Flybytheseat
Registered User
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My wife and I have decided to separate and divorce. We are a single income family in a good position financially and are very lucky in that regard. Having worked for a couple of years at the start of the marriage and when our first child was born my wife gave up work to care for the 2nd and 3rd child. She returned to work for a couple of years on a part time basis between the second and third child and stopped fully when pregnant with the 3rd. All are now teenagers/students from 14 (nearly 15) to 19. We both hope they will stay in full time education until 22/23. My wife currently does not work.
I purchased the family home a year before we were married and paid 66% of the purchase price in cash. The small mortgage was paid off then in the subsequent three years using savings I had from before we were married and rental income directly derived from the house (we were living abroad at the time so the house in Ireland was rented out). The deed of the house is in my name only as was the mortgage. My wife never contributed to the mortgage nor was any income I earned since getting married used to pay the mortgage (only the rental income from the house itself).
We are hoping for a quick an non-confrontational divorce using the mediation route. I have provided my wife with a full list of the current value of all of our assets including pensions. We have approximately €2M in assets between us. I proposed a split/division of all assets that we acquired during the marriage 50/50 including all pensions. I am also proposing child maintenance payments for the 3 children until they turn 23 from €400PW when all 3 are under 23 down to €250PW when only 1 is under 23. My gross annual salary without bonus and OTE is approx. €144K.
For the family home I am proposing and 80/20 split in my favour when listing out assets for division though my ultimate plan is to transfer the family home to my wife's name in full in the separation agreement in return for a Pension Adjustment Order of 0. That way she can own the home outright and act as primary carer which is what she wants. We are also planning to set up and education fund/trust for the 3 kids from some of the jointly owned investments which will be jointly manged by both parties. The end result is a split of €1.15M for me (mostly in pensions), €700K for my wife, €20K for separation/divorce costs and a kids education fund of €70K.
I think that the above arrangement is fair to both parties and allows us both to live comfortably after the split as long as my wife returns to work. By my calculations if she can earn €35K-€40K per annum gross everyone's current living standard will be maintained.
My wife has reviewed this proposal and I think is happy with most of it with the exception of the proposed 80/20 split for the family home. From a brief chat with her solicitor she was told that because its the family home she has an absolute right to 50%. Is this the case ? Am I being unfair ? If it is it means every asset I've ever owned and every penny I've earned since I started working well before we were married is now to be divided equally with my wife which doesn't sound very fair and equitable to me.
I purchased the family home a year before we were married and paid 66% of the purchase price in cash. The small mortgage was paid off then in the subsequent three years using savings I had from before we were married and rental income directly derived from the house (we were living abroad at the time so the house in Ireland was rented out). The deed of the house is in my name only as was the mortgage. My wife never contributed to the mortgage nor was any income I earned since getting married used to pay the mortgage (only the rental income from the house itself).
We are hoping for a quick an non-confrontational divorce using the mediation route. I have provided my wife with a full list of the current value of all of our assets including pensions. We have approximately €2M in assets between us. I proposed a split/division of all assets that we acquired during the marriage 50/50 including all pensions. I am also proposing child maintenance payments for the 3 children until they turn 23 from €400PW when all 3 are under 23 down to €250PW when only 1 is under 23. My gross annual salary without bonus and OTE is approx. €144K.
For the family home I am proposing and 80/20 split in my favour when listing out assets for division though my ultimate plan is to transfer the family home to my wife's name in full in the separation agreement in return for a Pension Adjustment Order of 0. That way she can own the home outright and act as primary carer which is what she wants. We are also planning to set up and education fund/trust for the 3 kids from some of the jointly owned investments which will be jointly manged by both parties. The end result is a split of €1.15M for me (mostly in pensions), €700K for my wife, €20K for separation/divorce costs and a kids education fund of €70K.
I think that the above arrangement is fair to both parties and allows us both to live comfortably after the split as long as my wife returns to work. By my calculations if she can earn €35K-€40K per annum gross everyone's current living standard will be maintained.
My wife has reviewed this proposal and I think is happy with most of it with the exception of the proposed 80/20 split for the family home. From a brief chat with her solicitor she was told that because its the family home she has an absolute right to 50%. Is this the case ? Am I being unfair ? If it is it means every asset I've ever owned and every penny I've earned since I started working well before we were married is now to be divided equally with my wife which doesn't sound very fair and equitable to me.
