Handing over 40% share in equity in lieu of child care payments

MartinW6

My ex-wife and I divorced about four years ago. I have a 40% share in the house which is worth approximately £300,000. The mortgage is £115,000. We had two children together and I pay a total of £400 child care to my ex-wife each month. She now has two twin boys with her partner. They'd like to buy me out so they own 100% of the house (well, them and the mortgage lender), but can't afford to increase the mortgage in order to do so (I'm estimating they'd have to pay around £70,000 based on my 40% share of the equity).


I've offered to hand over my 40% share in the house in lieu of any further child care payments (which would total around £39,000). My ex-wife and her partner are happy with the suggestion. Now, I realise I'd be losing out financially, even more so if I wait until I can force a sale on the house in ten years time, but that's not my main concern (I don't really want to go into the details of why). Anyway, my question is, is the above possible, or are there laws that would prevent the agreement, regardless of whether all parties are happy with it? I'd obviously get agreements drawn up by solicitors, etc...


Thanks in advance for your advice.

duchy

You aren't paying for child care you are paying child support -or is this "child care" payment something separate ?

(You make it sound like you are paying a nursery not a co-parent)

Realistically you can make any private arrangement you like between you for child support but the parent with care can apply to force you to pay the legal minimum at any time. You'd need proper legal advice from a solicitor specializing in family law to properly protect yourself but there may be some question as to whether you would be totally protected in the future.

MartinW6

Sorry, meant 'Child Support'.


Sounds like I need to speak to a family law solicitor.

burlington6

Don't do it. They will probably change their minds when they get what they want......you away from any financial claim on the house they're living in.

Get them to sell up and get your money.

corf999

After 12 months she can still goto the CMS and claim child support - any provate agreements will have expired.

IMHO this is not a good move for you.

gonzo127

corf999 wrote: »

After 12 months she can still goto the CMS and claim child support - any provate agreements will have expired.

IMHO this is not a good move for you.

this is how i understand it as well, you could sign over your share in the house, and then have them come back and claim the child maintenance from you through the CMS and you would have to comply

MartinW6

burlington6 wrote: »

Don't do it. They will probably change their minds when they get what they want......you away from any financial claim on the house they're living in.

Get them to sell up and get your money.

The problem is two-fold. Firstly, I can't force a sale on the house until my ex-wife and her partner get married (which may or may not happen in the next year or so). This was part of the agreement. Secondly, if they sell up, they'll have to move away as they wouldn't be able to afford to live in the area (it's expensive around here). That would mean I'd see less of the kids; which I don't want to happen.

Jagraf

is your child maintenance calculated through the system or is it a private arrangement?

MartinW6

gonzo127 wrote: »

this is how i understand it as well, you could sign over your share in the house, and then have them come back and claim the child maintenance from you through the CMS and you would have to comply

So even if we go through a solicitor and both agree to the terms, they could still come back and claim child maintenance? Could I put a clause into the agreement which states I regain my 40% of the equity if they do so?

MartinW6

Jagraf wrote: »

is your child maintenance calculated through the system or is it a private arrangement?

It was based on a calculation using the system but is a private arrangement.

burlington6

MartinW6 wrote: »

The problem is two-fold. Firstly, I can't force a sale on the house until my ex-wife and her partner get married (which may or may not happen in the next year or so). This was part of the agreement. Secondly, if they sell up, they'll have to move away as they wouldn't be able to afford to live in the area (it's expensive around here). That would mean I'd see less of the kids; which I don't want to happen.

Well like some other posters have mentioned, you could give them them the equity in the house and still be chased for payments.

Keep the equity :money:

Because she is living in the family home, with her new partner and their children she will automatically be seen in a favourable light.

You're a man, you aren't seen in the same light. Look after yourself and do what is best for you.