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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.

Sorting out finances

  • Mkontkme
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20 Apr 21 - 20 Apr 21 #516521 by Mkontkme
Topic started by Mkontkme
So my wife and I have split up and I have moved out. We have been married for 4 years and we don’t have any children between us. My wife has 2 children from a previous relationship. My wife has decided to buy me out of the house we bought together which is in a joint mortgage.

I would like some clarity as to what I can realistically ask for as a financial settlement based on the below information.

-house purchase was £310,000
-the house estimated value is £326,000
-my wife paid a deposit of £100,000 from the sale of her own home
-the Mortgage outstanding on the home is £177,122
- the mortgage redemption penalty is £8856.13
-sales and solicitors fees would come to £12,431.13
-her car is valued at £15,000
-household items are valued at £7000

she has always been the higher wage earner and the mortgage was always paid from her account. I have contributed consistently through the marriage but never to the full amount of the mortgage.

what is realistically feasible as she wants to buy me out of the mortgage.

My car and mountain bike are on finance so is this considered an asset?
many thanks
Last edit: 20 Apr 21 by Mkontkme.

  • Rickoshea
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20 Apr 21 #516522 by Rickoshea
Reply from Rickoshea
With £149k equity of which she contributed £100k that leaves potentially £49k as excess, with £21k in fees that potentially reduces the amount of the pot to £28k.

Is she in a position to take over the mortgage on her own with her own salary or is this why the house potentially would have to be sold? Whilst she has children and it's a relatively short marriage (unless there is extenuating co-habitation) she probably has the stronger position. The fees of the sale will diminish what you can take in theory so accepting a deferral on the sale might actually provide you a better outcome if the redemption penalty etc. isn't needed.

though as ever there isn't enough of a picture or details to give any real clarity as wages, kids ages and a host of other stuff come into play

  • Mkontkme
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20 Apr 21 #516523 by Mkontkme
Reply from Mkontkme
She is suggesting that she is going to take over the mortgage and keep the house. So I want to know what my entitlement would be if this was to happen?

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