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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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Is this a fair settlement?

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15 Jun 12 #336876 by bobbeckit
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Hi Dukey,

Sorry I missed that question.

I am 39 and my wife is 31.

Bob

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15 Jun 12 #336879 by dukey
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No problem Bob easily done.

Your both very young so i would forget about the pension part of it all.

When you present a Consent Order to a judge the judge needs to make sure it is fair and workable, if the judge feels it is swayed too far in one direction they simply refuse to seal it, given you both hope to share the children 50-50 you both have the same housing need, the the asset division on the face of it looks ok, the problem is income, yours is reasonable hers is none bar benefits.

From the numbers you use your wife with have around 22k per year after paying child maintenance you a bit more 6-8k ish, to oil the wheels as it were think about paying above the CM level even if only for a fairly short time until she gets some work, maybe £650 ish per month maybe for a few years, or slightly more of the equity.

If the idea of paying more cash per month leaves a bad taste in the mouth then you could offer her a charge against the equity in one of the rentals, say 30% to be reslised when the kids are older.

The judge may accept the offer as it stands, but it may also be questioned because of the disparity in income.

Have a think about it.

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15 Jun 12 #336882 by bobbeckit
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Hi Dukey,

Thanks for the super quick replies.

I am happy to up the child maintenance as you have suggested, if this can be done for a short period whilst she finds work.

So if I presented the proposal as stated with the exception that I would pay £600 / £650 PCM for a period not exceeding 12 months whilst she found work, do you think this would be accepted by a Judge?

I guess the more important question is whether or not this is fair, and I am not appearing to unduly screw anyone over.

Bob

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15 Jun 12 #336888 by dukey
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Bob

At the end of the day its down to the judge to decide, one year looks a bit tight i would offer maybe three years, all that said my own order looked very odd and we both were called to court to explain, i did and the judge was happy to seal it, some judges are far more likely to question orders than others, one in particular who`s name crops up again and again.

What is most important is that you and your wife are happy with the agreement so if it is questioned you can both sing from the same sheet as it were, its a suck it and see situation, if the judge agrees its all over, if not some tweaking maybe needed.

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15 Jun 12 #336890 by bobbeckit
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Hi Dukey,

Again thanks for the quick response.

What do you think my chances would be of having it rubber stamped by the Judge if I proposed the £650 for a period of 3 years.

Do you think this still looks dissproportionately in my favour?

Even by offering these terms, for want of wiser words, "I will be on the bones of my arse".

Bob

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15 Jun 12 #336894 by dukey
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Bob its only my opinion and i am not a lawyer, i would think given she is 10 years younger you intend to share the children 50-50 and with her benefits and child maintenance your incomes will be quite close, i don`t see a problem, but i would stay well away from court.

This is an agreement you and your wife are making for the kids.

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15 Jun 12 #336896 by maisymoos
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Hi Bobbeckit

Is your wife happy with a 50/50 shared care arrangement? Is your job full time, are you able to fit it around school drop offs/pick ups etc?

Your youngest is only 5, I doubt your wife would be expected to work full time until the youngest starts secondary education. Part time maybe, but school hour jobs are hard to find.

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