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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.


Advice Please

  • bloyes
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26 Apr 07 #122 by bloyes
Topic started by bloyes
Hello

i am currently seperated from my wife of three years, we have a daughter 2yr old.

i have admitted adultery and will be divorcing soon, my wife and i have throughout maintained a friendly relationship. we have attempted to settle financial issues before it gets serious.

we both work fulltime, i earn £23k she £13k plus benefits etc

our house is worth £135k with a mortgage of £67k, which i currently pay

we have approx £13k of debt in a loan, again which i currently pay

i have proposed i take a deferred interest of 40% in the property and that i will pay £250 a month in child maintenance on the condition we put the debt onto the mortgage.

is this fair? what are the likely outcomes should we not agree. it is both our wishes she remain in the house and what i have proposed i believe makes it affordable to her.

thanks

  • wikivorce team
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26 Apr 07 #123 by wikivorce team
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First of all - it's great that you plan to settle things amicably, with debt already you do not want to get involved in a costly legal battle.

Your proposal looks reasonable.

I assume that you plan to pay the child maintenance until your daughter is 19.

Can she really afford what will be an 80k mortgage?

Could you pay her a little more than the CSA child maintenance until your daughter is at school? I'm assuming if she works full time then there are childcare costs. Perhaps you could share those as well as pay CSA rate.

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27 Apr 07 #125 by bloyes
Reply from bloyes
thank you for the response

in answer to your questions, i will pay maintenance for as long as neccessary. i feel very strongly about this, that i should contribute to her upbringing

my wife earns £13k on top of this she recieves £600 month tax credits, plus she will get the £250.
maintenance.

so approx £1700 a month im confident she can meet the proposed mortgage payments.

she works in a nursary so gets a significant reduction in nursary fees.

i would consider conributing more.

i think its in both our interests we agree to this proposal.

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