In this case I represented the husband, who was the sole earner of the household, earning between £350,000 and £450,000 per annum.
The couple were originally from Derbyshire, had been married for 10 years and had two dependent children. Due to the husband’s job they owned properties in London and Derbyshire. London was the main family home, as this is where husband worked and where the children attended school, however, the parties lived together as a family at the Derbyshire property during the COVID-19 lockdown.
Difficulties arose in the marriage during the COVID-19 lockdown. Husband was extremely busy at work throughout the pandemic; and additional pressures of all being at home together; home schooling the children; and the fact that the cleaner was no longer able to attend the property had created a pressured environment. The wife decided to end the marriage.
The value of both properties was in the region of £1.365mn, with equity of around £730,000. The husband paid the mortgage repayments on both because the wife did not work and was financially reliant on her husband.
In terms of other assets, the husband’s pension had an approximate value of £500,000. He also had a cash ISA in his sole name containing approximately £100,000. The wife had no pension provision or savings despite having a degree and working in event management previously.
There is a limited company of which both parties are directors, with one buy to let property worth approximately £100,000 in the portfolio. The husband unusually wants the parties to remain jointly as directors to receive a small income from the business to be used for school fees and leave as a legacy for their children.
This was an unusual case in that husband required two properties, one in London for work and one in Derbyshire, as the wife planned to relocate back to Derbyshire with the Children. My client’s aim was to retain both of the current properties and buy the wife a mortgage free property.
The wife over time will benefit as she will have more equity in her one property then he will have in the two as he will have to re-mortgage to achieve this.
Following negotiations we finally agreed maintenance at £1200 per month.
Given the nature of my client’s work, the ability to call me early in the morning when his office was quieter, was really important to him and it meant that he could get straight on with his day.