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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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Confused about Clean Break

  • NeverEverAgain
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12 Dec 07 #8870 by NeverEverAgain
Topic started by NeverEverAgain
I am getting confusing information about Clean Break agreements.

Is it possible to have a clean break agreement to protect future assets/investment/inheritence when i have two dependant children living with my soon to be ex wife?

I think it likely that if we dont have an agreement she will apply financial blackmail to sabotage any relationship that i might be in (I speak from personal experience as she is doing just that at the moment).

If a Clean Break Agreement is possible, she will only be willing to sign it if it does not affect future maintenance payments as my salary increases, which i would wholeheartedly agree is fair.

Any help or useful links would be most apreciated!:S

  • mike62
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12 Dec 07 #8873 by mike62
Reply from mike62
Not an expert NeverEverAgain, but I am reasonable certain that you cannot have a clean break from your obligations on child maintenance. That is laid down in law.

However, you can have a clean break on the division of assets and SPOUSAL maintenance for your STBX

You can reach a private agreement on Child maintenance and many splitting couples agree a rate above CSA guidelines, but as the CSA is based on Nett income, post Tax and NI, it should rise as your income rises (or falls!:ohmy:)

Hope this is of help, though maybe others will add to this

Best of luck

Mike

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12 Dec 07 #8877 by NeverEverAgain
Reply from NeverEverAgain
Thanks for the reply Mike.

Just to clarify things,
I would be looking for a clean break agreement which would allow for flexability of payments for child maintenance depending on the rise (and fall:S ) of my income.
The way I see it we both have the best interests of our kids in mind but if i dont have a clean break agreement she will be likely to apply financial pressure on my assets if I re-marry or live with someone.

  • Fiona
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12 Dec 07 #8878 by Fiona
Reply from Fiona
A clean break is a payment or transfer of assets by which all the couples claims arising upon the breakdown of a marriage are settled once and for all so no future claims against each other can be made. Usually child support is dealt with separately.

Even when there is no clean break the capital settlement can't be revisited unless there are exceptional reasons ie it's discovered later a substantial amount of assets weren't disclosed, or some event happens soon after the settlement which affects the basis upon which it was made such as death or suicide.

When spouse maintenance is a factor it can be capitalised and paid as a lump sum to effect a clean break. It can be awarded for a term, say until the youngest child reaches 18, or for joint lives and it may be varied, unless the terms state otherwise. If there is no order for SM in the final settlement it isn't possible to instigate one at a later date so sometimes there is just a nominal amount paid annually. This is to have an order in place which can be varied as insurance should the circumstances change eg if the parent with care is unable to work.

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12 Dec 07 #8879 by mike62
Reply from mike62
In my own circumstances, I am looking for a clean break for two reasons:

1. My STBX has an Imelda style shopping gland
2. I don't trust her not to blow her settlement and come looking for more.

As far as my 3 children are concerned, I will be paying 25% of my nett income to her as child maintenance, less 2/7 for the 2 nights a week they are with me.

I am planning to split our assets at about 65:35 in her favour, in return for a clean break agreement and no spousal maintenance.

If I am successful in the future and I see my income rise, her payment of child maintenance will rise commensurately with my income.

Once a Consent Order is obtained, that it. No going back.

However, it is not uncommon for a judge to put a clause in the consent order for a nominal payment of £1 per year of spousal maintenance. If she falls on hard times, she can apply for that to be varied upwards to take her through the bad time.:ohmy:

However, if the clause is not there, she can't subsequently apply for a variation. Hope that clears it up for you

Mike

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12 Dec 07 #8880 by Fiona
Reply from Fiona

I would be looking for a clean break agreement which would allow for flexability of payments for child maintenance depending on the rise (and fall ) of my income.
The way I see it we both have the best interests of our kids in mind but if i dont have a clean break agreement she will be likely to apply financial pressure on my assets if I re-marry or live with someone.


I think you are confusing spouse maintenance and child support. The CSA and it's replacement C-MEC assess /will assess child support on your income only. If you remarry or cohabit it won't effect your payments unless you have children, in which case the assessment will be based on a percentage only of your income and you will pay less. :)

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