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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.

Divorce. Next steps

  • DandyKevin
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22 Jul 12 #344620 by DandyKevin
Topic started by DandyKevin
Hi all, apologies if this is not in the correct forum.

Me and my wife have decided to get divorced.

We have been married for 5 years and have 3 children aged 9, 3 and 1.

I have moved out of the home we shared. The house was purchased 7 years ago for £200K and we both put 50K deposits on the house. The outstanding mortgage is 90K from January''s statement.

We both work, with me earning £50K and my wife £28K

We separated and I moved out approx 6 months ago.

I still pay my share of the mortgage and the council tax and utility bills.

My wife does not want to sell the marital home, but I need some back for a deposit on a new house. She cannot afford the mortgage on her own as she is terrible with money and has various debts and loans (all her debt).

I know each case is different, but what roughly am I entitled to? I am due to see a solicitor this week.

Many thanks

  • pixy
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22 Jul 12 #344635 by pixy
Reply from pixy
Not enough information. What are your respective ages? How long did you cohabit before marriage? What is the value of your respective pensions? What other debts and assets do you have, inc. savings, and why do you think you are not jointly responsible for debts?

  • Fiona
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22 Jul 12 #344661 by Fiona
Reply from Fiona
Divorce settlements depend on the overall facts and it''s difficult to comment without knowing the specific details. Generally meeting the needs of dependent children, in particular for housing is the priority. A good starting point is to research local house prices and both parties mortgage raising capabilities.

The first consideration is not to disrupt the children more than necessary but there needs to be a balance. If children live with one parent the other parent will need somewhere the children can stay. When the children can be rehoused adequately the former matrimonial home may need to be sold to release equity so that both spouses can buy their own property.

One option when is no other way of keeping a roof over the children''s heads is to maintain an interest in the form of a charge back until certain conditions are met. The usual ones are the parent with the majority of care remarrying or dying and the youngest child reaching 18. Sometimes it isn''t possible for the other parent to be released from the mortgage.

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