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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.


Housing needs and consent order

  • markotsg
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21 Apr 22 #519216 by markotsg
Topic started by markotsg
Hello
we will be applying for non fault divorce soon

We have agreed on asset split 60:40 for my wife and me.
we will sell the family home (when is the best time for this? after Consent Order approved or before?) and full profit from house will go to wife to get new property.

If we agree this would court interfere? if my wife want to get (2 kids boy and girl 11 and 8) 2 bed house instead 2 bed, would court deny this? (kids would have their own room)?

how are the housing needs looked at by court ? if we already agree

  • Rickoshea
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21 Apr 22 #519217 by Rickoshea
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The court looks at a lot of factors based on the clauses in the act and takes all financial details into account and the needs and previous standards. Presumably you are suggesting a downsizing occurs here when it seems the pot may sustain a suitable property i.e. 3 bed could still be retained.

I'd be very wary of making decisions prior to having something sealed as the cost to unpick your plan if the court decides otherwise would affect your pot a great deal.

Probably need to post a lot more details about the circumstances including what's available in the pot and what mortgage capacity you both have to house each of you and other pertinent details.

What legal advice have you both received that has given you confidence the courts would seal the order in the current state?

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21 Apr 22 - 21 Apr 22 #519218 by markotsg
Reply from markotsg
thank you

I earn £4300
Wife £1035
she would be getting CM £803
She is eligible for UC £587

We agreed for Clean Break 60-40 in her favour
she keeps profits from family home + some savings and with her small
28k mortgage she can get property up to £260k (2 bed close to current place and kids can stay in schools) or 3 bed further away and kids might have to change schools.

We cannot keep family home as i cant afford paying and wife cannot afford to buy my share out

I would get to keep BTL and i would live there 2bed flat
Kids would be with me 2-3 times per week
I have small pension pot 50k and i would be happy to give her half
this would be 70-30 break
but even 60-40 if i keep some savings would be possible?

My solicitor told me if SM is payable then split is 50-50 and if not payable Clean Break, then its 60-40
Last edit: 21 Apr 22 by markotsg.

  • Rickoshea
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21 Apr 22 #519222 by Rickoshea
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On the face of it the only barrier to her being able to afford it is because you've agreed her share should be fixed lower than she could afford it.

What mortgage is outstanding on the family home? How far are you off with the £40k savings and her mortgage ability? And if you remortgaged the BTL to gain some of the equity back does it become feasible?

Are the salary figures gross or net? Even net the salary would potentially be lower than an SM level in normal cases but it's hard to tell sorry.

Has she contacted a solicitor or only you? Your solicitor is working for you not her so they may be suggesting something towards 80/20 or 70/30 also for example

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