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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.


start me off in the right direction

  • not such a bad guy
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14 Aug 12 #349380 by not such a bad guy
Topic started by not such a bad guy
Hi everyone, I would appreciate some advice if possible please!

I have been married for 10+ years, and I am still living with my wife and 2 children both of which are 10 years old or less. My wife and I have come to an amicable decision that things are no longer working and hence we need to look at a separation. I am very willing to provide what ever financial support is required for my children, as they are the motivation for me going to work every day. However I don''t want to make a ''rod for my own back'' in terms of future financial support for my wife.

Fortunately we are not saddled with debt and we only have about 15% of our mortgage remaining to pay. My wife’s income wouldn’t be sufficient for her to pay the remaining monthly mortgage payments on her own as well as the general running costs of the house on her own, and hence my financial support will be needed/demanded. I am a realist in that it will be myself who has to move out of the house eventually, however I want to do everything right, and in the right order so that I don’t create future burdens or headache

I don’t think that counseling is the right option for us, as frankly speaking I feel it will falsely delay the inevitable, and we both want to move on with out lives ASAP. Hence my question is, what is the correct first move for me to make?

Some have suggested to me that the first stage is to engage a solicitor and put a financial settlement in place to share out savings, ISA’s and other funds. Others have suggested that I should move out first and rent as big a house/apartment as I can afford and hence there would be limitations of what my wife could expect from my remaining income…and then sort out financial issues!

So from your experiences, knowledge and know how of the law…I would appreciate your advice about what to do next?

  • woodbutcher3773
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14 Aug 12 #349404 by woodbutcher3773
Reply from woodbutcher3773
Dont know a lot about he finacial side of things but would just say remember you will need a house that your children will be comftable in and big enough if they stay over.
Also something that you can afford as alot of poeple get court up in the money side and dont think about what the child/ren will need as even though at the moment things are amicable this can change.I agree that a nrp finacial commitment should stop with the children and not the rp,but this is just my opinion.good luck

  • Lostboy67
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14 Aug 12 #349554 by Lostboy67
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Hi
Welcome to wiki, but sorry you find yourself here.

The usual advice is not to move out of the FMH until after the financial side of things is settled and the concent order is signed off, this usually happens after the Nisi has been granted.

Don''t be in a rush to solicitors, they can cost a fortune and although sometimes they are necessary, the more you can agree yourselves the better. You should take steps to protect your respective financial positions, so for example register a marital dispute with the mortgage lender to stop either one of you taking out a larger loan etc. In addition you should contact any banks etc where joint savings accounts are held and ensure that two signatiures are required for withdrawls.

You are going to have some responsibilities regarding your children, for 2 children that would be 20% of your net pay, less an allowance for the nights you have the children.

If you move out (as said not recommended) you should ensure that it is to a property that is of suitable size to allow you to have the children overnight.

The reason behind the advice not to move out is that once you move out you could well end up paying the bills, mortgage and your rent while your s2bx sits in a house with all bills paid and no incentive to move the financial side forward.

LB

  • not such a bad guy
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15 Aug 12 #349733 by not such a bad guy
Reply from not such a bad guy
Thanks for the advice so far.

Ok, the first thing is that I won''t be leaving the FMH.

A question about making some form of financial agreement with my s2bx....what do we do?

Do we sit down together, with all bank books, wage slips and bills out on the table etc. Talk about how things are going to be split, and then put that split in writing and both sign it etc?

I just want to get things moving, so that we can both start to move on.

  • Lostboy67
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15 Aug 12 #349768 by Lostboy67
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Its a good idea to have an open and honest discussion about what assets you have individually and jointly and also what you each need going forward. From there you can start to work out how these assets could be divided to meet those respective needs.
You will need a solicitor to write up a concent order, but that isn''t necessarily costly thing to do (see links for the fixed price wiki service to the right). Some level of financial disclosure is going to be required either via form E or the much simpler D81.
You have children so their welfare is going to be the No1 priority when looking at the financial side, it may well be that your s2bx will come away with better than a 50:50 split.

LB

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22 Aug 12 #351149 by not such a bad guy
Reply from not such a bad guy
Well I set the ball rolling today by going for a quick free consultation with the solicitor. I learned a lot of new things in a very short time.

The basic financial matters (Earnings, savings, current accounts, mortgage and debts) were as you''d expect discussed. Likewise in regards to our children and key assets such as the FMH and family car etc.

The bit that surprised me was in regards to both mine and my STBX''s future earning potential and hence the amount of support my STBX will or won''t potentially be entitled to.

I can foresee a future stage of mediation on the horizon in order to gather facts and details before getting our respective solicitors to draft proposals and agreements. It is then a matter of whether we drive matters towards a legal separation or crack on with it and push for divorce.

  • .Charles
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22 Aug 12 #351202 by .Charles
Reply from .Charles
When you say "legal separation" do you mean ''judicial separation'' or something else? The former is usually a pre-cursor to divorce (lots of JS petitions end up as divorce petitions) and the latter has no legal standing.

If you want to draw a line under finances you need a divorce and a final ancillary relief/financial remedy order.

Charles

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