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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 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.


Am i subject to capital gains tax?? HELP PLEASE!!

  • tammylouise
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25 Nov 07 #7669 by tammylouise
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Hello, I am going through the process of divorce and am not sure how i stand on my divorce payout. I filed for divorce from my husband of 5 years earlier this year. He has admitted unreasonable behavior which i wont go into great detail with. We have 3 children together and we own a home worth £162000. The equity in this property is approx £80000. I left the marital home in June this year taking with me our three children and moving into rented accommodation because he was unwilling to leave and life was unbearable. He has offered me a payout of £34000 as this is the maximum amount that he can borrow on top of the existing mortgage. My solicitor told me this is only 41.5% of the equity. With that amount i will not be able to afford another home as i only work part time due to being a single mom. Will i be able to invest that money somewhere other than property without being subject to capital gains tax and without it affecting my working family tax credit?. I am considering holding out for a larger % of the house or putting the money in my childrens bank account so as to give them something to start them off in the future as i just cannot afford to buy another home. Is it worth me holding out for more as i think just 41.5% of the equity is a poor offer considering i am now the single parent of our three children. The house that we own together is far to big for my husband alone as it has three living rooms etc and i just think it is very unfair. Is there a legal way of forcing my ex to sell the property as it is obviously far to big for him alone and he cannot afford to borrow any more to pay me off. Any help would be very gratefully appreciated. Thanks in advance Tammy

  • sexysadie
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25 Nov 07 #7670 by sexysadie
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I think you should hold out for a greater percentage as you have the children. He's not even offering you half and you will need a much bigger place to live than he will.

Sadie

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25 Nov 07 #7673 by Fiona
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25 Nov 07 #7675 by attilladahun
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CGT is the least of your problems
Why not think differently

A very important feature in divorce is MORTGAGABILITY

If H earns more then he can raise more-he could even get a self certified mortgage on an interest only basis-if this is the only way both parties can rehouse themselves the Court will go along with it.

Big mistake leaving the FMH

iF YOU RENTED the shorthold agreement will be for 6 months you could
move back after 6 months.

If his behaviour continues to be damaging to you and the children seek an Occupation Order under Part IV od the Family Law Act 1996. If he behaves sensibly not the option to use then..........
If he can afford to rent and/or buy you issue Anciliary Relief ("AR") application by Filing Form A asap and then try to use the 1st Appointmnent as an FDR and DJ will identify that your need is better for the FMH than his.
and ideally make sure you both exchange form E's quickly under the AR

How old are the children?

It sounds like your need is greater than his and so don't discount applying for a "Mesher" order

House transfered to you and you raise awhat you can to give him a deposit so he can buy a flat or house for himself and if say the deposit you give him is say 10% equity the balance of what is fair say 20%-30%* is left as a charge back in his favour only to be enforced whilst the C are under 18 or in full time tertiary education with leave of the Court and on the happening of the following:
Your death
Your remarriage
Permanent cohabitation with a waged person (co hab defined as over 6 months )
* The actual % will depend on the capial and pensions of the parties-figure for illustration only.

  • tammylouise
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25 Nov 07 #7677 by tammylouise
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Hello, Not to sure on the terms you have used attilladahun?? such as, and ideally make sure you both exchange Form E's quickly under the AR. I understand that you are in a roundabout way saying i should go back to the family home with the kids but this is something that i really do not want to do as i have moved area and they are now settling into new schools so going back would be more disruption for them. They are 14, 11 and 7 by the way. Can i legally make him sell the house and let the courts decide on who gets what percentage wise??. I'm also not sure on what Anciliary Relief is?? More help would be very gratefully appreciated!! Tammy

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26 Nov 07 #7678 by tammylouise
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One last question!! Does it make a difference that i am now in a relationship with someone else?? Not sure if that would affect the payout from my divorce?? I have been reading previous forum discussions and i am led to believe that if my husband brings up in court that i am now with somebody else it can affect how the courts decide. Once again many thanks in advance!! Tammy

  • carys1972@aol.com
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26 Nov 07 #7679 by carys1972@aol.com
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Hi sorry u r feeling so low its an awful time but u will come out the other side I promise. U should never have moved out of the MH although I completely understand why u felt like u had to if he was being abusive etc. My husband was same and I have kids but luckily have knowledge and support in that I applied for an injunction to stop him coming near me or the kids and getting him out of MH but obviously u may not have grounds for that. In reality with u being a single [parent working part time and the fact that there is not a great deal of equity u I am sure would be allowed to stay in MH home until your youngest is at least 17 or older. He will need to wait for his share until this time and have an agreed percentage then. If u r on a low income u will be entitled to legal aid and if so please go and see a specialist family solicitor as soon as possible or starting point of citizens advice. He sounds despicable as what sort of a man would prefer to stay in MH and see his 3 kids move into rented accommodation. One blessing is that u have done something positive in getting rid of him. Keep posting as I have found the support on this site so comforting and helpful. Take care x

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