Is this a reasonable settlement figure?

[Twinklestar80]

Myself and my stbx have been together 12yrs, married for 8 with two young children (18months and 5yrs) and I started divorce proceedings about 6 weeks ago as we just don’t work anymore. He earns in excess of £200k per year while I stopped working 5yrs ago to concentrate on the children (I was earning £32k) He’s always been extremely financial controlling and I have access to a very limited amount of money each month and have to ask constantly for the joint account (£1k) to be topped up. We’ve just had our first mediation session and he’s revealed that he’s got £65k in UK bank accounts, £75k worth of stocks in the UK, £200k pension and in excess of $1.6m in US (they’re American) stocks and assets (accrued from a family settlement 40yrs ago but in his sole name). We also have about £340k in deposit and equity in the house. During the session I reiterated that i would like a perm home for the children as mortgage free as possible (3bed in SE London) as even when I’m back to working full time when my littlest goes to school, I’ll only be able to get circa £120k mortgage. He’s told me that I’m being totally unreasonable asking him to access him US assets and that he’ll get charged at least 40-50% capital gains tax which will mean that he’d be wiped out if he gives me a large sum of money for a house. He’s said the best he can offer is half the UK savings (£30k) plus half the equity in the house (£174k) and he will try to take a second mortgage out in his name for a house for me and the kids. I’m super reluctant to do this as it’s just another way for him to retain control over us and to have a long term financial interest in any decisions I make regarding the house. I obviously don’t want to bankrupt him but do I take what he’s says at face value? Should I be asking for an independent accountant to verify his capital gains tax claims? My sole focus is ensuring my kids have a permanent and stable home.

I’ve got a solicitor who I can speak to but she’s said she can’t help with capital gains tax issues and that I need to speak to an accountant.

Ultimately, he’s got a lot to lose with all this money he’s got knocking around in the US! There’s absolutely no reason why that shouldn’t be part of the settlement if the U.K. assets are not enough to provide for you and the children.

This is a high value complex divorce with assets in two jurisdictions.

You will need a lot of expensive professional advice. If you can’t afford the bills there are ways of funding it (ask a decent solicitor for advice) and paying the final bill out of your settlement.

FWIW, I suspect a solicitor would tell you to fight for a lot more than you are being offered.

He will be claiming his assets were never commingled and are thus his alone, but you will be going for a ‘needs-based’ settlement where all assets are in the pot until your (reasonable) needs are met.

You need to go through the proper process step-by-step. You may or may not agree to a settlement once he realises you understand how the law works and how much you are due.

Good luck!

He’s not built up such a large pension in 5 years though has he? If his dad died over 40 years ago, then he’s over 40. The OP has only been out of work for 5 years - what about her pension before that time?

I have a pension of around £11k. I work in the arts and cultural sector so the salary is pretty poor. At times, I had to sacrifice pension contributions in order to get the money in my monthly wages in order to pay bills and my student loan. Also, the pension that he claims to have is not confirmed. It’s what he ‘thinks’ he has in the UK. He’s got about 10yrs worth of pension in the US which he’s still to confirm.