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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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Asset spliting

  • jaustin
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22 Feb 08 #14782 by jaustin
Topic started by jaustin
Can anyone help ? I have spoken to several solicitors about deviding our assets and have been given grossly different endings.
Our situation:
We are both 58 years old
married 37 years- 4 daughters all married except one aged 15 years at home and in education.
Wife not worked for 30 years- bringup children
Iam self employed professional working from home earning net of tax (take home) £37,000 pa
House in joint names is worth £1.2 million with £100,000 mortgage still outstanding
I have no savings or other assets other than half contents of house. but personal debts of £35,000
My wife has no assets other than half contents but savings of £80,000 half of which was inherited from her mother.
Most solicitors seem to agree that because we have a lot of value in the house this would be split 50/50.do you agree ??
What i really want to know is what percentage of my net salary i will pay my wife- i assume any court will think she is old to work and are my debts and her saving put into the pot with the property to split ???

Is there any organisation that can mediate and find a settlement with out it being costly solicitors ???

  • dukey
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22 Feb 08 #14783 by dukey
Reply from dukey
Hello with a marrige as long as yours 50/50 sounds fine,
in law whats yours is hers and hers yours it all goes in the pot your W saveings and the house (do you both have pensions) you can put your details through the wiki calculator but i think it will come out at 50/50.
You will pay 15% of your net CM assumeing your daughter stays in full time education untill 18.
The SP is worked out on H an W needs and who is the main carer of your daughter its best to agrea this with your wife saves time and money hope ive helped
dukey

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22 Feb 08 #14785 by jaustin
Reply from jaustin
Thanks for your help. We only have my pension which matures when iam 65- not a lot to share. and with only £37,000 net salary we would both need a much of that as possible iam sure

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22 Feb 08 #14786 by dukey
Reply from dukey
Hello if your pension is small CETV £10-12,000 may be best to offset it rather than involve ifa the costs ouway the benifits
dukey

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22 Feb 08 #14787 by jaustin
Reply from jaustin
What do you mean by offset it-

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22 Feb 08 #14788 by dukey
Reply from dukey
say it has a value of £5000 give your wife an asset of similar value (car or larger % of fmn) thus offseting the value of the pension that you would keep.
Shareing low value pensions is often to expensive in fees to be worthwhile
dukey

  • Elle
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22 Feb 08 #14792 by Elle
Reply from Elle
Hi Jaustin,
The grossly different scenarios from sols is that no two situations are the same and if it is left for the court to decide.....the judge will be the one to deliver the outcome dependant upon what he is given for deliberation. mediation is definetly the cheaper option. Regards the equity....this would be considered sufficient to meet both your housing needs on a 50/50 split, as it is an accepted fact that downsizing is the reality when one couple becomes two individuals to be housed.
Elle

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