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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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SM/Income and a million questions

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01 Feb 08 #12548 by twinks
Topic started by twinks
Well ok, maybe not a million:dry:

I have been told to leave things to sol, but i am one of these people that needs to know everything myself.

Question one about SM, I see that some get it others dont, what decides whether you get it. Married 10 years and 2 children, 5 and 8 both SN.

Now I understand that 20% of his takehome pay is for CS. But he is self employed and I do the accounts (;)so I know what he gets) so he can write down the net profits, but what about the money that he has taken out as cash, surely that is wages, the amount that he has taken out as cash is almost twice what the net profit is.

The more I read up on it, the more confussed I get. I am needing to file asap as he is planning on doing an IVA, so at the moment he is making sure that there is no money and lots of debts on paper.

Next question, if I file before iva then he will have less money as there is a lot of his debts, taht i knew nothing about. But he is selling a property and wants to do the IVA after that sale goes thru, I of course have the forms for the land registry to put a charge on that property.

ANy advice please :kiss:
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01 Feb 08 #12559 by madaboutcars
Reply from madaboutcars
I cannot answer any of your questions..........
but what a gorgeous dog
:P

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01 Feb 08 #12569 by twinks
Reply from twinks
lol

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02 Feb 08 #12627 by Fiona
Reply from Fiona
When it comes to finances it's the overall picture that matters and assets are divided according to the criteria set out in s25 Matrimonial Causes Act, which you should find if you do a forum search.

SM is usually awarded according to the need of one party and the ability to pay of the other. As a guide people on average or less than average incomes rarely pay SM. The larger the capital split is in favour of one party the less liklihood SM will be awarded.

If he doesn't declare all his income the CSA will not take it into account.

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03 Feb 08 #12653 by twinks
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Thanks Fiona, Just did the last financial years accounts for him and dopey twit gave me the invoices for all the cash jobs that didnt go thru the books, £26,000 plus. Could I use these as evidence if he doesnt play fair. Plus I am a housewife so dont work as such, I do all the company accounts etc but dont get a wage. So the only income I have is the childrens child benefit and DLA for my son.

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03 Feb 08 #12691 by Fiona
Reply from Fiona
Yes, keep copies of the invoices.

Once the value of all the assets are known the first (but not only) consideration in sharing the 'pot' is housing children adequately. Only when there is an idea what a fair capital settlement would be can it really be determined what your financial needs will be and his ability to pay assessed. Sorry if that sounds vague but as I said above it's necessary to see the overall picture.

Factors that are relevant are the length of the relationship, ages, value of the FHM, mortgage, other assets (including savings, investments, pensions), debts, incomes, earning capacity, standard of living before the relationship breakdown and any physical or mental disability.

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