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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.


Can''t figure out if clean break is fair

  • MalcolmY
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03 Jun 12 #334911 by MalcolmY
Topic started by MalcolmY
Hi - we''re agreed to a Separation Agreement as this is easier than a divorce at this point, however, a couple of weeks ago we were splitting 50/50 on everything with my wife and the kids to stay in the current house to minimise short-term disruption, especially in my mind to my daughter (13).
She has now said she wants no claim on me or wants to rely on me so wants to sell the house, as she can''t afford to stay there on her income, take all the equity, buy somewhere manageable and have a 60/40 share of the kids. I would keep my income etc. As I haven''t bitten her hand off she has refused to speak to me know!

I can''t agree by being put on the spot and want everything to be fair and equitable and not sure where to turn for ''in principle'' advice.

I am ordering the Separation Agreement in a moment, but the question is does a Sep Agreement cover the basis of financial fairness for a clean-break, taking in to account future earnings etc? Facts are:

- married 19 years almost aged 49 and 48
- two kids - 18 and 13
- in that time I worked, she didn''t
- she is self-employed and earns circa £24k gross
- I earn £52k, although my market rate is higher and I''m looking to get a new job
- equity in house about £175-£190k
- assets in terms of cash, vehicles etc say £15k
- pensions, nothing much, not paid into anything for a long time as she felt property was better and we fell out about this a long time ago

is this fair on both of us?

sorry to unburden but I feel I''m going round in circles and can''t decide.

  • NoWhereToTurnl
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03 Jun 12 #334914 by NoWhereToTurnl
Reply from NoWhereToTurnl
I am not an expert in this but from my understanding you both need to do financial disclosure and have a court order of consent for financial split for it to be binding. I will bump it up for one of the expert wicki''s to answer in more detail.
Best wishes.

*** BUMP ***

  • LittleMrMike
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03 Jun 12 #334916 by LittleMrMike
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It is certainly possible for you to have a Separation Agreement, but it is not completely watertight. To be valid the following conditions need to be satisfied :
1. The agreement, taken as a whole, must be fair to both parties.
2. It must be preceded by a full financial disclosure by both parties.
3. Both parties should have access to independent legal advice
4. There should be a '' cooling off '' period to allow both parties to consider their position.
A Separation Agreement which satisfies these conditions is likely to withstand a challenge. However it is not completely watertight ; the only thing which is completely bomb proof is a Court order.
However, on the facts as you have given them, I''d say that there is a very high probability that the Court would not approve the arrangement you suggest.
It is a long marriage ;
There are dependent children ;
You are the higher earner by some way ;
No maintenance other than child support ; and
You get all the assets !
It is extremely unusual for one spouse to come away with nothing.
I personally think this is too one sided. I''d be interested to know if other wikis agree.
LMM

  • MalcolmY
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03 Jun 12 #334919 by MalcolmY
Reply from MalcolmY
thanks LMM - to be clear, she wants to have the house equity and the car etc. I take nothing but keep my income,no assets. all I want is 50/50 access to the kids

  • dukey
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03 Jun 12 #334924 by dukey
Reply from dukey
Separate child contact from the money side, the first post is a bit confusing, Separation Agreements deal with money so stick with that for now, start another thread for contact if you like.

  • MalcolmY
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03 Jun 12 #334925 by MalcolmY
Reply from MalcolmY
MalcolmY wrote:

Facts are:

- married 19 years almost aged 49 and 48
- two kids - 18 and 13
- in that time I worked, she didn''t until
- she is self-employed last two years and earns circa £24k gross
- I earn £52k, although my market rate is higher and I''m looking to get a new job
- equity in house about £175-£190k
- assets in terms of cash, vehicles etc say £15k
- pensions, nothing much, not paid into anything for a long time as she felt property was better and we fell out about this a long time ago

is this fair on both of us?


ok, sorry. So on the above - I keep my income, she wants the house equity, assets. Simple as that. No child maintenance as I will have them half the time.

Does that seem fair on both - I''m not trying to max out what I get, I only want what is good for both so we can get on.

  • dukey
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03 Jun 12 #334926 by dukey
Reply from dukey
Are you all in good health

What is your historic income, what will you earn in the near future

Do you still live together, if not do either of you have new partners and when did you stop living together

I''ll have to pick up with this tomorrow, stuff to do, mike may pick it up before I can though, if he does take note he knows his stuff.

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