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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.


\"clean break\" agreement

  • floswift
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25 Feb 08 #14980 by floswift
Topic started by floswift
Since I have found out about my husband's adultery I am now going to file for my share of his pension and get this offset against his equity in the marital home. In this way I will be able to stay and will not be forced to sell.
He has said that if I " go after " his pension he will not sign a " Clean Break " agreement and therefore will be eligable for a share of my parent's inheritance in the future although we will be divorced. Is this true ??

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26 Feb 08 #15044 by Vail
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Floswift,

Extremely briefly; NO.

If there is no Clean Break and the wording of the whatever order has been given, there is scope for the finances to be adjusted in the future, eg you win the lottery or inherit something.

Your x will have to apply and prove not only that the finances have altered but that he is suffering financial hardship.

The theory is one thing, the practise is another and it'll cost him a bob or two. Don't worry about it.

On the subject of pensions, while you were married you were relying on his pension to ease your later years and also any life cover. If he pops his clogs what happens to your SM? Your order should include for 'widow's benefit' although strictly speaking you won't be his widow and the benefit will be substantially less than if you were still married.

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28 Feb 08 #15261 by floswift
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what does SM mean please ??

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28 Feb 08 #15262 by mike62
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(Resisting the urge to say something silly about handcuffs! :woohoo:)

Spousal Maintenance - Maintenance for the lower income member of the couple. Can be a lump sum or periodic payments

Mike

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28 Feb 08 #15266 by floswift
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am I automatically elagible for this? - he has earnt a lot more than me over the years but we do not have any children

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28 Feb 08 #15269 by mike62
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Floswift,

There are a lot of factors involved in determining Spousal Maintenance.

Primarily it is about the needs of the one party and the ability to pay of the other one.

When you separate you both have housing needs, you both have living expenses etc etc.

SM is about balancing the combined income of the two parties between the needs of both.

For example, if there was sufficient equity or assets for the housing needs of both to be met from the marital assets and both parties were healthy and had independent and similar incomes that allowed them to live a reasonable lifestyle then probably no spousal maintenance would be ordered.

However, in the real world it isn't quite like that for most of us.

So it is about adding up the asset pot, deciding what is a fair split of assets between the two (starting point is 50:50) and deciding whether after splitting assets it is necessary for one party to pay the other an element of SM to get them back on their feet financially.

It can be awarded as a lump sum, or as periodic payments. In extreme cases it can be awarded for life.

Hope this helps

Mike

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28 Feb 08 #15270 by soulmanuk
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my stbx has taken a job that pays £90 a week less, as no debt. i now earn more than her and have the kids living with me. she pays nothing towards the marital debt and i need £300 a month more to live and pay the debts. so do i have to give her SM as she is the lower income member of a couple????

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