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Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 27684
Experience:  25 years experience of all aspects of family law
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Hi Clare, I am 67, my wife is 62, we have been married for

Resolved Question:

Hi Clare,
I am 67, my wife is 62, we have been married for 43 years. We are not necessarily seeking a divorce but we want to separate on an equitable basis for the time being. My wife wants to leave the marital home but I am reluctant to abandon it. We are 1 year off paying off the mortgage, or we could do it with an early redemption fee, the property is worth around £330,000, we have assets worth around £100,000, including an inherited and added to stamp collection, a classic car which I bought from an inheritance and furniture etc. within the house, and a private pension worth around £70,000. I am wondering whether there was any way of holding onto the property and buying out my wife taking into consideration my own assets. Would be grateful if you could advise on this.
Roger Willis
Submitted: 11 months ago.
Category: UK Family Law
Expert:  Clare replied 11 months ago.
Hi
Thank you for your question
I shall do my best to help you but I need some further information first.
How much is outstanding on the mortgage and when did you receive the Inheritance?
Claire
Customer: replied 11 months ago.

Hi Claire and thanks for getting back. There is £1000 outstanding on the mortgage which is payable within the next 12 months. I imagine that an early redemption fee would apply if asked to repay now. It was a built-up plan, the mature sum having now been paid to the lender. I received the inheritance upon my father's death in 2006, £17,000 of which I spent on a classic car. I also inherited around that time around £2-3,000 worth of stamps which I have added to my existing collection, which I have accumulated since boyhood, now valued at approximately £35,000.


Hope this helps.


Regards, Roger

Expert:  Clare replied 11 months ago.
HI
How much was the inheritance in total?
Claire
Customer: replied 11 months ago.

£20,000.


Regards, Roger

Expert:  Clare replied 11 months ago.
Hi
What is the Cash Equivalent Transfer Value of your pension - and does your ex also have a pension?
Claire
Customer: replied 11 months ago.

Hello Claire, I now have the up to date figures, slightly higher than originally mentioned. I have £8,724 in ISAS and £87,495 in my Retirement Account. My wife has a small pension of £4,000.


Regards, Roger

Expert:  Clare replied 11 months ago.
Hi
Can you raise any other monies?
Claire
Customer: replied 11 months ago.

That is about it in terms of assets, I keep a balance of around £15,000 in the bank as I operate as a freelance translator and transfer money from that to another bank for everyday expenses. I think you now have the complete financial picture.


Regards, Roger

Expert:  Clare replied 11 months ago.
Hi
Given that your wife is entitled to a 50/50 split of all the assets bar the £20,000 that you inherited it is hard to see how this can be accomplished with your remaining in the property unless you are meaning to take out a substantial equity release to balance the arithmetic since your ex is entitled to at least £205,000 or so to use to rehouse herself - and a claim for a pension sharing order
If it is important for your to remain there an equity release scheme may be your only option
I hope that this is of assistance - please ask if you need further details
Claire
Customer: replied 11 months ago.

Dear Claire, thank you so much for your efforts and alerting me to my options, which I admit are not many.


Kind regards, Roger

Expert:  Clare replied 11 months ago.
Hi
You are most welcome - I hope you are able to resolve the matter - you may find it useful to use Family mediation in order to discuss matters - www.familymediationhelpline.co.uk.
Claire
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 27684
Experience: 25 years experience of all aspects of family law
Clare and 2 other UK Family Law Specialists are ready to help you

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