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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.


help needed

  • linziwood
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27 Jun 07 #1020 by linziwood
Topic started by linziwood
please could anyone help.

I have just got divorced from my husband after 2 and half yr of it dragging on.

We have two children and i live in the home. I have been paying the mortgage for 18mth now by myself, Should he have to pay half even though he dosent live there?

we bought the house for 38.000 and borrowed 10.000 just before we split up, he got 7000 and i got 3000 but its me whos paying the extra 10.000 back

the house is valued at 120.000 which we both agree on, im wanting to buy him out does anyone know how much would be fair, or could i rent the house out while his name is still on mortgage? he has a pension worth 9.000 which i said i wouldnt touch if he let me buy him out.

what would i end up with if i sold the house and started a fresh somewhere?

hope sumone can help because my solicitor is so slow
i asked solicitor to write to my ex saying i want it to go to court and let a judge decide but dont know weather that would be in my favour

ive already had the ok of the mortgage provider to say i could take it on

  • DownButNotOut
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27 Jun 07 #1032 by DownButNotOut
Reply from DownButNotOut
Linziwood,

I am quite concerned that you are saying that you have got divorced - and yet you seem to have no agreement in palce governing the finances.

It is normal to get the finances agreed and approved by the courts before your divorce is finalised.

Unless you formalise the financial agreement (by signing a Consent Order) then you could face some serious issues and potentially (e.g. if you re-marry) lose your entitlement to claim ancillary relief.

Your husband's payments to you do not directly relate to the mortgage. He should be paying child support for the two children at 20% of his net income.

If he earns quite a bit more than you then you may also have a claim for spousal maintenance.

As far as the mortgage company is concerned you are both liable for the payments - but as long as someone is paying they will be happy. If you stop paying then they will chase you both.

From your figures there is around 70K equity in the house. But it seems you have no formal agreement as to what share of that you get. I would expect you to get at least 50% of that and more likely 60% or 70% as you have the child to care for.

So to buy him out you would have to pay him his 30% or 40% of the 70K, so around 21K to 28K.

But this is all theorectical until you negotiate an agreement and get it agreed and documented.

  • Liago
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27 Jun 07 #1033 by Liago
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With Downbutnotout on this one,

I do know of someone who applied for Absolute before sorting out the finances, but are now having a nightmare re FMH.

I am interested to know as to who advised you?

  • tigstheterror
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27 Jun 07 #1034 by tigstheterror
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You take the original price you paid and take the current market value away from each other, so a value of 120.00 less the original price of 38.000 plus the 10.000 so 48.000 in total leaves 72.000 so technically he gets half of that.You cannot rent the property out while his name is still on the mortgage,and he dosent have to pay any of that if he isnt living there but he has to pay child maintenance. Hope this helps,seek advice though before you do or say anything to him, good luck,Sherri.

  • linziwood
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27 Jun 07 #1042 by linziwood
Reply from linziwood
thank you all for your help

i have had a solicitor for about 2 yr now, i know he is a bit rubbish but i mentioned to him about getting the divorce before the house was sorted and he said its fine because i wouldnt let u do it if it wasnt,

im worried now im wanting to sell the house and pay him what he wants because this is dragging on and he isnt answering any letters or texts regarding the house

he does pay me 150.00 a mth maintainance, i went to csa and they said he should pay me 240 but ive never had 240


any advice welcome

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