CETV

My s2bx has a CETV worth £2500 for the full 2.5 years that we were married. My CETV is £1500 over 4.5 years. (2.5 years for the time we were married). I have to give him a lump sum as I am hoping to buy him out of the MH. Is it feasible to work out the difference in money from the two pensions, then deduct this amount from the lump sum? If so, how do I work out the amount?
Thanks
Puffafish.

puffafish,

these are very small amounts. This is a short marriage.

You have children don't you? I would imagine this would be a needs case ...

Have you posted the details - ie equity in house, respective ages, children's ages, income, savings etc to get advice on what the split should be?

Hadenoughnow

Puffafish

I hope a Kalamari may comment to a Puffafish!

Looks like;-
his increase in CETV in the 2.5 years was £2500
Your increase is £1500*2.5/4.5=£833 during the marriage.

Total = £3333 >>> £1686 each

So you could argue the lump sum from you should be reduced by £817, and he keeps all his pension.

NB - I'm not an expert, but this amount could easily be spent on advice from experts or solicitors, so don't argue too hard on this part.

Best wishes

Kalamri

Thanks to you both. Quick recap:
Together 5 years, married for 2.5. I have 2 kids (12 and 9) from previous marriage, and we had a daughter together who's 2. Bought house with 45k dep from my previous house sale, he put nothin in, but paid 5k for weddin, 2.5k for my student loan and 2.5k sols fees for buying house. Agreement was that if we ever split, then he wud take 10k and walk. Now wants 25k from equity in house but includes my 45k dep. My sol says to take that out first, then split remaining equity (15k) 50/50. House worth 165k but 105k is mortgage. Latest is he now wants 15k. However, he took a load of stuff without my consent (tv etc), which amounts to approx £1500. I guess I'm trying to reduce his pay off as much as I can to protect me and 3 kids. Already applied to remortgage for the next 40 years in order to keep MH and buy him out. I think equity split shud be 60/40 as well due to me havin the kids to house and him not even having any of them overnite.

PS, I'm 37, he's 33. I'm on approx 26k and he's on approx 21k. No savings.

Puffafish

Looks like your solicitors advice is good.

Just a few comments - first priority is housing & caring for the children. So is it also agreed that he pays mantenance? & That should mean you keep the FMH.

In terms of available equity, if you allow 3% reduction for fees (as if it is being sold),
then equity is £k165-105-5=~£k55.
Take away your deposit(£45k), £10k to share, £5k each.

Adjust for pension, you pay over £4,200.

Please check this with others! I'm no expert!

(this could be a counterclaim against the £15k, then negotiate and agree to the original £10,000!)

Best wishes

Kalamri;)

Puffa


quick back of a fag packet:

House value 165k
Mortgage 105k
Your deposit 45k

Equity = 15k.

You have say, 60% of that - 9k

That leaves 6k for him.

This could be cash or perhaps a 4% Mesher - hardly worth the bother ...

If you put his 10k into the mix and gave it back to him, you would be splitting 5k = so he wd get 12k total on a 60:40 split.

Ignore pensions .. to small to bother about.

he pays CM - say 15% of income. That will help you out with the mortgage (not sure of your othe kids wd be treated as children of the marriage - they may be)

Alternatively you say: I need a house for me and kids. I will not claim SM now or in the future and make no claim on your pension or argue about the stuff you have taken ... so just go away and leave us to it ..
And then if you are feeling generous you offer say, 5k for him to not take it through courts. WIth that as a dposit and say a 60k mortgage, cd he buy a small flat where you live? Maybe a shared ownership one?

If he takes the court route it could cost a lot more than the 15k equity you have ...

Hadenoughnow