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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.


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57/43 split..have I been fair or greedy??

  • cheesecake
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11 Dec 07 #8848 by cheesecake
Topic started by cheesecake
hellllooooooooo! First post on this site having read some of the threads, I thought Id give my question a bash!

Myself and my husband have recently separated..has been absolutely horrendous the last 5 months! HOWEVER...i think we are beginning to see light at the end of the tunnel.

We are from Scotland so Im aware things are different up here :)but wonder if someone would mind passing comment on some of the financial decisions reached? My ex husband is still feeling very "hard done by" financially, though I feel Ive been more than fair!!...but open to comments.
The situation as follows:

Married for 15 years.
2 girls age 11 and 8...who will live predominantly with me. Husband hopes to take them 2 nights per week and has agreed to pay £308 maintenance per month as per CSA calculator.

House has recently sold with equity being £162,000.

Still awaiting other values for pensions etc etc.

I work 28 hours per week...net income £25K. Obviously salary will increase if I were to go full time..to around £36K.
Husband works full time..net income £38K plus £400 per month car allowance...and xmas bonus.

Still awaiting CETV values for pensions etc, though I think the imbalance will not be hugely signficicant as I have a reasonably good pension myself.

So the main equity is really the house sale. And we have £11,000 savings.

My solicitor had advised a 60:40 split of the whole pot and said, without a shadow of a doubt, that that is what I would be awarded in court.
Husband initially agreed as he saw the larger share being required by myself in order for myself to able to afford a house of equal value to himself for the girls. (given he could get a bigger mortgage than I can as he earns more, so bigger share of house would give me bigger deposit). He also wanted so spare legal costs by potentially going with just one solicitor to draw up a legal agreement between the 2 of us. However, he then decided to seek legal advice for himself (with my encouragement to do so!...coz I didnt want him to be left feeling bitter and not knowing what his rights actually were!)... when he went to his own solicitor, he was advised it should and would be 50:50 split...no more..no less.

That obviously put the cat amongst the pigeons and he suddenly felt I was "shafting him"... it has been absolute hell since with no end of fighting and name calling! :(What started amicably, went downhill very quickly!
We finally managed to agree 57/43 split on sale of house. He said his solicitor was saying 50/50..my solicitor was saying 60/40 (she THEN said Id get 55/45 very minimum if it went to court) ..so to save any more tears/fights and to save having to go to court.we finally agreed on 57/43 on share of house...and we will go 50/50 on our £11,000 savings. This agreement has enabled us both to find really nice houses as we've both had healthy deposits to put down..though Ive had to take out a much bigger mortgage than Im comfortable with...full time work here I come!!! :woohoo:

Yet he STILL feels hard done by..I feel Ive been fair and have compromised...but have I?? open to comments..many thanks :)

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12 Dec 07 #8861 by Fiona
Reply from Fiona
Under section 9(c) Family Law (Scotland) Act 1985 one principle applied in deciding financial provision is "any economic burden of caring, after divorce, for a child of the marriage under the age of 16 years should be shared fairly between the parties."

I think your proposal is 'fair' and your husband is probably just one of those people who will feel shafted regardless of the outcome(you know what they say about Scotsmen and their money.) :P

With the difference between 50% and 57% of equity being just £11k you don't want to go to court over this.

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12 Dec 07 #8868 by ark13112003
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Cheesecake,

I've read your posting and I'm amazed by the similarities between your situation and myself (I'm the husband). I too am in Scotland, been married for 15 years, 2 girls, 11 & 9. I work full time (earn > £50k) and wife stays at home and looks after the girls.

Much like you say, we decided to try and work out the financial split between us rather than through solicitors to save the money. We're cooperating quite well and when we sat down we decided on the following:

house equity about £400K

split 59.5% wife, 40.5% me

My solicitor advised that in the circumstances, wife would normally ask for 66% / 33% split. I negotiated a better split in my favour in return for spousal maintenance for an extended period to cushion the blow of her having to find a job after many years out of work. My solicitor thought my deal to be quite generous, but it's acceptable to us.

I can give more details if you want to talk in private. Just drop me an email.

Ken

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12 Dec 07 #8869 by ark13112003
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Cheesecake,

I've read your posting and I'm amazed by the similarities between your situation and myself (I'm the husband). I too am in Scotland, been married for 15 years, 2 girls, 11 & 9. I work full time (earn > £50k) and wife stays at home and looks after the girls.

Much like you say, we decided to try and work out the financial split between us rather than through solicitors to save the money. We're cooperating quite well and when we sat down we decided on the following:

house equity about £400K

split 59.5% wife, 40.5% me

My solicitor advised that in the circumstances, wife would normally ask for 66% / 33% split. I negotiated a better split in my favour in return for spousal maintenance for an extended period to cushion the blow of her having to find a job after many years out of work. My solicitor thought my deal to be quite generous, but it's acceptable to us.

I can give more details if you want to talk in private. Just drop me an email.

Ken

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12 Dec 07 #8872 by Fiona
Reply from Fiona
There are differences between the two cases though. First of all there is less capital to share and secondly Cheesecake is in employment. When tax credits, CB and CM are accounted for there won't be a huge discrepancy in incomes. Under these circumstances 55%-60% would be within the realms of what could normally be expected.

In our case I was the higher earner so the imbalance was corrected by a sharing of the value of the matrimonial property 67:33 in my ex's favour although the children stayed with me. Each case is different.

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12 Dec 07 #8886 by Vail
Reply from Vail
Cheesecake,

The doubt about fairness/greed from th esimple fact that there used to be one household being run on one budget and invariably on or about th elimit of that budget.

With a divorce, there are two households (even if one may actually be a 'roomhold', a consequential increase in costs and therefore less money to go about. Each party faces a reduction in disposable income and the natural instinct is to try to minimise that reduction (except maybe for the cash-rich) so usually any financial split leaves both parties feeling shafted without either one necessarily doing anything nasty.

Congratulations to you and your xtb on being able to talk constructively to one another!

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12 Dec 07 #8926 by cheesecake
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hi guys....thanks so much for replies. Good to know our agreement is seen as reasonable...only wish I could let ex hubby read that!...sheesh!....not only is he scottish...he's from ABERDEEN!!!! *L*....drop a penny and it hits him on the back of the neck!!!

Anyways..thanks again guys :)great site this!...have already spent a few hours reading through many of the threads :)

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