|
Forum
Started Dec 10 2012, 21:32
|
Dec 10 2012, 21:32
Hi David,
I need some advice please re financial settlement. Details as follows:
Marriage:
7 years past June so far but separated almost 2 years ago. One son age 6.
My wife brought no assets to the marriage at all, indeed two weeks after the honeymoon it was 'I've got lots of debt, can you help me' so I paid £10K of her cards from the flexible mortgage I had at the time and this was unfortunately a sign of things to come.
The marriage was a bad place for a long time with litlte communication and my wifes reckless spending racking up debts for us both. She earns £40K and despite this has never paid a penny towards the mortgage, household bills, furniture, holidays etc. She paid for most (Not all) of the food and most (Not all) of the clothes for our son although mainly this was just so she could go shopping (He has three times as many clothes as he could ever wear as she does!). It finally ended when I snapped and got drawn into looking at indecent child images and was arrested and sentenced. Some of you may say I deserve all I get and I would have probably said much the same three years ago as I was one of the most correct and law-abiding people you could find. I now have an understanding of how entirely decent people can make serious mistakes and screw up their lives and just want to get back on track. I love my son and want to support him but my wife wants to take me to the cleaners! Will my stupid and horrible actions significantly affect the settlement?
She lives in the FMH with our son whilst I continue to pay the mortgage and some bills but not the main utilities.
Me: Age 51
The FMH is worth £200K (Valuation by surveyor but wife is relying on Estate Agent marketing figures of £230K!) Mortgage currently £167K. This property is in my name only as is mortgage and was purchased by me 15 years before meeting my wife. Commenced building extension and improvements just prior to marriage and completed afterwards with everything paid by me bar the odd bit of carpet by cashing in investments and extending the mortgage. I have a number of investment properties jointly owned by myself and my business partner with net equity of approx £20K (My share) due to the market crash (Most are in negative equity although my wife argues they are still worth what they were in 2007). These properties are income generators of course and if I were to loose any of these my income would drop. I have pensions with CETV of approx £125K which were entirely funded by contributions before I ever met my wife. There have been no pension contributions since marriage.
I have a loan with current balance approx £8K (Was £12K) taken out to pay some of my wifes debts (Mistake, and not for the first time) as well as credit card debts totalling £40K. I recently cashed in my endowment for £27K to pay off some debt and keep up with all the outgoings that my earnings dont cover. I have no savings.
My business is currently going through difficult times and my earnings this year are only about £10K
Wife: Age 42
She earns £40K /year in the NHS and has worked throughout our marriage other than when on maternity leave (On full pay throughout). She cashed in her endowment when we separated (About £10K) and tried hiding it by giving it to her sister but that showed itself in disclosure when we tried mediation. It will all be spent on clothes now. She has debts of approx £20K (Loans and credit cards). NHS pension CETV of approx £60K covering the last 10 years. The previous 10 years she says she has no pension from as she did not contribute. She has no savings that I know of.
My wife does not really want to stay in the FMH (But will stay there till she gets what she wants) and wants a clean break to start again. I would like to return to the FMH rather than sign it over. I am prepared to borrow rather sign over the home (As I said, she does not want it anyway) but know that just gets me in deeper although my parent have offered to help financially to see me through the difficult bit but (not until after the settlement of course)
I would like to try to settle this amicably (Wrong word, I meant out of court as she is very angry) if possible but would like some advice on the likely court judgement to help me consider what to do.
Thanks in anticipation for advice.
|
|
|
We Speak Your Language
|
