Divorce settlement for 30 year marriage

[Fizzyferret]

If anyone has any advice or experience I would be really grateful to hear it. DH leaving after 29 years marriage. After months of emotional despair I am now trying to be realistic about a financial settlement and to think ahead. He wants me to remortgage and keep home for now as DC (20 and 22) live with us. He wants 33 percent of equity. We have nothing else to share. No pensions as such as both were self employed (not for last few years though). I earn 30k he earns about 50k with potential of 25k in bonuses which he has been getting. Do you think this is a fair offer. BTW we are both 52.... thank you for any advice

you need a solicitor, it really isn't a great idea to try and sort out a financial settlement after divorce without one.

Lots of practices will offer a free initial meeting so you can get an idea of how you might proceed.

You'll find out that he's entitled to half of the equity. Your children are adults so won't count in any financial settlement, regardless of where they live. Neither will you be entitled to any child maintenance for the same reason. If yo can't afford to buy him out, then you'll have to sell.

Ok thanks for advice. I didn't know if future earnings were taken into account really. I guess I should accept his offer. He wants to settle out of court at least

Oh and if length of marriage meant anything. He is buying a new 4 bed detached for himself and will have 2000 spare each month. I am probably going to have about 100 left but I would rather keep home for kids

It sounds fair to me, yes. I'd take that offer. How much equity is in the house?

Starting point is 50/50. Your DC are of age so not counted as dependents. I think his offer is quite fair , if you can afford the mortgage.

You should get legal advice though.

How sure are you that he doesn't have any other assets? Seems unusual for someone in their fifties who earns 50-75k not to have some savings and investments.

Are you sure there are no savings, as you are due half of them.
Cars, bank accounts business ect.

If he has no other assets, I would bite his hand off. Quite frankly.

Pension?

The starting point is 50:50 split, but that doesn't mean that will be the ending point. Future earning capacity can be taken into account.

I really think you should take legal advice before agreeing to anything. It may well make you better off in the long run.

Does sound a fair and generous offer. Unfortunately your children and keeping a home for them do not figure due to their ages (should it end up being a contentious divorce and going to court). The starting point in divorces is 50/50 spilt. He is offering 66/33 in your favour - I guess for a relatively amicable divorce and in recognition that he earns more.

Think he is giving you a very generous offer of 66 and him 33... Usually it starts at 50/50 I would take the offer

Bankruptcy took everything when his business failed and I bought his share of our home back using all my share of endowments. That's why we have no other assets. He has company car. I have a car and car loan in my name. Thankyou for advice everyone

I wish people wouldn’t say ‘he’s entitled to half the equity’. In England and Wales every case is assessed on its own merits, I got 90% equity and half ex’s pensions when we divorced after 20 years, kids were grown but ex earned 3.5 times my salary. OP - see a solicitor, even if just for an initial fact finding appointment.

Pension?

Bankruptcy took everything when his business failed and I bought his share of our home back using all my share of endowments
It doesn't seem so fair if a large share of the house is also yours. See a solicitor, just to check. Are you 100% sure he doesn't have other savings, especially if he is the one leaving and could have planned a bit?
Perhaps he is being great, but you won't get a second chance at this, and with no pension you can't afford to get it wrong. hopefully your adult children can also contribute some rent payments, 100 a month left for you is not much.

Thankyou oldfatandtired1 (great name btw... wish I'd thought of it) I will have to get some legal advice. Equity is about 200k. H pushing me to remortgage first though but we are doing 2 years separation so finances will have to be sorted in that time...thank you

If he can buy a 4 bed detached and have money left over _ after such a long marriage you’re entitled to the same. Neither of you need a 4 bed detached now. Please get legal advice!

I wish people wouldn’t say ‘he’s entitled to half the equity’. In England and Wales every case is assessed on its own merits

^I would echo this, it differs for every case and it’s not a given at all.

I think it’s a fair offer and if this leaves you with enough without struggling them consider accepting out of court. Solicitors can advise you to look for every hidden penny but it will cost you a fortune in legal fees with no guarantee of any return on that - it’s fairly easy to hide funds or confound the courts which can be undone but would cost you a fortune to do so.

You’ll know if he is generally a reasonable or honest man, and if this is enough to live off I would absolutely take it and move on with your life.

The starting point is usually 50/50 though. It may vary if there are dependent DC.

If the house is owned as joint tenants it doesn’t matter who put what in, my solicitor told me that and all the equity was mine previously. If the house is solely in your name it may change things slightly but only a solicitor can advise you properly as marital assets are usually deemed to be joint. He may get less if you take it to court.

OP has already stated there is no pension on either side.

How in earth is he going to be able to buy a 4 bed house with 66k equity from your house? As a bankrupt, he will struggle to get a mortgage. Don't agree to anything as yet, he could have a stash of money hidden away!