pot
Do you have a much larger pension or other assets that are offsetting this?
I don't understand why, with having the children live with you, you are not prepared to take what is legally yours. I doubt you will find a lawyer that thinks it correct that the person with the children living with them gets 1% of the property value and the NRP gets 99% unless there are other assets that even up the financial split
I would think about possible scenarios in the future...what happens if the children decide to live with their mother, you are left with no tax credits, child benefit, child maintenance and reduced housing benefit and you have effectively "given away" your share of the assets

Icequeen99

spitandpolish wrote: »

I can't see why not; the soon to be separated wife spends most of her time abroad with work only seeing the children at the w/ends.

I have been and continue to be main carer of our children. I only work w/ends pulling pints from 8pm-4am.

I ask that only because for tax credits they need to be 'normally living with' you.

You need to also make sure there is a full separation from your wife and no financial ties, otherwise you may find yourself investigated by HMRC because they are running frequent checks with credit reference agencies and flagging cases where people are financially linked but claiming as single people.

IQ