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I need advice on a very big decision (very long, sorry)

60 replies

lilibet · 12/06/2003 21:24

The situation is this:- last year I left my violent husband taking my children with me and moving into rented property. The finances are now on the verge of being sorted out over 18 months after I first filed for divorce. My ex has refused to move out of the former maritial home and there was no way that I could make him as it was in joint names and I have also had to continue to pay half of the mortgage due to it being in joint names. This coupled with extortianate rent adn the fact that my husband wouldn't contribute to food etc while i was with him has lead to me getting around 10k in debt. The house has been valued at 135k but does need some structural work doing to it.
My ex earns approximately two and a half times what I earn, has approximately 15k in savings and is 51. The proposal that he has put forward is this:- I get the house and 19% of his pension. He gets his savings, the remainder of his pension, both policies, which at the moment have a surrender value of 12k but in 2014 have a redemption value of 56k and I give him 3k. The maximum that I can lend is 70k taking into account my salary, tax credit payments, and maintenance, if i take on the house 56k of this will go to paying of the existing mortgage, 10k to settling my debts,3k to him, which would leave me with 1k to pay my solicitors fees(!!) and buy furniture that I need and get repairs done. The other added problem is this, my tenancy is up on my house on the 31st July and it is not being renewed due to the owner of the house wanting to move back in. There is little or no property in this area, I was incredibly lucky to get this house and would find it well nigh impossible to get another. There is no one with whom we can move in, so I am very soon going to be homeless. If I accept the offer I can be back in my old house by the time this tenancy is up. If we put the house on the market I have nowhere to live in the mean time. If I move back in with the intention of selling, I feel that this would be dreadfully unfair on the children as they love the house and where it is and have freinds in the street, two of them have lived their all their lives till I took them away. My solicitor is leaning towards acceptance, because she feels that if we go to court it will cost about 7k, and could take up to 6 months for a decision to be reached and I may not be any better off. My ex needs to buy a house and becasue of his age can only take out a 9 year mortgage and has been quoted as £900 for 76k so his solicitor is saying that he needs as much capital as possible now which is why I am beig offered a share of his pension which I will only get when I retire in 20 years. This is why my solicitor says accept because a judge would think that this way we both get a house. In 9 years however, he will have no mortgage, a house adn still quite a large pension and 2 nice endownments to look forward to and i will still be saving up to get the eaves fixed!
So, sorry for being so long, but what in hells name should I do? Accept and think that at least we have a roof over our heads or turn it down and risk being no better off at teh end of court proceedings, or maybe even a lot worse off. I don't have time for more offers and counter offers becasue of the tenancy thing and of course getting more into debt every month, and of course he knows that I will be homeless soon wit the children and won't move out until everythign is finalised.
This is probably going to be really long when I read it back but even if no one can be arsed reading all the way through it (and if you have got this far my heartiest congratulations!) it has helped me get it straight in my mind typing it all out.

OP posts:
katierocket · 07/10/2003 19:59

Lilibet - how did it go today?

forestfly · 07/10/2003 20:06

She just write on another thread that all is fine and shes off for the night to a Chrissy Hynde concert

lilibet · 09/10/2003 12:40

Well, depending on how you look at it, it can have either gone very well or very badly. We had the opinion of two judges and they both agreed that a fair settlement would be that I got the house, a small endowment worth 1k and 20% of his pension, while he got to keep all his savings and got the large endowment 11k. This comes out at a 65/35% split in my favour, which is good because I was only after a 60/40% split but leaves me in a dreadful mess. It had never occurred to me when I decided to fight this that I would come out of it with so little money, I have debts, solicitors fees and a house that needs serious structural repairs and no bloody money!!!
The only thing that I can now do is raise the money thru a mortgage to get the repairs done. I am taking over a 56k mortgage but will probably have to increase it to around 70k in order to get all the jobs done. I ws desolate when we came out of court, but am now feling a bit more positive as at least the children will be back in our home for Christmas. I have a builder coming looking at the house on Friday to give me estimates for the work and I am going to look at nice wallpaper and carpets and even a new couch! So, on the 5/6th December we move into our 4th address this year and it is our last.
So, many thanks for all your good wishes, they were appreciated so much.
xx

OP posts:
sykes · 09/10/2003 12:44

Glad you'll be back in your house. Just about to go down this route myself ..... Ugh.

Copper · 09/10/2003 12:46

Lilibet
really pleased for you all that you are going 'home', even with a bigger mortgage. Are teh children pleased?

fio2 · 09/10/2003 13:05

Glad things went well for you lillibet, I bet your children will be really happy I hope all the building work doesnt cost too much either or make too much mess!

lilibet · 09/10/2003 13:12

Thanks, should probably point out that the 20% of his pension doesn't hit my pocket till I reach 60, in another 20 years! I will haunt him every day if iI don't live till then.
the children ae a bit blase about it really, they still go there every other weekend, but the boys are looking forward to getting their own bedrooms back rather than sharing.

OP posts:
kayleigh · 09/10/2003 13:14

lilibet, i'm so pleased that you got a good settlement. The other stuff will work itself out. And you'll be in your own home for Xmas - that is great.

winnie1 · 09/10/2003 14:15

Glad you and the boys can finally go back home lilibet. Enjoy it and keep the increased mortgage in perspective, at least this can be your last move for a long time. Enjoy getting your home back together.

WideWebWitch · 09/10/2003 15:13

Ah, here it is! Well it's better than you were expecting so I suppose that's good. Sorry it isn't ideal but at least you won't be homeless now and like you said, can look forward to Christmas there.

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