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Desperate help needed please with separation

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  • Desperate help needed please with separation

    Please help. I am separating from my wife of 13 years. We have three children. The eldest two children are hers from a previous marriage. Her previous partner left their relationship with nothing on the promise that his part in the equity of the house would be shared to them. We eventually sold the house with a positive equity of £107,000 and purchased a new property in 2006 for £185,000. I have actively been paying into the mortgage sine 2002 but only went onto the deeds in 2006. I have been told that the way this is sorted out is as follows.


    We have our current house valued and the remove half of the £107,000 from that figure as that is her ex husbands share to be split between the two older kids. Then we remove the figure that we still owe on the mortgage. Then the money that is left would be split five ways. One fifth mine, one fifth hers and a fifth each for the three kids.
    That means I could walk away with very little. I don't want her to sell the house as that would only affect the kids and a remortgage would mean she could not afford the repayments, so her parents are going to a solicitor to get advice on a settlement package. Please tell me what I could expect. Why do the kids take a fifth? Bearing in mind two of the kids have had their bit of positive equity from the previous property.


    Please help as this is destroying me


    Many thanks
    Robert
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  • #2
    Re: Desperate help needed please with separation

    Originally posted by bhx747 View Post
    Please help. I am separating from my wife of 13 years. We have three children. The eldest two children are hers from a previous marriage. Her previous partner left their relationship with nothing on the promise that his part in the equity of the house would be shared to them. We eventually sold the house with a positive equity of £107,000 and purchased a new property in 2006 for £185,000. I have actively been paying into the mortgage sine 2002 but only went onto the deeds in 2006. I have been told that the way this is sorted out is as follows.
    Told by whom please?

    We have our current house valued and the remove half of the £107,000 from that figure as that is her ex husbands share to be split between the two older kids. Then we remove the figure that we still owe on the mortgage. Then the money that is left would be split five ways. One fifth mine, one fifth hers and a fifth each for the three kids. Like you, I think this is rather unusual and unfair.
    That means I could walk away with very little. I don't want her to sell the house does she have enough money to pay you without selling the house?as that would only affect the kids and a remortgage would mean she could not afford the repayments, so her parents are going to a solicitor to get advice on a settlement package. Please tell me what I could expect. Why do the kids take a fifth? Bearing in mind two of the kids have had their bit of positive equity from the previous property.


    Please help as this is destroying me


    Many thanks
    Robert
    Hi Robert and to LB,

    The division you describe above looks odd to me too - it isn't the norm for a divorce settlement to award money to offspring unless there is too much for the immediate needs of the separating parties, although some separating couples might choose to settle money on their children perhaps in the form of a trust.

    I would have thought any equity remaining after the money due to your stepchildren from their father and the other deductions you mention should be equally split between your ex and yourself, with ongoing arrangements for care and maintenance of your child being a separate issue.

    It would be wise for you to seek legal advice from a Resolution accredited solicitor.

    www.resolution.org.uk/

    This may be cynical but it seems unlikely to me that her parents will have your best interests as their top priority.

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