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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.


Do you need help going to court over a Financial Settlement?

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.


What sort of settlement to expect?

  • Josh2008
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11 Feb 08 #13587 by Josh2008
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The total 'pot' is circa £520k, if my figures are correct

It now looks like you mean he wants min 40% to settle out of court,therefore he wants

Circa £208k

Bank Deposit £46k
Endowment £27k
Shares £1k
Bulgarian Property £70k (Purchase price or current value)
Mortgage Required £45k
10% Mesher £37k

Total:- £226k = 43.46%

Balance £294k = 56.54%

What you have to consider is it worth while pursuing to the bitter end and be awarded say 60% and possibility of paying all costs, which could amount to £20k plus.....

  • juttabeck
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12 Feb 08 #13618 by juttabeck
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My advice would be to settle out of court if you can.

My partner and I have spent well in excess of £10,000 on legal fees to get nowhere, and his ex has spent in excess of £20,000. They are not even at Final Hearing yet, which is expected to cost at least the same again.

There is the best part of your £45,000 mortgage that he is requesting. Wouldn't you rather give it to the father of your children (to eventually be left to your children) than to a solicitor? When thinking about what you can afford, make sure to take CSA payments into account, they will go a long way to covering more than just the cost of the children.

You need to think hard about what you actually need to live on, and also what he needs to live on. Do the children see him at all? Then they will need somewhere to stay - and why should he have to rely on the goodness of a new partner's heart to house his children (as my partner has to).

The calculator on this website came out 40% for him in our case, this is a long way off the agreement eventually reached.

My other advice is not to go for a mesher, do you really want to give him 10% of your house when the children leave home and you are potentially living off a pension? Offer him more than £45K upfront to get rid of the mesher.

hope this helps!

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12 Feb 08 #13619 by juttabeck
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My advice would be to settle out of court if you can.

My partner and I have spent well in excess of £10,000 on legal fees to get nowhere, and his ex has spent in excess of £20,000. They are not even at Final Hearing yet, which is expected to cost at least the same again.

There is the best part of your £45,000 mortgage that he is requesting. Wouldn't you rather give it to the father of your children (to eventually be left to your children) than to a solicitor? When thinking about what you can afford, make sure to take CSA payments into account, they will go a long way to covering more than just the cost of the children.

You need to think hard about what you actually need to live on, and also what he needs to live on. Do the children see him at all? Then they will need somewhere to stay - and why should he have to rely on the goodness of a new partner's heart to house his children (as my partner has to).

The calculator on this website came out 40% for him in our case, this is a long way off the agreement eventually reached.

My other advice is not to go for a mesher, do you really want to give him 10% of your house when the children leave home and you are potentially living off a pension? Offer him more than £45K upfront to get rid of the mesher.

hope this helps!

  • ancillarycilla
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04 May 08 #21560 by ancillarycilla
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Hi sorry only came across your post. How did you get on? Just wondering because thought you may need a little more advice as to a mesher order.

Did you know you can pay off your ex at any point at your convenience when a mesher order has been given?

So in practice if he was ordered 5% you can offer to pay this off a month after its awarded and given the way the housing market is this may be to you advantage.

If the official valuation was done some time ago the actual value of the 5% could have altered.

I'm not presuming you or anyone else has money to burn and the fact a mesher is awarded in the first place is because the house itself makes up the majority of the pot.

I think its just important to not see the mesher as a bad thing to all people. It can be paid off at anytime and it can sometimes be worth doing especially with the down turn in the housing market is getting worse.

I hope your situation worked out ok. I got the general feeling you felt a little bullied into making snap decisions that weren't especially in your own best interests.

Don't necessarily be frightened of the court system. Most cases don't go to a final hearing which is where you incur the majority of costs.

Best of luck sorry this is a bit late!

  • hadenoughnow
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04 May 08 #21562 by hadenoughnow
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evans

am interested to see what you have to say about paying off a mesher whenever you want. I had assumed that you had no option but to sell when you were ordered to.

What has been scaring me is the prospect of being forced into selling when the kids may be 18 but still need their home.

But if it is possible to argue for a mesher - and then pay it off pretty much straight away, that could be an option as I have a relative who may be able to help with some cash. I would rather have him owning a share of the house than s2bx - not least because I know he would help pay for the maintenance.

Hadenoughnow

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04 May 08 #21584 by ancillarycilla
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Hi,

The reason i know a bit about it is my partner has his kids and is seeking a mesher. We were both scared of the prospect of suddenly having to sell the house when the kids were 18 and being in a real mess so i asked lots of questions.

You can pay the other party at anytime following receipt of an open market valuation - normal estate agent val - you can pay at your convenience and your ex has no choice but has to accept it.

Note your ex cannot refuse to accept it any time at your convenience.

If you'd like to verify what i am saying it will be well worth paying a solicitor ona one off appointment you don't have to proceed down the road of employing them on a permanent basis.

Yes i have paid a solicitor quite a lot of money but she has saved me a great deal as well and put my mind at rest on thousands of occasions. Inital consultations really shouldn't cost the earth and may even be nominal amounts and you can ring for a quote like any other service.

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04 May 08 #21587 by hadenoughnow
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Thanks .. I will ask my sol to confirm this - or may even wait until meeting with barrister as sol is not filling me with confidence right now. I think this should have been mentioned/discussed before now - not almost 20k's worth of legal costs down the line!

As I said, I have resisted a Mesher because of the fears about selling. Now I think it may possibly be an option to consider..

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