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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.


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Clean Break?

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31 Jan 08 #12475 by scottishlady
Topic started by scottishlady
Hi...
Yet another question re the paperwork from my STBX's solicitor....

He (STBX) wants a 'Clean Break agreement'....
Now, I understand what this means, and it would probably be the best way to go....

He has stated "that the house should be sold and the proceeds divided 50/50"...
I have no problem with this....
However.... we also have endownment policies (approx 50K)... we have cars (approx 10K).... the savings from our joint account (which he took with him) of approx 12K.... which have not been mentioned...

He is stating that he earns approx 33K (I think maybe double that)...
I earn approx 10K....

I also think that he is infact cohabiting with his new partner... and if, not at the moment, certainly within the forseeable future (ofcourse, he will deny this)...
but, I think that this would mean that his housing needs are met....

I have no problem whatsoever with a Clean Break agreement... but, I would like to be sure that it is a FAIR clean break agreement....
Am I being unreasonable????

SL:unsure:

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31 Jan 08 #12477 by Monitor441
Reply from Monitor441
SL

I'm not sure if you are in Scotland or E & W. My only experience is of E & W.

I don't know your situation and don't know if any children are involved.

For a Clean Break there needs to be a totalling of all the assets - house equity, cars, savings, pensions etc.

Then earning potential is looked at and taken into consideration.

When this is all looked at, normally the one with the lower earning potential will get slightly more of the assets to balance out the short term future.

I hope this helps

Mon

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31 Jan 08 #12478 by scottishlady
Reply from scottishlady
Hi Monitor...

Thanks....

I'm in England... good old Geordieland to be exact...

Yes... that is my understanding of a 'Clean Break'.... there are no children involved... only a 'grown up' (sometimes:laugh: ) daughter...

My STBX seems to only be considering the 'house' as an asset... none of the other things... and this is why I am wondering about the 'Clean Break agreement'...

It seems to me, that if he 'considered' everything else... and then proposed a 50/50 split, that would be much fairer...

His earning potential is also much higher than my own... and I wonder how much importance this has on any decision???

Thanks again
SL:)

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31 Jan 08 #12479 by peteringout
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Hi SL,

Well I am in Scotland and have made 'full' financial declartion and that includes savings (not that we have many), debt (we have a fair bit of that), credit cards, earnings, house, pension CETV (which can be a biggie), etc. Earning differential between my STBX is similar to you and yours. Have agreed 75/25 split in her favour on capital asset 50:50 on the rest. STBX says she might now go for aliment to so i have said fine, but forget 75/25 split on house.

Peter

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31 Jan 08 #12495 by scottishlady
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Hi Peter...

Oh to be back home in Scotland :(

I understand totally what you are saying....
I am more than 'happy' (not quite the right word)... to agree to a 'Clean Break'.... the way I see it, it's fair to agree one way or the other...
A 75/25 split seems extremely generous to me, but then, I don't know your circumstances....
I do not believe, in my case, a 75/25 split would be 'fair'..... maybe, slightly more than 50/50 (in my favour)... due to my STBX's 'earning potential'.....

I wish you luck

SL:)

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01 Feb 08 #12496 by peteringout
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Hi SL,

Thats why I said 75/25 in her favour and it means she will get about £150k and I £50k. She can buy own house outright and have a bit left over and only daily living costs. I will take out mortgage with £50k deposit. Kids all grown up so no problem there. But now she says she might want aliment (on the advice of her lawyer) I am quickly bactracking. Thought what I offered was generous, but obviously not enough!!

Peter

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01 Feb 08 #12501 by scottishlady
Reply from scottishlady
Peter...
I'm aware you're in Scotland... and the law differs there....
Are you saying that she has been advised to go for alimony/maintenance INSTEAD of a 75/25 split with a 'Clean Break'??
I would have thought, as with me, where our daughter is 'an adult'... a 'Clean Break' would be more appropriate... as there are no children issues etc...

SL:)

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