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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.


Financial Matters Surrouning seperation and divorc

  • george baldy
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06 Jul 12 #341553 by george baldy
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  • hadenoughnow
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12 Jul 12 #342805 by hadenoughnow
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Hello George and welcome to wikivorce.

I cannot see the point in forcing a house sale if the place is in negative equity. Is she prepared to stay there and continue to pay the mortgage? If that is the case then it seems sensible to just agree for her to have the property ... and to indemnify you against the mortgage. There may need to be some sort of clause to cover what happens if she does sell and there is still negative equity.

Whatever you agree, you will need to negotiate and get a legally binding Consent Order ... otherwise you will end up spending money on courts which is entirely pointless when you have less than nothing in the first place.

Do the other debts cancel each other out? Are there any other assets such as pensions?
Do you have dependent children?

Hadenoughnow

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13 Jul 12 #343000 by george baldy
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13 Jul 12 #343030 by hadenoughnow
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Oh dear George :(. You are in the tricky position where the question is how to divide the debts.

What are your respective incomes? And how would you be housed if not in the FMH?

I guess your choices here may be

Sell the FMH and split the debt
Keep the FMH, you live there but she contributes to mortgage
Keep the FMH, she lives there and you contribute to mortgage
Keep the FMH and rent it out to cover mortgage

In the last 3 scenarios, you would have to have an agreement about the deeds - whose name the house was in - and about what would trigger a sale and how any shortfall would be handled.

If the house is too large for your needs she could indeed force a sale but it would seem to be sensible to try to put yourselves in a position where you minimise debts by allowing the negative equity to recover.

She may though not want to do this .. in which case you are back to option 1 - sell and split debt.

It may be useful for you to contact a CAB debt advisor.

Hadenoughnow

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14 Jul 12 #343065 by cookie2
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This is being done under NI law? I don''t think many people here have experience or knowledge of NI law. I would advise you see a NI law specialist.

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14 Jul 12 #343086 by george baldy
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14 Jul 12 #343087 by george baldy
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