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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.


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Our consultant service offers expert advice and support for people who are going to court over a fair financial settlement, for less than a quarter of the cost of using a traditional high street solicitor.


FORM E - Now Cohabiting

  • tryingtokeepsmiling
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25 Jun 21 #517115 by tryingtokeepsmiling
Topic started by tryingtokeepsmiling
Hi there,

Just want a bit of advice about cohabiting during financial settlement. My ex has dragged this sorry saga on for 3 years to ensure the children are older so that he get his 50% of the FMH.

I completed form E a long while back before FDA hearing in April, my FDR is scheduled for March 2022!! Stupid backlog and this has already dragged on for so long. I have had to fight every step. He put a stop on the absolute which was finally overturned at the start of the year.

Anyway I am now cohabiting but at time of form E wasn't. How do I now inform the court - shall I do a new form E? I have to provide up to date financial info for FDR anyway a month before hand so shall I just do a new form E and send this a month before with up to date payslips and statments?

Any indication how much this is likely to effect my settlement? I have made a WP offer of 70/30 split of FHM which he declined. He wants 50/50 split. He earns £55k, I earn £18K house is worth £580K with £130K mortgage left. My pension pot is £80K his is £45K. Children are 18 and 15 years old. The 18 year old is at uni, I support her with this. The children reside with me full time. I live in the FMH and pay the full mortgage he stopped paying his share in Sept 2020. Ex lives in rented 3 bed house with just him living there apparently!

Any views would be great. Ex husband also has a long term partner but denies he lives with him I think his partner has a room share somewhere else. So of course that is not considered!!

Thanks

  • hadenoughnow
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26 Jun 21 #517119 by hadenoughnow
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Both parties have a duty to update each other with details of changes in their circumstances as they occur.

You should write to inform him.

I think you also need to look at whether a claim for very much more than 50% of the equity would succeed in the current circumstances. Whilst it may not be appropriate for your new partner to be held responsible for housing the children, his financial involvement could make a big difference to how much you need say if you want to keep the house. NB if there is any financial involvement in the house make sure there's a deed of trust in place. Cohabitation is not the same as marriage, you still need to house the kids even if the relationship breaks down.

Any settlement is going to be based on needs, not percentages. You have to be able to show what your (and the children's) needs are. If a decent 3 bed house cannot be bought with half the equity plus whatever mortgage you can raise then you may have an argument for more. On his side, he needs to be able to buy with whatever mortgage he can raise and cash from the equity. It may be that you could have the use of some of the additional equity only in the short term, until the children are independent - so in the end the settlement could be closer to equal even if it isn't now.

Hadenoughnow

  • tryingtokeepsmiling
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26 Jun 21 #517121 by tryingtokeepsmiling
Reply from tryingtokeepsmiling
It may be that you could have the use of some of the additional equity only in the short term, until the children are independent -

What do you mean in the short term?

  • hadenoughnow
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26 Jun 21 #517122 by hadenoughnow
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I mean that you would have to give him his share (or any outstanding share) when the children are older and able to be independent - say 21 or before). If you cannot afford to do so, there would be a default order for sale. This may be problematic if he has to remain on the mortgage.

There is another potential difficulty because one of the triggers for sale would usually be cohabitation for more than six months. The priority though should be security and stability for the children.

Another reason for a greater share may be if spousal maintenance would be appropriate but instead of monthly payments, a greater share of equity is used to reduce the mortgage needed and cut costs of living. If the focus is on the costs of maintaining a home for the children even after CM ends, you may want to consider this.

If you have not already done so, I would very strongly suggest that you take some legal advice on your situation. You can book a fixed price consultation via this site.

Hadenoughnow

  • tryingtokeepsmiling
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30 Jun 21 #517151 by tryingtokeepsmiling
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So do you think I should just take his WP offer of a 55/45 split in my favour. Its jsut so frustrating that this means he is going to end up mortgage free. I have to house the children, support oldest through uni etc and he walks away mortgage free and no responsibilities and no doubt will be shacked up with his boyfriend a few months down the line living a life of luxury between them! Sickening!!

Anyway am think of just settling now - got no more fight left.

If I wish to accept his WP offer - what is the process? How does this work with the FDR already scheduled for March next year.

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26 Jul 21 #517332 by tryingtokeepsmiling
Reply from tryingtokeepsmiling
Ok so I put in a final WP offer of the house being sold now with a split of 62.5% to me and 37.5% to him.

He has accepted this. What is the process now. Do I have to get this turned into a Consent Order? Or do we have to wait until FDR hearing in March for it to be formalised. Reluctant to start paying for consent orders again as he has already let me do that twice before only to pull out at 11th hour.

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