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Married for 16 yrs, separated 2½ yrs ago, expecting decree nisi in a couple of weeks. Looking to get some opinions.
Two kids, 15 & 16, family home 4yrs into 25 yr mortgage, gone up in value since bought it, have good pension, wife doesn’t have pension. We both work, my salary 40k with live in accommodation, hers I guess about £35k, she has new partner who she lives with in house and kid with said partner – currently I pay half the mortgage and no child maintenance (mutual agreement). I moved out into employment provided accommodation.
My proposal is I sign over the house to her and let her pay the mortgage in return she agrees to give claim to my pension. As regards the kids I have them three nights and have agreed to pay what the csa calculator comes up with plus we both give money direct to them, we match each other’s contribution. She wants more than the csa calculator indicates so we came up with this halfway point that I give money directly to them rather than her.
Definitely want to see the kids all right and up until now we are as amicable as it can be – as the divorce becomes closer I’m starting to wonder whether I’m simplifying things too much. Both of us have agreed we don’t want to pay a fortune for solicitors so are going down the quickie, clean-break route. I just want to bounce my ideas around really.
Hi there
It's great that you can be amicable and have sorted things to a degree that you are both happy with.
There's just something that I'd like to mention and that is the fact that when its all done and dusted, she could theoretically apply to the CSA for maintenance and as far as I know, they wouldn't take into account the extra money you give to the children, that would be considered as discretionary.
Also it's very important that you get a clean break order, otherwise she could come back at a later date for a chunk of your pension.
Hello Woldul,
There isn't anything wrong with quote, "simplifying things" if you are fully aware of all the pros and cons regarding each aspect of all the financial matters involved.
What I would say is, do not leave yourself vulnerable now or at a later stage should the relationship between the two of you becomes "sour".
I personally would seek legal advice, (I think it is a must) before arranging or agreeing to anything.
I know of a couple who worked things out between themselves, went to their individual solicitors and told them what their arrangements were. It was cost effective as both remained amicable and they also stated that they would not entertain the solicitors or anyone causing ill feeling or making a protracted affair of it. In so doing there was a huge benefit in seeking legal advice as the couple believed they had thought of everything and all scenarios BUT THEY HADN'T. On a few points the solicitors knowledge and advice was invaluable.
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