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

01202 805020

Lines open: Monday to Friday 9am-5pm
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 sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


50/50

  • Tracey68
  • Tracey68's Avatar Posted by
  • Junior Member
  • Junior Member
More
24 Nov 07 #7603 by Tracey68
Topic started by Tracey68
hello again

my ex is now saying he wont pay put for mediation £142 each! we have discussed going 50/50 on the equity as long as i dont touch his pension or isa. we have a 5 year old together and i have 12 & 15 yo from previous relationship,
i'm concerned about the housing situation, i would probably get around £78k, which is great but would i get a mortgage to top this up,as it wont by a 3 bed house, i work part time and hopefully will get working tax credits, i have maintenace for the older two, i guess i will get maintenace for my little one. will a bank take this into account? or would they just go on my earnings?

  • attilladahun
  • attilladahun's Avatar
  • Platinum Member
  • Platinum Member
More
24 Nov 07 #7605 by attilladahun
Reply from attilladahun
Length of marriage + Co Habitation?
Your Income?
H income?
Value of his Pension?
Your Pension?
How much can you raise on Mtge?
Debts H, W, Matrimonial?
Above needed to asses case...

If you have no Pension why should his Pension be ignored -at least 50% of the pension is relevant and if you leave his alone you should get more capital by way of a pension "offset"

As you have the children 50% 50% may be unfair

From the figures "need" is the obvious element to consider

Please appreciate that an automatic 50% 50% is not appropriate where need for c are relevant

It may be though if so he brought significant capital and put that into the FMH

Section 25 of The Matrimonial Causes Act

Some lenders WILL take into account Maintenance and Tax Credits into account

In your case if you get Tax Credits you total income + CSA from ex must be c £1300-1400 per month.

If you need a little more to manage theoretically you could claim Periodical payments of maintenence from your current marriage to support the 2 other children 15 & 12 as they are "children of the family" which have been treated as such EVEN though you receive CSA from Ex.

CSA do not have jurisdiction it is the County Court who has jurisdiction.

Tactic...Bring this issue up and show you need the extra income to support greater borrowing to buy a suitable home...then you can abandon that if H gives you more capital to compensate for:

That
Pension Issue
The fact you will have to bring up Children alone

Don't forget you will hit a wall of extra "need" when your children cease education and tax credits reduce and ultimately stop.

Hope the above helps

Simply viewed, the divorce process results in the severance of marriage ties. But little is emphasised of the fact that it involves the more important issue of changes in the property relations between the spouses, and the division of the marital assets. This entails more than the simple act of distributing the properties between the parties as this is governed by Section 25 of the Matrimonial Causes Act 1973.

From a layman’s standpoint, court proceedings can be quite confusing with regard to the complexities of legal jargon. So, let us discuss Section 25 of the Matrimonial Causes Act 1973 in simple terms.

It would help to know that the law is generally divided into two parts: the first part which establishes the grounds for divorce, and part two, which lays down the rules on how the courts shall deal with property and financial issues.

While the courts are largely guided by decided cases and existing law on the matter, Section 25 of the Matrimonial Causes Act 1973 specially lays down the basic guidelines in the settlement of matrimonial assets and financial matters. In particular, it enumerates the principles that must be considered by the court in exercising its power to issue financial provision orders, property adjustment orders, and ancillary orders for the sale of property, as provided in Sections 23, 24, and 24A, respectively.

So what are those matters that the courts must take into account in issuing those orders under Section 23, 24 and 24A of the law?

* The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future;


* Any award made by the court concerning income, earning capacity, and property must rest on factual circumstances. But you must take note that in practice, courts no longer issue such order except for compelling reasons.


* The financial needs, obligations and responsibilities where each of the parties to the marriage has or is likely to have in the foreseeable future; both parties at this point have varying needs. The court must now balance the competing needs of both parties.


* The standard of living enjoyed by the family before the breakdown of the marriage;


* The age of each party to the marriage and the duration of the marriage; Usually, the court will adopt the view that there should be Clean Break between the parties. This would be easy if both parties earn their own living. Furthermore, a longer marriage is perceived to be more difficult because the divorce court would have to deal with strict property rights. On the other hand, for a young couple, it may be appropriate to transfer the matrimonial home into the sole name of the wife - especially where there are young children.


