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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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Realistic settlement / consent order?

  • browndogs
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09 May 12 #329488 by browndogs
Topic started by browndogs
Hi,

I''m brand new to Wikivorce and to the whole procedure.

It''s been pretty ghastly for me as my wife finally got the message through to me nthat she wanted to divorce on the 3rd mediation session - I sort of considered that mediation was a more serious form of (fluffy) counselling but gave people the options of divorcing, not realising that it is actually a main channel for divorce. So 2.5 months on from theree in. Depending on the circumstances, it would be great to see my daughter 3+ times a week and stay over 4 nights with my future ex. I think my wife sees her role as the only option for caring for our daughter and I made the initial concession on the basis that they said that they would both like to stay in W London, although if I was on the tube, I wouldn''t consider this an impossibility for my daughter. This has not really been properly discussed and would I feel be up to our daughter, pretty much?
4. Marital assets over £500:
i) House equity approx £350k
ii)2 x BTL''s (200 miles away) -£35K (neg eq)
iii) Furniture, car jewellery etc £25k?
iv)credit card debts + others £38k
v)My pension CETV - £40K
vi) Future ex''s CETV pensions £28k

Income / Expenditure:

Pre crunch much better but now combined income is approx £2800 net (all incl) where my income would be approx £1700 pm and my wife''s £1100 pm.

Current expenditure is horrendous and had wanted to move for over 5 years as the mortgage is now £2050 pm (which I pay) and my wife spends on shopping for food and ''her stuff'' which very recently includes the utility bills but nothing else. We have a joint account which pays for other stuff: council tax, water, Sky, TV Licence, BTL mortgages and service charges. There''s no money at the end of the month, it''s negative (just had a PPI claim which was going to pay the HMRC but that''s fast disappearing.

My wife wants the divorce; I''d tried my damdest to keep everything going but she seemed to have mentally ''upped the drawbridge'' 4 / 5 years ago leaving me in a sort of coventry whilst I endeavoured to find better paying work, to no avail and then had some depression, which made me pretty unemployable - looking back on it.

Current health ok although I have arthritis in my knees (new one anticipated in 3+ years) and my wife has been on prozac since the early 90''s.

Other issues:
a) both my parents died years ago but her mother and aunt both have property and it''s likley that she''d inherit. Does this alter anything?
b) I have some inherited things from my mum and dad - I read somewhere that I could take those with me too?

I''d be really very interested to know what the likely type of outcome for myself would be.

Any advice guidance and sincere ideas a huge bonus!

Thanks in advance and thanks for reading. And have I done this post correctly?

Browndogs

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09 May 12 #329492 by Patrick1968
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I can give you an idea of mine.
Pre-divorce. Both worked my net £2000 hers £1600-2000 depending on when you ask her.
Two girls 12 and 8.
No savings.
My personal debt £25k hers again depending whenyou ask £11 to £25k.
Equity in the house £100k with £167k to pay. Both pensions about the £33k mark.
Post divorce. She would not downsize so the nuclear option for her was relocate north. Closer to the bf. To stop this happening we re-mortaged and drew down £22k of equity. I got this. When the youngest is 18 I get my remaining share of the equity less £11k due to the equity pot being reduced. This is on the provision she doesn''t move. House contents I got £1.5k for.
Things to consider. Will she down size, can she afford to keep the house. If you stay on the mortgage is unlikly you''ll get a second one. If she gets into serious financial debt you maybe liable for half of it. On inheritance like a pension she maybe able to draw on these but you can address that in order. Your wife is no better a carer than you just becuase of her gender. Your children need a constant and postive male role model in their lives. Thats your job.

The likely outcome is - rental until you clear your debt by releasing som eof the equity in the house and get off the mortgage. Take a second or third job get some money behind you and buy somewhere then be a father to your children on equal terms as their mother. When the youngest is 18 get the rest of the equty owed to you. Standby for lies and deceit etc. You can also post this in the finance bit of the site for more advice.

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09 May 12 #329514 by cookie2
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We need to know the ages of any children?

browndogs wrote:

i) House equity approx £350k

What is the value, and the outstanding mortgage? £350k equity could mean a £400k value with a £50k mortgage, or £2m value with a £1.65m mortgage... these cases would be very different!

iii) Furniture, car jewellery etc £25k?

House contents are only valued at their second hand value. Can you break this down into values for the different objects?

iv)credit card debts + others £38k

Can you itemise this a bit please? Which are CC and which are loans, what were these debts for, and whose name are they in?

Pre crunch much better but now combined income is approx £2800 net (all incl) where my income would be approx £1700 pm and my wife''s £1100 pm.

With an income of £1700 you are probably not going to get hit with much (if any) spousal maintenance. When you have paid your own living costs and CM, you probably won''t have much left to give her. It seems highly unlikely that your wife will be able to pay the mortgage on her income alone, therefore it will probably have to be sold. This is good for you, it means it will be easier for you to get a share of the equity.

a) both my parents died years ago but her mother and aunt both have property and it''s likley that she''d inherit. Does this alter anything?

No. Courts do not work on "likely". They work on facts.

b) I have some inherited things from my mum and dad - I read somewhere that I could take those with me too?

What kind of items are you talking about? If it''s an ornament or a flower vase with not much actual monetary value, then yeah, just take it, what''s she gonna do? But if it''s say a Ming vase or a Faberge egg or a diamond the size of your eyeball, then I think your wife would have something to say about it. Inheritances are not automatically ring-fenced. They are taken into consideration along with all the other assets.

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10 May 12 #329613 by browndogs
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i) House equity approx £350k


What is the value, and the outstanding mortgage? £350k equity could mean a £400k value with a £50k mortgage, or £2m value with a £1.65m mortgage... these cases would be very different!

House value around £820k, mortgage £470k.

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10 May 12 #329615 by browndogs
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iii) Furniture, car jewellery etc £25k?

House contents are only valued at their second hand value. Can you break this down into values for the different ­object­s?

I hadn''t really broken this down properly, it''s just a guess really but notable things would be:
Old car: £1200 ish
Two rings that I gave her: £2500 and £750 recently valued.

Otherwise just regular household things, Perhaps I should do an inventory? Is this needed?

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10 May 12 #329619 by browndogs
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iv)credit card debts + others £38k

Can you itemise this a bit please? Which are CC and which are loans, what were these debts for, and whose name are they in?

I have 4 debts in my own name:

Bank A - 10500
Bank B - 9200
Card C- 10200
Card D - 2350
HMRC - debt by 31.1.13 - £4000 est

Items A to D above all currently in a DMP. A,C,D all related lifestyle and maintaining our life together including paying for birthday''s Christmas''s and shopping etc - all joint expenditure essentially. Bank B was as a result of a failed business venture in my own name, for which I can get no tax relief. My wife agreed to this at the time.

Joint debts
Council tax - 2000
Bank Joint ac - E £850

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10 May 12 #329620 by browndogs
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We need to know the ages of any children?

Son 23 at uni
Daughter 22 at uni
Daughter 14 at school.

Many thanks for reviewing and giving me your comments - very helpful.

Browndogs

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