settlement advice

Hi

I'm looking for advice on a fair settlement, and what should I be look for.

We are about to go into mediation and it is my hope that we will resolve in mediation. My concern is that my wife who has more financial resources behind her to recover from solicitor fees and start anew can afford to hire a solicitor and she has said will seek to get advice on the mediation figures, potentially countering it. I'm cynical but i feel any solicitor will try to achieve a better deal

Our details

I'm 46 my wife is 43, living together 14 years, married for 10. Two children 4 and 7

We hope to share the children 50/50

My salary is 25k gross, though has been closer to 12K over years the kids have been babies, as I essentially work part time to help with the wrap around child care and take school holidays off. I m a self employed cabinet maker and I spent a year building a home workshop for the benefit of the family. This will now be sold with the home. I have looked at alternatives however the going rates for a commercial premises would be too much for my business. Therefore I am now looking for full time employment with the hope of achieving 30-35K gross P/A


My wife's income is approx 100k gross, hospital consultant with an NHS pension ( not known)

I have approximately 6k in ISA's

My wife has a couple of credit cards with perhaps 4-6k on, I think?

The equity in our home is 400k

We both put in lump sums from the sale of our first properties (circa 65k) My wife pays the mortgage, food and energy. I pay council tax, phone internet, water a proportion of nursery fees, 50% of holidays and usually DIY expenses which I undertake myself.


A suitable local home for my self and the children will be around 300k....I hope to be able to get a mortgage for £100k which will take me up to 70 years old. I have no pensions. There are of course house sale fees to consider. stamp duty, conveyancing, etc.)

I believe she is planning on sharing her pension ( amount unsure) and the equity in the home 50% of 400k ( assuming a good sale is achieved)


My question is does this seem fair? Should I also get a solicitor to check over the financial settlement (5k solicitor? I don't really have) or can I hope the judge will be fair, is this perhaps risky

Many thanks

Hi,

I'd certainly advise taking legal advice on the proposal before committing to it.

Is it not an option for you to buy her out of the FMH? That would provide continuity, and stability for your children, and enable you to continue using your workshop and earning without the need to sacrifice many years spent learning a skill and trade, as well as incurring the cost of child care if you worked full time elsewhere. Your wife earns significantly more than you do, so 50% of the house equity doesn't seem reasonable - remember the over-riding principle is to ensure that the children are suitably rehoused.

There's a fixed fee legal advice consultation available via this website, which provides legal advice on a fair settlement, worth looking? divorce.wikivorce.com/services/financial...cial-settlement.html

Thank you for the reply, very much appreciated.

Yes, you are very right, the priority is a modest suitable home for the children and myself. I am also concerned that working full time I will have wrap around childcare costs to pay ( ie pre and post school) and possibly holidays where I will have less holiday time ( 28days?)

There is £245k outstanding on the mortgage ( apologies I should of included this figure) so unfortunately buying my wife out would likely be too much if it were £245k + 200k equity ( worse case scenario). I also feel the cost of running a large home would be difficult. So my best current option is a career change.


I shall look at the link, thank you again