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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.


Fair buy out?

  • mejudo
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13 Mar 21 #516075 by mejudo
Topic started by mejudo
Hello!
Please I need advice on how to calculate a fair amount in a divorce with buy out and a Clean Break.

Length of the marriage: 13 years
Kids: 9 and 3 years old, 50/50 with each parent.
Husband: 42 years old
Salary: 3300 pm (after taxes)
Mortage on his name and wants to keep the family home. Paid to date 139100. House average price market to date 257500
Pensions to date: 66000
Wants to buy me out with Clean Break, wants 50/50 split in everything with no spousal manteinance. Hes keen on pension sharing to sort out pensions.
Wife: 41 years old
Salary: 900 (low income)
I will be the applicant, still co habitant in the FMH as is whats makes more sense during pandemic, plus not sure if low income can actually rent or even buy a property, professional and looking for jobs but around our childrens needs/times.
What do to first?
Can I apply for benefits if I still live in here?
If we agreed on an amount, that will affect the benefits that I might be entitled? My intention is to pay a deposit with that amount to buy a property if I can get a mortgage?
What is fair? I need a number and I dont know how to calculate that. Doing this calculator says around 1000 of spousal manteinance which he is not able to provide. Also states that our expenses will be around 2000 each. Can I negotiate pension differently. A bigger lump sum and after I leave/divorce each pays their new life and kids matters between both, thats what we both are focus... kids!

Thank you very much in advance.





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13 Mar 21 - 13 Mar 21 #516076 by WYSPECIAL
Reply from WYSPECIAL
Ideally you each need a three bed house.

How much is that in your area?

How much equity is in FMH. Your post isn't clear on this.

Given ages of children and your comments on finding work around them suggests you are the main carer so you will receive child maintenance. Are you claiming child benefit? If not do so now.

Given the disparity in incomes a 50:50 split seems unlikely.
Last edit: 13 Mar 21 by WYSPECIAL.

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13 Mar 21 #516079 by mejudo
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Thank you for your reply.

We leave in a 2 beds flat, we couldnt afford a 3 beds together let alone when separate, I know is ideal but in this area is anything from above 375000 a 3 beds property.

FMH 257500
Mortage paid 139100
Equity today 118400 ? not sure if that the correct way to calculate this.
Theres also this loan he got from his parents when we bought the flat and he said I have to pay half, like if we sell the house, pay debts and whatever left 50/50. That loan was 32000 (16000 each).
But the intention is not sell the house.

I cant receive child benefit because of his salary. We want to split responsabilities in each time with the kids and whether we need or no childcare arrangements I expect each one pay for it. We are going to be flexible in this.

Disparity in income is whats worryes me, I cant go from low income to earn 50+ per year in no time, or without having to pay childcare for the time I cant be for our kids.
He is planning to quit his job soon because of job related issues, but he will probably find another job before that happens. He will, for now, have more earning capacity that I do. That doesnt mean that he can afford spousal maintenance.

Well that much I know, is for that I want to come with an amount to negociate (60/40) and maybe not to have to figth over money or have our kids seeing the hostility around this.

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13 Mar 21 #516083 by WYSPECIAL
Reply from WYSPECIAL
You can claim CB as you have separated even though still living in the same house. You could anyway he'd just pay more tax.

The "loan" from his parents. You signed a loan agreement and there is a repayment plan? If not forget it, it was a gift. Judge will have heard this one numerous times and won't be interested.

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13 Mar 21 #516088 by mejudo
Reply from mejudo
Thank you!!
Good to know about the CB then, will do.

Yes, thats what I keep saying, how come I have to pay all debts straigth away reducing my posibility of a bigger amount to settle apart and have the similar conditions to have the kids on my time and the other part have 20 years to pay de mortage left plus never give back that "loan". Frustrating.

Any other information relevant to my post it will be much appreciated.
Thank you very much.

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14 Mar 21 #516093 by WYSPECIAL
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Claiming CB will cover you for NI contributions if you are not paying them.

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14 Mar 21 #516094 by mejudo
Reply from mejudo
At the moment I only have a 12 hours contract but doing extra hours (pandemic kind of kill that because I work in retail) I can do 900 per month average, when that happen they discount me NI. I know I can ask for some benefits including child benefit but CAB told me that when my situation change I can ask what I am entitled for, not before. Sounds to me that I need to move out and start with the divorce process before asking for anything.
I cant really move from the FMH without having finances clear (Consent Order in place)... I need to prioritize things and I am unsure on how to do it. If I agree on a Clean Break amount, I then move, ask for benefits until I find another job and thats done.We each pay our housing/living and share our children time/expenses equally. What I think is, if I accept the 50/50 equity of the flat (that loan payment included) no spousal maintance that my soon to be ex wishes for, is not even. My ideal of a separation is that we both have an even fresh start.
In the other hand, how can I enforce the contrary ( he paying what is right or what the court would propably say) without loosing lots and lots in fees than only reduces the pot to share.
Thank for taking the time to reply.... I do value every information shared in here.

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