Seperation from Wife Financial

hazyjo

dontknowwhattodonext said:

Yes, no reason for her not work work, my salary is 50k, we have a rent contract rewal due June 2020. 

Don't renew it (obviously), if you're both still there. It will revert to a rolling contract ('periodic') where you have to give one month's notice.

Make sure you both give notice and leave, or get the tenancy changed into one name if one of you is staying. Don't leave it in joint names.

BillTrac

Will she be eligible for pension? If she hasn't been working for the last few years will she have built up enough credit previous to that?
She is in for a great shock with no one to carry her anymore.
Once she realises what she will lose wonder of she'll try to keep the marriage going?

dontknowwhattodonext

Her pension is very small as has not worked that much, cash in value around £12k

As for the property, we will lbe aked to renew as they don't like a rolling contract

Pollycat

dontknowwhattodonext said:

Her pension is very small as has not worked that much, cash in value around £12k

As for the property, we will lbe aked to renew as they don't like a rolling contract

I think the poster you've quoted was maybe talking about state pension.
Your wife can get a forecast.
I think you should think carefully about what you want to do about your marriage and living arrangements going forward before you are tied in to another contract on the house.

TBagpuss

OK, your income if pretty high - it is possible that a court might consider it reasonable for you to pay for a very short time to give her time to adjust, but that would probably be for a few months rather than any longer. 
A court might also decide that as you have higher earning capacity than her (she is unlikely to be able to walk into a £50K a year job) that it would be fair to have a split of the other assets which is unequal in her favour - e.g.for her to have more of the savings and possibly even a little over half of the total pensions. 

How much are the savings, roughly? 

DairyQueen

Speak to a solicitor. The legal position will be very different from the (mostly) moral judgements of random strangers on the internet.

If this comes before a judge then the starting position will be 50/50 assets and pensions. They will then look at the needs of the parties versus their ages and earning capacity now and going forward, From the info. you have posted I suspect the following is relevant:

- long marriage
- no dependents
- wife several years older - less time to build-up assets/pensions before retirement age
- wife has no current earnings and likely lower future earning capacity
- no reason wife shouldn't work full time.

Considerations that a court will prioritise:
- housing needs of the parties
- similar living standards for the parties now and in the future
- avoidance of taxpayer liability (that's 'welfare' to you and me).

With the caveat that I am no expert and that the info you have provided is minimal, given the difference in your ages and earning capacity, and your wife's age, I believe that you will be expected to provide some financial support for an interim period. I also believe that she will be awarded more of the assets to compensate for her lack of future earning capacity.

Check your respective state pension forecasts. It's possible that your wife has a lower future forecast. This will also be material to the settlement.

Best advice is to try and negotiate a settlement via mediation that is fair to you both and gives you both some kind of future. Leaving your wife in a much worse position than you will enjoy after 25 years of marriage would not reflect well on your character (a moral judgement FWIW).

Pollycat

DairyQueen said:

Speak to a solicitor. The legal position will be very different from the (mostly) moral judgements of random strangers on the internet.

I'd have thought anyone with even a modicum of common sense would seek legal advice.

I thought the OP was just getting some ideas before doing so.

Interestingly, the OP posted something on the same subject almost 8 years ago...

https://forums.moneysavingexpert.com/discussion/4003625/failing-marriage#latest

...and is still asking the same questions.

Marisco

Pollycat said:

DairyQueen said:

Speak to a solicitor. The legal position will be very different from the (mostly) moral judgements of random strangers on the internet.

I'd have thought anyone with even a modicum of common sense would seek legal advice.

I thought the OP was just getting some ideas before doing so.

Interestingly, the OP posted something on the same subject almost 8 years ago...

https://forums.moneysavingexpert.com/discussion/4003625/failing-marriage#latest

...and is still asking the same questions.

Blimey Polly, you must have the memory of an elephant!! I can barely remember what was posted last week

Pollycat

Marisco said:

Pollycat said:

DairyQueen said:

Speak to a solicitor. The legal position will be very different from the (mostly) moral judgements of random strangers on the internet.

I'd have thought anyone with even a modicum of common sense would seek legal advice.

I thought the OP was just getting some ideas before doing so.

Interestingly, the OP posted something on the same subject almost 8 years ago...

https://forums.moneysavingexpert.com/discussion/4003625/failing-marriage#latest

...and is still asking the same questions.

Blimey Polly, you must have the memory of an elephant!! I can barely remember what was posted last week

Nah: 

I just looked at the threads started by the OP.

It does make you wonder if the OP really is serious this time round though.

dontknowwhattodonext

Yes serious this tiime round, thanks