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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.


guess- timate

  • GETTING STRONGER NOW
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11 Feb 13 #379232 by GETTING STRONGER NOW
Topic started by GETTING STRONGER NOW
On average what is the likely cost of court proceedings for financial settlement bearing in mind my stbx is acting like we have nothing to discuss while I am getting further in debt.
I realise the will be a large variation but just some general figures would be great.
Also how long does it take once its started?

On a mission now to move on with my life which means ending all ties..

  • redwine47
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11 Feb 13 #379236 by redwine47
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I''m in 4th Year still not divorced. & AR still being processed... have spent 13k so far and have a minimum 20k bill pending re paying back legal aid and tbh I''m no further on.

If you can sort out of court I wld definitely recommend. If ur ex is awkward it will cost a lot of money....

Even if my settlement is sorted there will be a lot of wasted funds I''m shocked by the legal system. Also extremely stressful more than one might realise, all sorts of skeletons comin out...

But obviously all cases are unique so others will have different experience also!

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12 Feb 13 #379254 by MrsMathsisfun
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What sort of assets are you disagreeing about? Can''t remember your details.

The costs will depend upon how far you have to go but my partner solicitor told him not to expect change out of £10k and considering they were only arguing about £17k. Luckily both parties seen sense and sorted it out.

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12 Feb 13 #379255 by GETTING STRONGER NOW
Reply from GETTING STRONGER NOW
Morning.
We''re not disagreeing about anything he just won''t talk about it, he''s actually said he''ll wait until I take him to court. We tried mediation but his head wasn''t "in the right place".
We have about £130,000 equity in the FMH, we both have pensions which will equate to similar I would have thought, he took £21000 in saving from the joint assets, i took £6000. He has bought a flat with about £20,000 of equity. We both have the same amount in ISA''s.
I am willing to listen to anything he has to say and I have sent him many emails and even arranged a meeting with him but he says he doesn''t want to talk about it..
We have been separated 18 months and I just want closure. He rents a 4 bedroomed house with his GF (half his age), who he had an affair with (not relevant I know). I live in the FMH with our two children but want to sell to reduce maintenance costs as he pays nothing..

  • .Charles
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12 Feb 13 #379313 by .Charles
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The cost varies depending upon the complexity of the assets. I''ve seen the lot (FDA, FDR, Final hearing) done for less than £10k but I''ve also seen cases that have been five times that to get to FDR. A colleague of mine saw a client recently who was quoted £350k by a rival firm to deal with the matter whereas he was thinking around £85k (massively complex personal and company assets).

However, the greatest variation occurs with the behaviour of the parties.

In your case your husband wants you to take him to court. Issuing proceedings sets a timetable to which the parties must adhere and is sometimes the only method which you can use to compel the other party to engage meaningfully in the process.

What you need to consider a settlement is disclosure of your spouse''s finances and your own schedule of assets and liabilities and details of what you require to rehouse you and the children.

Your husband is rehoused currently which diminishes the urgency of any payment from the matrimonial pot. This may change over time.

This means that it is likely that you can have a mesher order whereby you retain his share of the matrimonial pot to invest in property (or keep the current property) until your youngest child reaches 18 or finishes full time education.

Such an order has its pros and cons. The main disadvantage is that in a depressed housing market it is likely that your husband''s percentage share will increase significantly (particularly if the children are young as there is longer to wait until you have to sell) which means that you may not be able to raise the money to buy him out at a later date. The result is that you will have to sell whether you want to or not.

If you believe that you can rehouse, you need to make a case for how much of the equity you need. You have already had £6k but your husband has already had £21k.

Even if you split the assets 50:50, this would mean £157k assets (including the monies you have each had and excluding the pensions and ISAs) therefore an even split would be £78.5k.

As you have had £6k, you need a balance of £72.5k

As your husband has had £21k, he would need a balance of £57.5k

It is likely that your needs are greater than your husbands in which case you will be seeking a greater share of the equity (unless you earn significantly more than he does) in which case you might be looking for a 60:40 or 70:30 split in your favour.

The above does not constitute advice - you need a lawyer for this - but it illustrates that there are many ways to skin a cat.

Here is the key point - if you are in possession of all financial information, you can make an ''open offer'' which can give you costs protection. If the matter goes to final hearing and the court makes an order that is the same or better than your offer, the court will consider making a costs order in your favour. Even if you do not instruct a lawyer, the court may make an order that your husband bear his own costs which will hit him in the pocket.

Making an offer early is the key but an open offer can be held against you so you need to ensure that you obtain legal advice from the outset.

For reference from experience the FDR costs twice as much as the FDA and the Final hearing costs twice as much as the FDR. So, when the FDA concludes you are around 14% into your legal fees (excluding any fees that you incur prior to issue of proceedings).

Typically the FDA costs are around £2500 + VAT so budget for over £20k if the matter goes to final hearing. Very few do but enough do that you need to be aware of the costs.

Charles

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12 Feb 13 #379315 by GETTING STRONGER NOW
Reply from GETTING STRONGER NOW
Thanks Charles. What confuses me is that money has always been important to him so why he would want to waste vasts amounts I do not know!!

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12 Feb 13 #379345 by .Charles
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He is probably calling your bluff - thinking that you won''t do anything.

Take the power away from him and he will act like a petulant child until he is sent to bed without his dinner.

Charles

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