Is this a good offer?

Hi,

Me and my stbx have managed to have an amicable discussion regarding asset division. Before I discuss with my sol i just wondered if anyone else had any views on it:

Him 41, earning £2700 net per month
Me 32, currently on a career break until Sept 2013 on benefits totalling £1515 per month excluding CM.
He currently pays me £1200 per month in CM and SM. When I return to work i will be earning approx £29k.

We have 3 children aged 11,9 and 2 years. They live with me and spend 1 night per wk with my ex.

Our assets are:
House work between 300-325k - outstanding mortgage is 174k
Family car which my ex has worth around 7k
Savings in my ex's account of £9,700
Caravan worth between 10-12k

Ex has offered for me to keep the equity in the house in exchange for keeping his pension and the other assets. If i sell now the likelihood of me getting a mortgage is low due to the fact I am not working. I do not want to go into rented as then some of my benefits will cease.
My ex has proposed that he would continue to pay me £1200 per month until I return to work and then reduce to CM only.

I know that his pension is a substantial final salary pension (he is a police inspector with 20yrs service) but to be honest I need the money now and not in 30yrs.

What do you wikipeeps think of this offer?

Hi Positive99,

It's not the worst offer but I see your youngest is 2 years old.

I have my doubts about your financial viability without some form of SM until the youngest finishes secondary education.

At a minimum I think you need SM until the youngest starts secondary school.

Talk to him and I hope he talks back, show him this site even.

Good luck to both of you!

YA

Ask for all the equity in the house, a pension share, spousal maintenance until you return to work and he keeps the rest.

He has 11 years to add to his pension and with his income he should be able to get a decent mortgage.

You have 3 children. You may only want to return to work part time.

Hi

Youngagain - do you have a figure in mind of how much SM to ask for - i did think I would be counting the pennies but just thought that the likelihood of getting SM is slim. He says at the moment paying me £1200 per month is leaving him strapped for cash. He says after paying all his bills he has around £400 left to pay for food, petrol and any luxury items such as going out.
I am loathed to take this to court as it frightens me how much it will cost to possibly not get the outcome which I desire.

When i used the divorce calculator it calculated a 70/30 split of assets in my favour.

Sillywoman - he really want to keep his pension untouched and makes mention of the pension scheme changing in the very near future meaning he will have to pay more into the scheme and possibly work longer before retiring.

He says that as it stands he would struggle to get a mortgage until he retires when he would use his lump sum to purchase somewhere. It is possible once he takes the above assets which he has offered he would have approx £27k as a deposit.

I don't want to feel like I am taking him for every penny but i also know that I have 3 children to support for several years to come.

thanks for taking the time to reply.x

I think his offer is more than reasonable,

In fact I dont think a court would expect him to pay anywhere near as much child and spousal maintenance as he is offering to pay until you are able to return to work.

The divorce calculator is only a very rough guide and giving your age and potential income I dont think a court would give you as much as 70/30 split.

Hi positive99,

I don't know what your outgoings are but it seems to me you need at least £2500/month net to deal with life including the mortgage.

If you can work with this amount and then work backwards to see how much SM and CM you need to top up your work/benefits - remembering that travel, tax, clothes, childcare etc comes of salary too.

Once again, you'll need the SM until you can work full-time and the CM until the youngest finishes secondary school.

If you draw up a budget you could run it past your ex to show whim you are not taking him for a ride - children grow and need food and clothes.

Well done to both of you for keeping it all amicable, may it long continue!

YA

Positive99.

I notice from the figures at the beginning that your husbands income is £2700 and that yours is £1515 not including cm.

If you adjust both figures by the cm, your ex's income becomes approx £2100 and yours £2115.

As there would be very little difference between the two incomes, I don't think you can expect a large amount of SM.

Spousal maintenance is about your needs and your ex's ability to meet that need.

If your ex is also taking legal advise I am sure he will be told that paying sm is unlikely if he allows you a larger portion of the assets.