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My wife and I are separating. All amicable at the moment. We own our house outright. Have agreed 50/50 split all assets.
I have been the main earner for 40 years. My wife only working a few years. Children been gone 8 years. I intend to continue to support her, but what percentage. She is capable of working. Do I adjust payments because im working and she could, but isnt ? She will be able to buy a home outright for about 500k. Do I have to support above ensuring she has basic living support. Thanks
Replies (4)
Hi Patrick, This is a tricky one to answer as there is no black and white solution. You don’t say how old you or your wife are, but if you have been working for over 40 years then it’s likely you are approaching 60. If this is the case, then it’s unlikely a court would expect your wife to start work at this age if she has never worked previously. Therefore, this question becomes about need. If your wife is mortgage free, what are her monthly income needs in order to live? Will there be enough capital left over from a house purchase for her to invest or purchase an annuity to provide income? If not, the way the court will most likely expect you to accommodate her income needs is through a pension sharing order, (you sharing your pension with your wife) ensuring you have equal access to retirement funds. If you don’t have a pension then you could agree she takes more capital than she needs to house herself and invests this to provide an income (or buys an annuity). You can of course as you say pay her a monthly amount to cover her basic living costs out of your income to fill the gap before retirement is an alternative…and agreeing this will be a negotiation. Please get in touch if you need help with these discussions.
Thank you very much Kate Daly for the quick reply. After seperation and houses purchased, we should both have savings left. Interestingly we both have very elderly parents, that own there own properties (not nice subject.. but for planing purposes) so in theory should be secure in the future due to inheritance. Im assuming if we are completly divorced niether will have a call on the other inheritance,,, but if we are only separated, may be added to the asset/savings pot 50/50 ? Is this the type of case you would deal with ...mediation / financial legal support ?
Thank you very much Kate Daly for the quick reply. After seperation and houses purchased, we should both have savings left. Interestingly we both have very elderly parents, that own there own properties (not nice subject.. but for planing purposes) so in theory should be secure in the future due to inheritance. Im assuming if we are completly divorced niether will have a call on the other inheritance,,, but if we are only separated, may be added to the asset/savings pot 50/50 ? Is this the type of case you would deal with ...mediation / financial legal support ?
Hi Patrick, if you want to end the potential for claims in the future, you need to get a consent order finalised through the courts. In answer to your last question, yes we can help you to negotiate and finalise all the legal paperwork needed. Please call us on 0203 004 4695 so we can help you move forward.