Looking for some tips. My partner pays “significant” child support via a private agreement. I don’t begrudge his paying for his responsibility, however the ex is a money grubber and always looking to extract more money any which way possible, even to the extent of trying to access my money!! (Don’t get me started!)[chill]
The default is the Child Support Agency formula which is based upon taxable income. There is also a section which reference investment properties which I don’t fully comprehend.
I really want to include my partner going forward in my property journey (we already have 4 properties), however I don’t want my hard work to be siphoned for her use!
Can any-one point me in the right direction to find out the legal implications.
I have considered purchasing all future properties in my name.
My goal is to purchase property to enable a passive income that we enable me/us to resign from our current jobs.I have a number of friends now who find themselves in a similar circumstance and don’t know what the legal obligations are.
Would love some direction.[biggrin]
Hihopes
Hey Hihopes,
Am sure this could be a potentially hot topic!
I know what you mean, I am the partner in this respect who pays the support and it can be a killer. I use the CSA formula for the simple reason that we would not be able to agree what is fair and reasonable. Like your situation, the ex would quite happily take 100% and feels the formula is unfair. I pay the ammount willingly as I want to support my kids as best as I can but supporting two families (now remarried) is hard, both on me and my new wife.
I havn’t ventured down the investment path as far as you but so far the names on documents are seperate in our case. We prefer to keep extraordinary items in her name. This takes significant trust on both our parts as I believe she would take all if we seperated but then she would liable for those as well. We actually don’t have much anyway but will change in the near future.
I truly hate the family court as I have found it to be extremely biased but unfortunately in some circumstances, this is the only option. As for financial advice, I have a financial planner who is sympathetic, understanding and realistic so maybe a good start for you. You could talk to family lawyers but can be expensive. The free legal services can be ok but limited in their advice.
Anywho, hope this may be of some assistance and good luck!
If you feel that the CSA formula is unfair have you considered lodging a Departure for Change of Assessment ? This is where both parties submit income and asset details and a Senior Case Officer decides if its fair to change the current assessment. You also have the opportunity for a phone or personal interview. You will obviously need to prove your case but its worth a try. Phone the CSA 131272
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
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