A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Is this a fair settlement?

  • BeamMeUpScotty
  • BeamMeUpScotty's Avatar Posted by
  • Junior Member
  • Junior Member
More
27 Jun 12 #339473 by BeamMeUpScotty
Topic started by BeamMeUpScotty
Hi,

18 years of marriage.

Wife
Earns £85k
Living in Family Home, 2 kids, one 20 at Uni, one 17 doing A Levels.

Husband
Gave up career to look after kids. Left FMH October 2009.Cohabiting Dec 2010-Present. Earns £12k gross self employed.

Finance
Net Proceeds of House Sale £591k
Her Assets £160k
Her Pension pot £204k
My Assets £26.5k
My Pension pot £47k

Both parties want a Clean Break ideally.

Her Solicitors made a silly low first offer with her pensions excluded.

My Solicitor is proposing a response with both pensions excluded but a 52% (Me) 48% (Her) split of the circa £780k remaining assets to account for the pension differences. I''d gain an an extra £15.5k up front by this method but would be losing out on circa £78k pensions pot which is be the balancing amount to make half of the pension pot if we split it equally.

Does this sound reasonable? at first glance it seems like a small amount to trade for the pension exclusion.

I''m looking for a settlement that takes into account giving up my career and her hugely higher salary and her future earning potential.

Overall does the suggestion sound fair. Would the figures be different if I was the wife in my circumstances?

Your thoughts gratefully taken!

Thanks!

  • sillywoman
  • sillywoman's Avatar
  • User is blocked
  • User is blocked
More
27 Jun 12 #339484 by sillywoman
Reply from sillywoman
Dont you think you should go for SM?

  • BeamMeUpScotty
  • BeamMeUpScotty's Avatar Posted by
  • Junior Member
  • Junior Member
More
27 Jun 12 #339486 by BeamMeUpScotty
Reply from BeamMeUpScotty
Sorry, what''s SM?

  • BeamMeUpScotty
  • BeamMeUpScotty's Avatar Posted by
  • Junior Member
  • Junior Member
More
27 Jun 12 #339489 by BeamMeUpScotty
Reply from BeamMeUpScotty
OK, Spousal Maint.

Can you explain why I should go for SM? ? AdavantagesDisadvantages?
Thanks

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
27 Jun 12 #339491 by cookie2
Reply from cookie2
SM: advantages you get money from your ex. Disadvantages none.

You''ll only get SM if you need it. If you can''t afford to live, pay the bills, etc. If you are dependent on your wife''s income. If you can afford to live on your own and new partner''s income then you wouldn''t be awarded SM even if you do go for it.

I would say the proposed settlement seems fair. Certainly, with this amount of assets, if she is not prepared to make a sensible offer then it''s worth making a court application.

  • happyagain
  • happyagain's Avatar
  • Platinum Member
  • Platinum Member
More
27 Jun 12 #339506 by happyagain
Reply from happyagain
It looks very fair to me, possibly too fair to your ex given her high rate of take-home pay. I would argue that, if you are going to ignore pensions, of which hers is significantly greater than yours, you should be looking at mroe than 52%. Given the length of marriage, your career break and comparatively low income I would have thought you should be looking at least at 60% of assets.

  • BeamMeUpScotty
  • BeamMeUpScotty's Avatar Posted by
  • Junior Member
  • Junior Member
More
27 Jun 12 #339507 by BeamMeUpScotty
Reply from BeamMeUpScotty
Ok, thanks cookie2,

So you think the circa £15k up front balances out not having a pension sharing order?

I think I''ve read somewhere that CETV £ do not equal Actual £, more like 25%, is this right? If so I''d be looking at nearly £19k.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11