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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 settlement.

  • C11ady
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18 Aug 21 #517483 by C11ady
Topic started by C11ady
Hi I’m in the early stages of divorce, I’m 48 and work shifts in a factory earning £35000 extra if I work weekends. My wife has took early retirement aged 58.
we have been married 4 years cohabiting 3 years prior.
we both put £50000 each towards house wife worked part time.
we have £246000 equity in our house after fees my wants a 80/20 split,she has £35000 savings, I have £60000 savings. My wife has £160000 pension which she draws down £600 per month. I have £240000 pension of which iv offered her 22%.
wife to get £186000 +£35000=£221000. +£53000 pension.
me £60000 +£60000=£120000+ £187000 pension.
I’m currently paying all bills with no contribution, her son aged 26 still lives at home and pays nothing to me.
my wife says this deal is not enough and wants the full £240000 equity or £100 per week spousal maintenance.
can anyone comment and tell me if this is a fair deal.

  • notgettinganywherefast
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19 Aug 21 - 19 Aug 21 #517486 by notgettinganywherefast
Reply from notgettinganywherefast
What your wife is proposing doesn't sound at all fair to me considering the length of marriage and no children to consider.
Last edit: 19 Aug 21 by notgettinganywherefast.

  • hadenoughnow
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19 Aug 21 #517489 by hadenoughnow
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How much would it cost her to buy a suitable 1-2 bed property?

Is there a health reason for her not working? A court would expect her to maximise her income rather than expect you to pay SM.

Hadenoughnow

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19 Aug 21 #517499 by C11ady
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Hi my wife has anxiety and a couple of conditions which she’s had since her early 20s. She is able to hike 7 miles to visit country pubs mind.
A 1-2 bedroom property would be around £160000 but she only wants a brand new house £230000 for a 3 bed.
She says she will not be able to afford holidays and clothes lol.

  • hadenoughnow
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21 Aug 21 #517515 by hadenoughnow
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Financial settlement on divorce is about needs not wants.
If she wants something above needs then it will be up to her to pay for it. She would be expected to work and earn unless she has been assessed as incapable of work.
It looks like you are proposing to offset the difference in pension against equity.
Tbh that amount added to 50% of equity and a further £10k to balance savings would allow her to be mortgage free in a suitable property and have a small contingency fund. Or she could opt for a share of your pension instead and get a small mortgage.

Hadenoughnow

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21 Aug 21 #517518 by C11ady
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Hi thanks my solicitor says this is a awful deal for me and wants me to go to court, not sure what to think.

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22 Aug 21 #517522 by hadenoughnow
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If you are paying for legal advice then it is worth listening to it. If you are worried about the costs of court you can represent yourself.
I would be inclined to make a formal offer of 50:50 and suggest she takes legal advice on it. Then offer mediation. Be prepared to adjust your offer by the amount it could cost to take this through the courts if you are represented. Better to pay her than a lawyer 😉.

Hadenoughnow

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