Financial settlement - any ideas what outcome might be?

[CarrieMayBe]

Decree Nisi was granted this week and we now need to sort financial settlement. Divorce not amicable in the slightest, we communicate via text only, and then it's just vital info needed sharing between us to do with kids etc.

Background: together for 20yrs, married for 14. 4DCs aged 21, 17, 9 and 7. I gave up work 10yrs ago when I went on mat leave with DC3. Ex runs his own business and me being a SAHM facilitated this by him never needing to worry about childcare, I did everything in the house etc. Ex had an affair last year which resulted in him leaving at Christmas. He lives alone, has children regularly.

House is worth £650k. There isn't a mortgage against it but ex took out a funding circle loan of £200k against his business to fund it. It is only theoretically linked to the house though, it is purely a business loan technically and my solicitor thinks it may not be taken into account when working out the equity in the house although his solicitor thinks differently.

No pensions, either of us, ex always planned to either sell the business upon retirement and live off the proceeds or to put a manager/possibly one of our DCs in to run it and still pay himself a wage.

I cannot stay in the house as it's huge and costs far too much to maintain. I am due to start a job in September but it's low wages (about £10,400/annum) and a zero hour contract.

Solicitor told me I may get around £400k of the equity in the house but then I wouldn't get spousal maintenance. She said that I would only get enough to buy a house with, no lump sum, as the children's needs to be housed are paramount. I get that but surely if there is more money available then I could potentially get more? I realise this makes me sound money grabbing but I literally gave up everything for that man and I have no financial provision for my future. His business currently has shareholder funds of £229k so there is money in there too. It has assets of around a similar amount but as these are essential to the running of the business I'm not sure they will be taken into account.

Just to add, I will need at least a 4-bed house (eldest DC won't be taken into account I know but could convert a dining room into a bedroom hopefully as he is autistic and will struggle to live independently, despite working full time he is nowhere near ready to move out). House prices round here are anything from £350-550k for a house suitably big enough to house us.

My solicitor doesn't seem to be taking into account the disparity between my earning capabilities and his. His profits last year were over £68k. And are likely to rise even though he has greatly reduced his estimated earnings for this year on his Form E unsurprisingly.

Any ideas on what settlement may be reached from all this?

That's what you're employing a Solicitor for. Some in here are legally qualified. Many aren't. They can give you their experience but it might give you an unrealistic expectation.

If you're not confident about your Solicitor then look for a new one.

You may be better off posting in legal matters.

However, he will be paying child maintenance for the children (you can ascertain what the minimum will be from the CMS calculator).

It would seem likely that the loan would be offset against the property if there is a charge against the property which presumably you had to sign.

£68K is not a high wage (albeit it is higher than what you'll be earning) so I think it is likely you'll either get a higher capital split (which if you did get £400k would at least house you) or less capital if you want to pursue spousal maintenance.

Are you a shareholder too or merely your husband? The value of his company will be included as an asset.

Your solicitor will be looking at all this and instructing a barrister to advise if she thinks the finances are tricky in some way.

The best way to reach a settlement is to agree one.

I would also look into what benefits you're entitled to (tax credits etc) based on the £10,400 and child maintenance as that may help you reach a decision re settlement.

Thanks everyone, I was only looking for people's opinions - if they'd been in a similar situation for example. I don't feel totally confident in my solicitor but I don't know why that is and I'm scared it's maybe because she isn't becessarily telling me what I want to hear!

There isn't a charge against the house whatsoever, I didn't sign a thing, the company is Ltd too and I'm not a shareholder or anything to do with it at all.

Agreeing to a settlement will be difficult as he seems to think I should be happy with £250k which isn't enough to house us, I have no mortgage raising capability, and I'm kind of hoping to be able to buy a house which i can seek/downsize later on in lieu of a pension.

£68k may not seem that high but there is a lot of money available that isn't taken into account with his profits. One example is the loan repayments are £4,200/month which he has been servicing for over 2yrs!!

I'm frankly terrified of my future financially.

I can't offer any practical advice but I think I'd get a second opinion from another solicitor or even change if you don't feel you're getting the right support and help. They charge enough money, and they should be fighting your corner.

Babybarrister recommended a fab one for me. Did not ever go to see her once but would highly recommend her. PM me for details.