Problem
Our client had separated from her husband. She wanted to retain the family home but could not afford the mortgage repayments on her income. Their two children were happy and settled at a local private school. Her husband had a valuable pension he wanted to keep.
Advice
We carefully identified then valued all the assets and debts that the parties had on the date that they separated. The wife needed financial support from her husband to adjust to the parties’ separation. We proposed that he agreed to pay this as a lump sum that would allow her to pay off the mortgage. He had a good income and was able to pay the children’s school fees himself, as he had done during the marriage.
Outcome
Her husband agreed that if he could keep all of his pension, he would pay off the remaining mortgage then transfer the family home into her name. With her husband paying all of the school fees, our client and the children could live comfortably on her income. The parties entered into a separation agreement, then proceeded with an uncontested divorce. This meant neither party had to go to court, and they were able to tailor their agreement to suit exactly what they agreed upon.
