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Preparing For Final Hearing (Finances)
- Thread starter Jumper85
- Start date
Monthly net income is £5,700. So my key commitments above what the ex would have to pay for would be;
- £1,700 mortgage payment
- £1,300 monthly debt repayment (I'd want to overpay on this otherwise it would take 25yrs to become debt free!)
- £400 monthly childcare costs
Oh her take home will be imputed as more than £1,700 for sure. They will impute full time earnings of £25k, so that's £1.8k. She will also still get some UC (or she will generate income from the capital if she does not buy a house) which is about another £400. And she is also eligible for child benefit, that's at least another £110 a month. So there is barely any difference in your incomes at all.
She won't be getting spousal on those figures.
Incidentally I have a similar take home to you but I do pay child maintenance. Obviously though, having done so, there is nothing left for spousal.
She won't be getting spousal on those figures.
Incidentally I have a similar take home to you but I do pay child maintenance. Obviously though, having done so, there is nothing left for spousal.
Yeah, but be careful with this. It's not simply a matter of she has too much capital so she loses UC and therefore income. Capital itself generates income. So sure, if she only had £16k then she might have a claim for spousal maintenance because she's not making much income on that. On the other hand, if she has £260k in the bank then with available savings rates of 5% out there she can make another £13k gross a year. Net she can probably make another £900 a month. So that would be taken into account in a spousal maintenance calculation.
Thanks @Unknown01, I'm glad I'm not going mad as that's completely my view. After my potential rent/mortgage payment and commitments, our disposable incomes will be very similar. The only other option that I see is that I get a greater percentage of the equity to reduce my debt which reduces repayment commitments and opens the ability to SM but then that goes against their view of seeking a clean break from the off.
Yeah, if you are amenable to a 90/10 asset split then the court does have a duty to order a clean break.
Also, if there is a nominal maintenance order you might choose to appeal it as you should not be her insurer of last resort. However, these orders are extremely difficult to trigger.
I've come to accept a 90/10 split to achieve a clean break. She gets a mortgage free home and retains here entire income and disposable I get a clean break and can move on. I'd certainly challenge a nominal maintenance order, it defeats the objective of trying to achieve a clean break.
No, clean break refers to income as well. That doesn't mean Jumpers will get it but when you look at all of the numbers I think his ex will have an uphill battle to get any spousal.
By the way, it also helps if you have a job that you would lose if you go bankrupt (e.g. lawyer, accountant, banker). Courts don't like to get as close to the wire with spousal maintenance when you're in one of these professions or to insist that maintenance can be paid with debt as they do in other cases because they know this could result in an abrupt end to income for everyone.
In my case, I'm going to be using this factor as a reason that I cannot stay on a mortgage with my ex. She is abysmal with finances and there is a high likelihood she won't pay it, which could have catastrophic consequences for my income and her child maintenance.
What's currently being proposed to suggest you'll continue to share a mortgage?
So where are you on your journey? I perhaps took it from your responses that you might have finalised your journey but perhaps not.
I've not got as far as you but I'm re-training as a solicitor at the moment so I am very well researched! I've also had conversations with solicitors that have perhaps been able to go into more depth than a layperson can.
My situation is though rather unclear because of a lack of engagement with my wife. Whilst we have - seemingly - agreed to divorce quite amicably, she is completely and utterly disengaged with the process. Most men only have to deal with a level of laziness from someone who can't be arsed to work but can at least make an effort to see a solicitor and take a position in negotiations. However, my wife's position is little more than "I need somewhere to live and something to live on, so figure it out for me."
It's got to the point that I have had to submit a form A to the court because of her lack of engagement in mediation. Presumably she will eventually angle for staying in the house with me stuck on the mortgage until youngest is 18 (or even 21), which is at least 11 years away, plus spousal maintenance for the same period.
