Advice on financial consent order

Hi,

Desperate for some advice or if anyone's been through something similar what the outcome was.

Wife and I were married for 20 years and have 2 kids now aged 9 and 15. We separated 3 years ago and I moved out, I continued to pay the full mortgage whilst renting elsewhere for half this time but had to stop as she was dragging her heels with divorce and I couldn't afford it anymore.

Wife earns 50k
I earn 40k plus pay her child maintenance

I have children one night per week.

equity in home is 350k

Wife is proposing that she keeps the 4 bedroom property, pays me £20000 now and £60000 when the youngest of our kids turns 18.

I wouldn't be able to afford anywhere to live with this amount.

please help is this fair?

It doesn't sound fair. Financial settlement is based on needs and the means you have between you to meet them.

You each need a 3 bed property. The cost of a suitable property and your respective mortgage capacities are key. What would you have to pay for a 3 bed place in your area??

The start point for dividing assets is 50:50 but that can change depending on incomes etc.
If I am reading this right you are being offered £80k out of £350k equity. That's less than 25% - and you are being expected to wait for most of your share. I cannot see how this is acceptable unless there's something else on the mix like savings or a pension on your side.

Have you exchanged full financial disclosure? Have you got pensions? Are there any other assets in sole or joint names?

Hadenoughnow

Thank you for replying,

I have a slightly larger pension and we’ve had a report done which states it would be £20000 to offset which has also been included in her figures.

She’s trying to deduct extra mortgage payments she made once I stopped paying even though I wasn’t living there and also trying to deduct credit cards she paid off whilst we were together that she says went towards the house.

I have 50k of credit card and loan debt built up in our marriage but because I can’t prove everything this was spent on she has said it shouldn’t be included.

It doesn’t seem as though my needs are being considered at all but she just keeps threatening me with solicitors which she can afford and I can’t

Just because she decides to use the services of a solicitor it doesn’t mean you have to.

If she does go to see a solicitor it may well give her a reality check on what a fair division would look like.