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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.


advice on payments

  • andy8888
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14 May 12 #330464 by andy8888
Topic started by andy8888
Hi Everyone
I am new to this site so please be patient with me. I am currently having problems with my wife, she has an undertaking out on me not to visit me home etc, a total fabrication but there you go.I had to go to court to get a non molestation order lifted, thus agreed to an undertaking for 6 months.
I have never ever been in trouble with the police in 47 years previously married for 19 years no violence no problems.
I have sinced moved back in,I get to see my baby, which I hear you saying No!
I am still moving forward on a divorce, which she had started with her solicitor.
My question to the experts is as follows, can anyone advise on financial matters.
Background my wife is Thai,
My age is 47 years, my wife 34 years married 2 years and 1 month.
Number of children two, one from my wife’s first relationship age 15 years and 6 months
My baby girl 1 year and 7 months.
Assets pension worth 34K, House 50% owned by my first wife equity about 10K max.
I own 10 approx properties with my brother, but there is no equity in any of them. Which i can prove.
I am in a payment plan with approx 45K debts, I have just stopped paying a mortgage in Spain for a house a part own with my brother, and I cannot afford the rent.
I have no savings. My salary is 50K per year.
Outgoings are mortgage /water/gas/electric/insurances approx /food/ approx, 2300K.
My wife does not work.
thankyou in advance

  • WhiteRose
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17 May 12 #331042 by WhiteRose
Reply from WhiteRose
Bump

  • hadenoughnow
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17 May 12 #331105 by hadenoughnow
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Andy,

You don''t need me to tell you that this is a horrible mess :(.

The priority here is housing the children of the marriage and the parent with care.

How is this going to be done? There does not seem to be any money to split here ... and the situation is further complicated by the fact you do not appear to have sorted finances with your first wife. I am not sure you could leave your current wife in the FMH if it is part owned by your first wife ... It may well be that you need to sell up and remove this complication .. or find a way to buy her out.

If this cannot be done, could you and your stbx each move into one of the other properties you own with your brother? Would that be more cost effective than renting? Would he sign a couple of them over to you - if you do the same with him? It may be possible to have a Mesher Order so you get a share of any equity when your youngest reaches 18 ... but tbh you would also have to work out a way of paying the housing costs for you both until your stbx is in a position to obtain at least part time work, claim tax credits etc.

Does the father of the older child pay maintenance? If not, you could find yourself paying 20% of your income for two children ... approx 600 a month. Are there children from your previous marriage who you pay CM for?

Hadenoughnow

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17 May 12 #331167 by andy8888
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Hi
Thanks for response, my first wife is on great terms with me, so that is not a problem.
My wife is Thai thus her first husband pays nothing towards his daughter never has never will.
My main question is what will i have to offer my wife, I know I can get her out of the house if necessary.
Please if anyone can offer advice ?
thank you
Andy

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17 May 12 #331195 by hadenoughnow
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Andy

Perhaps I was not very clear.

This is not so much about hard cash ...or "getting your wife out of the house" ... much more about a home for your wife, baby and her elder child who will most likely be seen as a ''child of the family''.

That home may be the FMH, it could be one of your rental properties or it could be private rented accommodation but you should remember that as parent with care with two children to look after, it is her immediate needs that will take priority rather than yours. You need to work out what is the most cost effective - and secure option.

At minimum your liability (assuming no other children) would be CM of some £600 a month (20% of net income for 2 children).
You would need to know what she would be able to claim in benefits, tax credits etc to work out how her remaining income needs could be met.

Hadenoughnow

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21 May 12 #331954 by andy8888
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Thank you

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