I earn £100k gross and my solicitor has informed me she will get neither and has relayed a lot of information to me that I have passed on to you. In particular:
1) She will be expected to maximise her earning capacity and claims about needing to stay home because of school holidays won't wash with modern judges;
2) I don't earn enough to pay spousal maintenance because once the cost of commuting and child maintenance has been taken into account, our net incomes (based on her maximising her earning capacity) are roughly the same;
3) The court will be very uncomfortable keeping me tied to a mortgage with her if she shows an unwillingness to work or any other bad behaviour that could jeopardise paying the mortgage and in turn jeopardise my career;
4) Regardless, the courts will be determined to separate us as quickly as possible with a clean break and in an absolute worst case I would stay stuck on her mortgage for 4 years (but with a Mesher Order to get some money back as compensation) and spousal maintenance of a pitiful amount insufficient to bridge what she would lose in universal credit for no more than a year (my wife recently graduated so she will have some explaining to do as to why she's been studying full time but can only work part time apparently).
I'm going to keep trying to mediate with her but I've put the court process in motion now so that she can no longer sit on her bum and disengage.
My situation is though rather unclear because of a lack of engagement with my wife. Whilst we have - seemingly - agreed to divorce quite amicably, she is completely and utterly disengaged with the process. Most men only have to deal with a level of laziness from someone who can't be arsed to work but can at least make an effort to see a solicitor and take a position in negotiations. However, my wife's position is little more than "I need somewhere to live and something to live on, so figure it out for me."
It's got to the point that I have had to submit a form A to the court because of her lack of engagement in mediation. Presumably she will eventually angle for staying in the house with me stuck on the mortgage until youngest is 18 (or even 21), which is at least 11 years away, plus spousal maintenance for the same period.
I earn £100k gross and my solicitor has informed me she will get neither and has relayed a lot of information to me that I have passed on to you. In particular:
1) She will be expected to maximise her earning capacity and claims about needing to stay home because of school holidays won't wash with modern judges;
2) I don't earn enough to pay spousal maintenance because once the cost of commuting and child maintenance has been taken into account, our net incomes (based on her maximising her earning capacity) are roughly the same;
3) The court will be very uncomfortable keeping me tied to a mortgage with her if she shows an unwillingness to work or any other bad behaviour that could jeopardise paying the mortgage and in turn jeopardise my career;
4) Regardless, the courts will be determined to separate us as quickly as possible with a clean break and in an absolute worst case I would stay stuck on her mortgage for 4 years (but with a Mesher Order to get some money back as compensation) and spousal maintenance of a pitiful amount insufficient to bridge what she would lose in universal credit for no more than a year (my wife recently graduated so she will have some explaining to do as to why she's been studying full time but can only work part time apparently).
I'm going to keep trying to mediate with her but I've put the court process in motion now so that she can no longer sit on her bum and disengage.
Ah, that makes sense then. I suppose I was fortunate enough to have an ex that at least engaged with mediation and the legal process however her expectations were completely unrealistic which has been my problem. As soon as we broke up, I was told "it's going to cost you half a million to completely get rid of me." Never laughed so hard!
From that point on, I cracked on with the legal process and as you know, nearing the end!
Well if I can help in anyway @Unknown01, just shout, you've been a helpful soundboard for me, it's appreciated.
From that point on, I cracked on with the legal process and as you know, nearing the end!
Well if I can help in anyway @Unknown01, just shout, you've been a helpful soundboard for me, it's appreciated.
how on earth did it land at 90/10 asset split???
Certainly isn't because I'm generous! I started at 50/50 under legal advice but was advised given we have young children and the marriage being considered a long marriage she will likely get the majority share. I want a clean break, I don't want to be paying spousal maintenance and because I don't pay child maintenance either (we have 50/50 shared care) and my salary is far greater than hers, I'd have to give up the majority of the equity.
The courts starting point in seeking a clean break was what is the smallest amount I'd need to secure a home, a small deposit plus legal fees so that equated to about 10% of the equity. With then 90% on the table for the ex, it was being questioned whether spousal was still required on top for a clean break!
The courts starting point in seeking a clean break was what is the smallest amount I'd need to secure a home, a small deposit plus legal fees so that equated to about 10% of the equity. With then 90% on the table for the ex, it was being questioned whether spousal was still required on top for a clean break!
how long was the marriage if you don’t mind me asking?