* Any physical or mental disability of either of the parties to the marriage; in actual practice, this is not much regarded because having a mental or physical disability would lower your earning capacity and perceived future needs. In taking this factor into account, individual and personal circumstances of each party must be considered.


* The contributions made by each of the parties to the welfare of the family, including any contribution made by looking after the home or caring for the family; this simply means that contributions made the wife, by doing domestic work, can be taken into account in the same way that the husband’s financial contribution is given leverage by the court.

  • attilladahun
  • attilladahun's Avatar
  • Platinum Member
  • Platinum Member
More
24 Nov 07 #7606 by attilladahun
Reply from attilladahun
Length of marriage + Co Habitation?
Your Income?
H income?
Value of his Pension?
Your Pension?
How much can you raise on Mtge?
Debts H, W, Matrimonial?
Above needed to asses case...

If you have no Pension why should his Pension be ignored -at least 50% of the pension is relevant and if you leave his alone you should get more capital by way of a pension "offset"

As you have the children 50% 50% may be unfair

From the figures "need" is the obvious element to consider

Please appreciate that an automatic 50% 50% is not appropriate where need for c are relevant

It may be though if so he brought significant capital and put that into the FMH

Section 25 of The Matrimonial Causes Act

Some lenders WILL take into account Maintenance and Tax Credits into account

In your case if you get Tax Credits you total income + CSA from ex must be c £1300-1400 per month.

If you need a little more to manage theoretically you could claim Periodical payments of maintenence from your current marriage to support the 2 other children 15 & 12 as they are "children of the family" which have been treated as such EVEN though you receive CSA from Ex.

CSA do not have jurisdiction it is the County Court who has jurisdiction.

Tactic...Bring this issue up and show you need the extra income to support greater borrowing to buy a suitable home...then you can abandon that if H gives you more capital to compensate for:

That
Pension Issue
The fact you will have to bring up Children alone

Don't forget you will hit a wall of extra "need" when your children cease education and tax credits reduce and ultimately stop.

Hope the above helps

Simply viewed, the divorce process results in the severance of marriage ties. But little is emphasised of the fact that it involves the more important issue of changes in the property relations between the spouses, and the division of the marital assets. This entails more than the simple act of distributing the properties between the parties as this is governed by Section 25 of the Matrimonial Causes Act 1973.

From a layman’s standpoint, court proceedings can be quite confusing with regard to the complexities of legal jargon. So, let us discuss Section 25 of the Matrimonial Causes Act 1973 in simple terms.

It would help to know that the law is generally divided into two parts: the first part which establishes the grounds for divorce, and part two, which lays down the rules on how the courts shall deal with property and financial issues.

While the courts are largely guided by decided cases and existing law on the matter, Section 25 of the Matrimonial Causes Act 1973 specially lays down the basic guidelines in the settlement of matrimonial assets and financial matters. In particular, it enumerates the principles that must be considered by the court in exercising its power to issue financial provision orders, property adjustment orders, and ancillary orders for the sale of property, as provided in Sections 23, 24, and 24A, respectively.

So what are those matters that the courts must take into account in issuing those orders under Section 23, 24 and 24A of the law?

* The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future;


* Any award made by the court concerning income, earning capacity, and property must rest on factual circumstances. But you must take note that in practice, courts no longer issue such order except for compelling reasons.


* The financial needs, obligations and responsibilities where each of the parties to the marriage has or is likely to have in the foreseeable future; both parties at this point have varying needs. The court must now balance the competing needs of both parties.


* The standard of living enjoyed by the family before the breakdown of the marriage;


* The age of each party to the marriage and the duration of the marriage; Usually, the court will adopt the view that there should be Clean Break between the parties. This would be easy if both parties earn their own living. Furthermore, a longer marriage is perceived to be more difficult because the divorce court would have to deal with strict property rights. On the other hand, for a young couple, it may be appropriate to transfer the matrimonial home into the sole name of the wife - especially where there are young children.


* Any physical or mental disability of either of the parties to the marriage; in actual practice, this is not much regarded because having a mental or physical disability would lower your earning capacity and perceived future needs. In taking this factor into account, individual and personal circumstances of each party must be considered.


* The contributions made by each of the parties to the welfare of the family, including any contribution made by looking after the home or caring for the family; this simply means that contributions made the wife, by doing domestic work, can be taken into account in the same way that the husband’s financial contribution is given leverage by the court.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11