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Hi,
I am hoping for some advise as I cannot afford a solicitor at the moment. During my divorce (which happened to be the same time my father passed away). It was assumed that as my father had passed I would inherit 50% of his property (the other 50% is my brother) which is abroad (in India).
My father passed away in 2015, property was valued at £500,000. It was deemed that I would have a capital interest of c£200,000 from the property. Over the last few years my ex has been saying that I have unearned/diverted income etc and this property was cited. The court decided last year that 8% of £200,000 = £16,000 should be added to my income and backdated from 2020. This has meant that my CMS payments have increased dramatically which I cannot afford.
My question is that this property is NOT legally in my name. I am currently having to go to the courts to get it transferred into my name. I receive no income from the property and whilst I do hope that it shall be in my name soon it is not. The court process in India is long and due to covid, family matters the property has been dormant and remained in my fathers name. Should this still be included and backdated? I am happy for it to be included once it is legally in my name.
Many thanks,
hi,
yes this is one of CMS policies that they can apply asset variation/notional income on any inheritance money that you receive.
more info:
The CMS can apply notional income to assets that are worth more than £31,250 and aren't generating income.
The CMS assumes that the asset could generate income at a rate of 8% per year.
This applies to many types of assets, including land, money, shares, and virtual currency.
The CMS doesn't apply notional income to a paying parent's primary residence.
https://www.gov.uk/government/publications/child-maintenance-how-receiving-parents-can-ask-us-to-consider-other-income-factsheet/variations-explained-a-guide-for-receiving-parents#:~:text ='notional%20income%20from%20assets'%20%2D,is%20%C2%A331%2C250%20or%20more
with your CMS payments, are you on direct pay?
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