Home equity

[Cocomelon11]

Hi,
Just wondered if anyone could advise. Myself and my husband have decided to split and I hoped we could be amicable but it seems that won’t be the case.
We have decided on a 50/50 split with the children so no maintenance to be paid. He earns 100k a year and I earn 15k. He has now said he is going to reduce his hours at work to make sure the house equity is split fairly and will then increase his hours back once the house is sold and we’ve both left. Can he do this?! I asked for 60/40 as my mortgage potential even full time isn’t going to be anywhere near what he’s earning. At the moment I love my job and can be there for pick up and drop off for the kids and could continue to do that with slightly more equity from the house sale - kids are primary age and still young. I’m not sure how I could afford after school clubs if I had to increase to full time etc and seems so unfair he can do this.

He still won't reduce down to anywhere near your hours and don't forget pensions get counted, so even if he did that. He's been earning so much more that his pension will be worth much more than yours. You can trade off some of the equity in that against how much you get in the house.

So his he not bothered his kids may not have a roof over their heads
So when he goes back full time after reducing his hours , who picks the kids up then ? After school club ? Is it possible he could reduce hours in his job ?
everything get put into one pot
savings
pensions
Have you both got pensions ? If so
put it to him that you will get half his pension (he will not like that) he will get half of your but on 15k and then maternity breaks it will be much much less than his

He’s being an arse, You have lost out on income because you work PT to see to the kids
whilst he earns ?

Gone on turn2us site and do a calculation, you might be surprised

He doesn’t have a pension. I’ve paid into one since I was 20 so over 10 years with maternity breaks etc. He will be able to afford after school club when he goes back to his old hours. He’s very high up in his job so could potentially do what he’s saying.

He sounds lovely, no wonder you want to split with him, I would see your own Solicitor and see what they say before agreeing to anything to see what you are entitled to, just because you go 50/50 doesn’t always mean he doesn’t have to pay maintenance when there’s such a difference in pay. Do you have any savings between you, as this is also a joint asset.

No, no real savings other than a few thousand in his account. How do I pay a solicitor with no spare money? Would they charge me once the house has sold and it’s taken from the equity?

100k salary and no pension or savings? Are you sure? He’s not very savvy with money if that’s true.

Or he’s paying everything while op didn’t work / work pt on low pay….

op how much equity is there?
your settlement will be based on your full time income potential or income plus uc plus cms.

its likely you’d be awarded higher share of capital

Tell him you’ll have to go to court for a financial settlement - and he needs to start gathering all the info about his finances. I bet he does have a pension and is keeping it quiet. Also, with a 50/50 split with such different incomes he may still have to play you CMS. What an arse!

Thanks for the advice everyone. Was hoping he would would avoid costly solicitors but it seems not. No, he genuinely hasn’t got a pension and before the split we’ve been very open about finances. Our youngest has just started school and before that my wages only really covered nursery and a little bit so he’s paid all our finances for the past 5 years.

We have decided on a 50/50 split with the children so no maintenance to be paid. He earns 100k a year and I earn 15k

Have you used the online calculator? He probably will have to pay some maintenance with such a difference in income

It says on the online calculator the below; f you are receiving child maintenance, your child should live with you most of the time. You will not get child maintenance if the day-to-day care of your child is equal between parents so assumed if 50/50 then neither parents pays the other?! Is this not correct?!

If he's getting difficult you need a solicitor they can challenge things if he is deliberately reducing his income. Both of you are expected to work full time to maximise income. Ensure your future needs reflect your different circumstances. Check the CMS calculator, ignore the message, put in your salaries, number of overnights and see what its says then make that claim.

Do you not have a joint account or access to spending money?

But then when you actually do the online calculator is shows that unless they can evidence they do genuine shared care (eg same sick days, taking them to appointments etc) then you should still get maintenance

I wouldn't agree to 50/50 during the week if I could pick them up and he would put them in after school club. Why are you agreeing to that?

@Unexpectedlysinglemum he’s now saying he won’t increase his hours and is going to cut down so he can spend more time with the kids. He would still earn 40k just doing a couple of days a week so said he will just work the days I have the kids.

Are you in the UK? I thought everyone who works is auto enrolled into a pension scheme? The courts can divide the assets based on need.if you only earn 15k you have a higher need. I think you are going to need to get a solicitor to keep you right

I think he's pulling the wool over your eyes regarding the pension, anyone in a permanent position in a company earning that much will be enrolled into a work based pension, it's actually the law now.

He was enrolled but he opted out of it and has opted out ever since. If he is lying which I doubt as prior to this he was very open with finances then I guess the solicitor will find out.