Settlement

[needssomesun]

Hi, just looking for some opinions on what I should be aiming for/what is reasonable.

We jointly own a property with approx £70k equity and owe his parents around £20k which we have been repaying monthly (which they have decided now needs to be repaid). I am living in the property with our 2 young children, he is currently paying the mortgage

I work part time earning £10k per year, have no pensions or other assets/savings

He is a director (owns 30% of the business) earning around £50k, has a pension and is living with his partner.

What do you think would be a reasonable way of arranging the finances?

[DeoGratias]

Are you married?
That makes a difference to the legal advice.
I assume the property is in joint names and there is no trust or agreement about percentages owned so it would be 50/50 ownership?

Do you work? Do you earn more than he does? (I earned 10x what my ex did as plenty of women do these days)

[needssomesun]

Hi,

Yes, married for 11 years.

Property is in joint names. I work part time on £10k per year, he's a full time director on £50k

[ALaughAMinute]

At a guess I would say you are entitled to more than half the equity in the house plus spousal/child maintence and half his pension. You may even be entitled to half his business but you need to get yourself a good divorce lawyer.

[needssomesun]

I've had a free consultation with a solicitor and that's what she has advised I might get but apparently his solicitor is adamant that all I am entitled to is child maintenance and 50% equity.

Unfortunately I can't afford to keep going to see her so his solicitor will be dealing with me directly as his company will be picking up his costs. How do people afford the legal costs??

[3littlefrogs]

Stop it DeoGratias.
The Op already said she works P/T and looks after their 2 small children.

Not many women earn 10 x more than their partner.

She is asking for advice, not veiled criticism or stealth boasting.

Be nice.

OP - you could probably find a solicitor who would give you a free consultation (30 minutes).

It does make a difference if you are married, whether the house is in joint names, but most importantly you need to have evidence of your husbands earnings/savings etc.

[inchoccyheaven]

There are specialist loan companies that you can borrow the money from as and when you need it to pay your solicitor, and you could then pay it all back from equity. Or some solicitors might let you set up a payment plan. A company my solicitor mentioned to me although he isn't allowed to recommend them is Novitas loans.

[needssomesun]

Many thanks for your advice so far, anymore opinions on what I should be aiming for?

[llhj]

Two thirds equity, child maintenance and a share of the business and pension. You could negotiate on relinquishing the claim to business and pension for 100% equity. Depends on the value of both as to whether that's worth it. If there's no written agreement between you and pil, I'd leave that with him too.
You need very good advice and that's worth paying for. It'll be rewarded 10 fold otherwise he'll shaft you.

[ALaughAMinute]

You need a good solicitor to negotiate on your behalf and/or you need to go to mediation.

Don't rely on his solicitor to get you a fair settlement will you?

You need your own solicitor to act in YOUR best interests.

The only reason his company solicitor is paying is so they can get your husband the best settlement. Don't be fooled!

[needssomesun]

He's refused mediation unfortunately, I won't be relying on his solicitor, that's for sure!!

[Morganly]

Use an overdraft or credit card to pay your legal costs. You will be able to pay it off when you get what you are entitled to. He and his solicitor are trying to shaft you because they are relying on you not fighting and not affording a solicitor. Pair of utter bastards!

[DeoGratias]

Also be aware sometimes the higher earner pays both side's legal costs. I did and also in that case inthe press about the wife who claimed from someone 20 years down the line - he as the higher earner paid both side's legal costs.

Is there a written loan agreement with his parents? I have one with my daughter. That might set out when the whole of the £20k is repayable eg can they force it to be repaid at any point or can you continue to pay instalments? If not in writing what were the terms when it was entered into agreed verbally or in emails? (I presume they have no registered charge over the property)

[needssomesun]

No, there's no charge over the property, just a verbal agreement that we'd repay monthly (as we have been) and one day we'd take out a loan to repay them