A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Mon/Fri 9am-6pm       Sat/Sun 2pm-6pm
Call for FREE expert advice & service info


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.


My Final Settlement - Consent order signed

  • somuch2know2
  • somuch2know2's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
29 May 12 #333739 by somuch2know2
Topic started by somuch2know2
For all those who are looking for outcomes here was mine- you can find all my other details in past threads.

The judge gave my wife a reality check and the outcome went like this.

House

W offer: 100% equity of house/ H to have a 40% charge (to be received when youngest finishes university- 15 years time)
H offer: 85% of equity to her/ 85K charge on house (received in 12 years time)
Settlement: 70 to her/ 30 split immediately after sale- H to have 20K charge on her new purchase

Pension:

W offer: Majority of his pension
H offer: 50%
Settlement: 50% of his pension from his first 10 years, but NOT his employer from the last 7 years

child maintenance
W offer: he pays 25% of until completion of first degree to include a gap year
H offer: He will pay the standard rate of 15% for 1, 20% for 2 and 25% for 3, that goes down as they reach 18 to only cover the remaining 2
Settlement: Aligned with CSA guidelines, nothing past secondary- but contributions can be made at H’s discretion

Future Bonus
W offer: 30% for life
H offer: 0
Settlement: W entitled to 0

Spousal maintenance
Her offer: 15K a year joint lives
His offer: 5K for 5 years
Judges rules: 6K per year for 12 years or until she remarries with a bar 28 applied (or whatever that is called)/ cohabitation was a sticking point but not worth not signing for. The way I look at it, its not enough of an incentive NOT to get remarried.

Debt: H to repay

Household goods: H to get the few named items.

Current housing- H to continue to give W 2100 for mortgage (to be transferred in her name) until the sale of the home. Works out 100£ less a month for me at the moment.

She wanted me to go through CSA- this was retracted
She wanted visibility of my P60 for next 12 years– this was retracted

The biggest tips I can give (particularly to men) is as follows

1. Know your figures, and know hers – this proved crucial in the settlement as they contradicted themselves quite a bit regarding ‘need’ and mortgage capabilities
2. Go in with a realistic settlement- This worked to my favour as it was the second time we had this judge, and the second time her side was playing games and in this case making ridiculous offers
3. Be realistic with best/ worst case outcomes
4. Get local representation. Judges don’t like when you bring in Londoners. My wife did this, and this also proved a disadvantage as my judge was the MOST male-friendly out of all 4 on the circuit. My barrister knew that the best possible outcome would be to settle then and there, as if it went to FH, I would have had come off worse. Her council being from London didn’t know this, so keen not to have the same result at more expense started being reasonable around 4:00pm

To all of you who have judged, supported, and given really great advice- Thank you. I am so happy this is all over and that I can actually plan my life accordingly. Im logging off now, probably for the last time as this chapter is closed for me, and its time to move on and live in the happiness that I knew existed out of my marriage.

Good luck to all of you and Thanks again.

Oh.. And I will NOT be getting married again. From what I reckon- you can financially survie it once, but twice... no chance.

  • dukey
  • dukey's Avatar
  • Moderator
  • Moderator
More
29 May 12 #333748 by dukey
Reply from dukey
Having read many of your posts leading to the FDR it does seem very reasonable, for those who read this though note that this was an agreement made at FDR, it is not a judgement as the result of a final hearing.

All that really counts is you can live with this, so it was wise to settle rather than risk the judgment.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11