What can I expect for a fair financial settlement

gembosuk

Hi, 
Our divorce has been finalised and we are now in the process of sorting out the financial settlement. We have completed E forms and submitted them to our solicitors.
my Ex husband has made me a financial proposal and I just want to run it past you all to see if this sounds fair as I don’t feel it does.
We have 3 children (aged 11, 10 & 8) we were married for 15 years. I was a nurse but gave this up to care for the children whilst he built up a successful company which I was a shareholder and received large dividend payments from.

We lived comfortably with luxury cars and a 6 bedroom house. 

When we split in 2019 he moved out and brought a £300k flat. He then wanted to move back into the house so me, the children and my new partner & 2 children all moved into rented accommodation. He moved back into the house with his new partner and her 2 children. 

He removed me from the mortgage and took my shares of the company (obviously agreed by me at the time.
He has now sold the family home and brought a new 5 bed house for £500k (took a £400k mortgage on it) and sold the flat for £300k.
anyway to sum things up..,
he has assets of £690k, pension of £137k.
I have assets of £8k and the need to buy a 5 bedroom house (the rental we are in is up for sale for £535k and would be ideal to buy it. My pension is £40k.
He currently pays me £1900 a month child Maintenence (a verbal agreement we made when we split).
currently I receive benefits as my new partner as a low income.
His proposal is 33% of his pension fund (to even out my own pension).
capital payment of £310k and monthly child Maintenence of £1100 (in line with the Maintenence calculation from his yearly dividends.

I’ve enquired about a mortgage for me and my new partner with a maximum lending of around £84k.
He hasn’t brought the business into his assets or had it valued. 

I have a solicitor but waiting for her reply. Just wondered what you may deem as a fair settlement? 

Thanks

gembosuk

Just to add our family home sold for £750k (with £300k remaining on the mortgage)

trojan10_om

NAL. The best advice you’ll get is from your own solicitor. 

Your strict housing need is a 3 bedroom house. Throughout the court process he will no doubt argue that point, and assumedly you can by such a house for 310k? If not then his offer is a non starter.   

His assets of £690k, what type of assets? Is this capital that he could feasibly release? His 5 bed home currently has 100k capital in it and his needs are met. You could argue he doesn’t ‘need’ any more of the money. If there really is £690k available to split (is that amount confirmed/agreed in FormE?) then you should perhaps price up a reasonable 4 bedroom and use that as the basis of your needs/proposal. 

However this is fairly complex, due to the various house moves, purchases and sales. and new partner/children.

MobileSaver

gembosuk said:

He hasn’t brought the business into his assets or had it valued.

As Trojan said, this seems a bit too complicated for forum users to be able to offer much meaningful advice.

However, him leaving the business out of the equation seems perfectly fair and reasonable given you were a shareholder, received large dividends and subsequently "sold" your shares to him. I don't think a court would look favourably on you trying to claim you should still be entitled to a share of the business.

mason's_mum

sounds very complicated!
What did you do with the money you received from your "shares" in the business? surely you didn't agree to just sign them over?
Usually financial agreement negotiations start with a 50:50 split of ALL assets including businesses, pensions savings and equity, and go from there based on housing needs and future earning potential of both parties.
Good luck - I'd make sure you get a Rottweiler solicitor to make sure you get your fair share!

MobileSaver

mason's_mum said:

What did you do with the money you received from your "shares" in the business? surely you didn't agree to just sign them over?

I understood from the OP's first post that the shares were "sold" to hubbie in exchange for him taking over her mortgage liability - perhaps the OP can confirm?

The business sounds to me to have been dealt with "at arm's length" so my view is a court will not be impressed if the OP tries to get a second bite at that particular cherry...

gembosuk

mason's_mum said:

sounds very complicated!
What did you do with the money you received from your "shares" in the business? surely you didn't agree to just sign them over?
Usually financial agreement negotiations start with a 50:50 split of ALL assets including businesses, pensions savings and equity, and go from there based on housing needs and future earning potential of both parties.
Good luck - I'd make sure you get a Rottweiler solicitor to make sure you get your fair share!

I did just sign them over which is hindsight was a silly thing to do but with the stresses at the time the right thing to do under his instruction. The same as I transferred the house to him for nothing too. 

gembosuk

trojan10_om said:

NAL. The best advice you’ll get is from your own solicitor. 

Your strict housing need is a 3 bedroom house. Throughout the court process he will no doubt argue that point, and assumedly you can by such a house for 310k? If not then his offer is a non starter.   

His assets of £690k, what type of assets? Is this capital that he could feasibly release? His 5 bed home currently has 100k capital in it and his needs are met. You could argue he doesn’t ‘need’ any more of the money. If there really is £690k available to split (is that amount confirmed/agreed in FormE?) then you should perhaps price up a reasonable 4 bedroom and use that as the basis of your needs/proposal. 

However this is fairly complex, due to the various house moves, purchases and sales. and 

Thanks, the assets are made up of the sale of the family home, the sale of the flat (that had no mortgage) and savings. Yes that’s what is on the e form.
As I am now a family of 7 (he is too with his new partner) we both have the same need for housing (5 bed).
my solicitor has now replied with a counter proposal of £495 capital payment so I can purchase a property of £550,00 with a mortgage and the same terms as his with regards to the pension share & Maintenence with it being a clean break.

justworriedabit

Hiya OP
Sounds like a very generous offer to me and you have a new partner that will fully support you I guess.
Be aware and not one has said this - solicitors are a business to make money and if it becomes messy,
you may get even less but that is a risk only you can decided on.
I don't like conflict, wasting money or time and the offer to me sounds good but as stated by me, you will have to decide and at times its better to lose potentially a few quid for a drawn out, hostile events via solicitors who as you know charge a lot of money,

Years ago I recall sitting in this waste of time solicitor when I was buying my first property and on the wall was a picture which depicted a picture of a cow and the tail being pulled by the woman i think and by the nose by a man and in the middle sitting on a stool was the solicitor milking the cow.
You choice as I said and I hope it goes well for you in every way.

Gycraig

So two of you have 867k all together in assets yet you want 495k in cash, 40k of his pension and 1100 a month. 

So he leaves with 292 you leave with 574k (including your pension) . With 1100 quid a month child maintenance ?. I don’t understand how YOUR housing need with your NEW partner is relevant to the divorce with your ex partner ? Is your ex partner expected to buy a big enough house for your new partner as well ?. 

HampshireH

Gycraig said:

So two of you have 867k all together in assets yet you want 495k in cash, 40k of his pension and 1100 a month. 

So he leaves with 292 you leave with 574k (including your pension) . With 1100 quid a month child maintenance ?. I don’t understand how YOUR housing need with your NEW partner is relevant to the divorce with your ex partner ? Is your ex partner expected to buy a big enough house for your new partner as well ?. 

Likewise she shouldn't have to forgo whatever she may be entitled to to fund his new partner and family. They are in the same new family situation.

I've deleted my previous reply as I completely misread the OP and subsequent reply re finances.