Consent order offer

Hi guys

Some great information on this forum.

I know its a hard question to answer but does this look like a fair financial settlement for my wife.

We have been married for 21 years.

Owned a home for 4 years, just valued at 147 000 with a mortgage of 110 500 outstanding.

Have LISA savings of 10k, so effectively 7500 if withdrawn now.

I earn 2900 a month and my wife 1250 although she works a term time job so could drastically increase her earnings by working full time.

One daughter under 16 who is doing her A levels and is going to live with me full time.

My proposal is basically 50/50 on the equity and savings.

Both have pensions but only recently opened so we would keep our own.

There is 6000 in loans that I would take ownership of.

I will remain in the family home with my daughter and get a loan to buy my wife's share of equity.

I do not want any child maintenance from her and she can keep the child benefit which equates to roughly 1000 a year.

If I give her much more than that I may struggle to finance the loan to buy her share of the house.

Any advice appreciated, I don't want to pay for a draft order for it to be refused and we don't have huge amounts of equity or assets to pay solicitors.

I'm also genuinely trying to be fair.

Well, there is a problem with this in that it takes two hands to clap. Unless your wife agrees to you buying her out this proposal may just be theoretical. Looked at from her point of view I can see why it might be unattractive. You get to stay in the matrimonial home with your daughter, it is possible you might not be able to get her released from the mortgage (because of its size in proportion to the value of the house), she earns less than half what you do so the chances are she will not be able to afford to live in the same kind of home as you. After a long marriage she doesn't come out with much while your position would be more or less unchanged and you earn twice as much as her.

You also say that your wife works a term time job which tends to suggest that her work has been planned around your daughter. She may not even agree that your daughter should live with you rather than her.

Of course, there may be something about this which is unexplained. For instance, your wife may have another man and be keen to remarry. In that event just receiving a lump sum which could be used as a deposit may be attractive to her but unless there are unmentioned circumstances which would make this attractive to your wife I cannot see her jumping to take this offer.

Thanks for the reply.

My wife is happy with me buying her out as he understands that she cannot afford to pay the mortgage on her own, or indeed secure a new mortgage on her income.

She also agrees that my daughter stays with me to provide stability and continuity during her education.

My concern after reading numerous posts online is that the judge will not see it as fair and as such decline the consent order.

>>My wife is happy with me buying her out as he understands that she cannot afford to pay the mortgage on her own, or indeed secure a new mortgage on her income.

I think your wife needs to take legal advice because if this is what she thinks she is making a number of assumptions which are mistaken.

1. It is quite often the case that the wife cannot afford to pay the mortgage on her own. That does not prevent her remaining in the house and the husband paying her maintenance and/or child support in order to enable her to do so.

2. The fact that she will not be able to secure a new mortgage on her income is another good reason why a court might think it fairer that she remains in the matrimonial home. No court will think it fair that you get to live in a home of your own while your wife has to rent.

Yes, you are quite right. A judge might well decline to approve a consent order in these terms. It favours you and prejudices your wife.