A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


financial settlement questions - help!!

  • skeptical
  • skeptical's Avatar Posted by
  • Elite Member
  • Elite Member
More
04 Mar 08 #15725 by skeptical
Topic started by skeptical
Ok Here we go.

H left us for older woman. He is self employed earns £125,000 per year, works away from home and rents flat during the week.

We have 3 children, 6, 8 and 9 yrs. I have been at home but now have a p/t job earning about £600 per month.

We have been married/together for 25 years.

House in joint names worth about £300,000. Mortgage of £125,000. No other debts.

I am at the stage of thinking about what sort of settlement to ask for. I want to make sure that my children are not having to suffer through a huge change in my financial circumstances. I am concerned about things like pensions (I only have a small one), university fees and future costs of replacing things like the car I use.

It was never the plan that I should work full time until the children are in secondary school and I feel very strongly that it would not be fair to them to expect me to do that. They already spend time in a pre school kids club as it is.

How can I build things like this into a settlement and what may I have to give up in order to get what I want?

If H has most of his salary paid into his company account does that have any effect on calculating his income? I am fairly sure that he is hiding, redirecting money to different accounts as well. Our financial records are kept on the PC but I have no access to them. Can the solicitor ask specifically for computer records of finances?

  • dukey
  • dukey's Avatar
  • Moderator
  • Moderator
More
04 Mar 08 #15730 by dukey
Reply from dukey
Hello Maelstrom

Many find the wiki calculator usefull as a giude to a settlement.

As your H is self employed he will need to provide his last three sets of accounts and a forcast for the year ahead so dont worry to much about the comutor files.

dukey

  • Exasperated
  • Exasperated's Avatar
  • Junior Member
  • Junior Member
More
04 Mar 08 #15737 by Exasperated
Reply from Exasperated
Hi Maelstrom & Hi dukey,
I would say that considering the age of your children and that they are still at primary school you would be looked on favourably regarding your working hours and maintaining your matrimonial home for the sake of stability for the children.
Like dukey said, if all comes to all, copies of accounts will have to be submitted to the court.
Try the CSA website, it has an on-line calculator where you can input the ages of the children + when your husband has them to stay, also finances i.e. his wage. It churns out a suggested amount he should be paying you for child maintenance. This is roughly 15% for 1st, 20% for 2nd and 25% for 3rd child but do the calcs as it will differ slightly.
I would suggest your stance is stay in the matrimonial home until the youngest has left full time education (18yrs if college) then agree to sell and split the proceeds. This is the crunch as I am going through this bit with my s2b ex. Money + half his pension or a lot more of the money ??
Good Luck and hope this helps in some way, I am no expert but just what I have picked up on the way.

  • skeptical
  • skeptical's Avatar Posted by
  • Elite Member
  • Elite Member
More
04 Mar 08 #15758 by skeptical
Reply from skeptical
Hi all, thanks for the replies. I have a couple of further questions though -

H has only returned from working abroad in October 2007, he set up a UK Ltd Company earlier this year so there is no way that he has 3 years accounts to present to anyone! What would the courts do in that situation? He is claiming dividends as a salary from the company so that he only pays 20% tax, I think.

Also when it comes to the issue of child visitation - he now lives and works about 300 miles away from us. In my opinion it is unreasonable to expect the children to travel that sort of distance on a regular basis i.e every other weekend, because they are so young, but is that how the courts would view it?

What happens also if he moves overseas again? How would parental responsibility etc work in that situation?

Sorry to be such a pain but I'd like to get things clear in my mind about what to expect.

  • skeptical
  • skeptical's Avatar Posted by
  • Elite Member
  • Elite Member
More
04 Mar 08 #15759 by skeptical
Reply from skeptical
Hi all, thanks for the replies. I have a couple of further questions though -

H has only returned from working abroad in October 2007, he set up a UK Ltd Company earlier this year so there is no way that he has 3 years accounts to present to anyone! What would the courts do in that situation? He is claiming dividends as a salary from the company so that he only pays 20% tax, I think.

Also when it comes to the issue of child visitation - he now lives and works about 300 miles away from us. In my opinion it is unreasonable to expect the children to travel that sort of distance on a regular basis i.e every other weekend, because they are so young, but is that how the courts would view it?

What happens also if he moves overseas again? How would parental responsibility etc work in that situation?

Sorry to be such a pain but I'd like to get things clear in my mind about what to expect.

  • Elizabeth
  • Elizabeth's Avatar
  • Platinum Member
  • Platinum Member
More
04 Mar 08 #15784 by Elizabeth
Reply from Elizabeth
Hello maelstrom,

I have read your circumstances - I think you have a very strong case to stay in the home - the courts always put the welfare of the children first and it would seem there is not a residency contest from your husband going on. Your husband will not be able to hide assets if he has to provide full and frank disclosure on a form E. Your earning capacity is limited as you have young children - the courts will not expect you to increase this - your husband has a much higher earning capacity which seems unlikely to change.

Avoid court if you can - you can in your proposal "offset" any assets (large pension etc) against the equity in the house. Yours is a long marriage and this will carry weight in the courtroom. The fact that you have been main carer for the children and therefore this has stilted your earning capacity will not be seen in a bad light at all.

The thing about proposals is they are a bit of a minefield - solicitors don't seem to help much - they just seem to "take instructions" from their clients no matter how stupid they are! Be guided by the Matrimonial Causes Act 1973 - this will give you an idea of how judges use this as a bench mark.

I am wary to give "advice" but I hope this helps a little!
Would be nice to hear how you get on.

  • dukey
  • dukey's Avatar
  • Moderator
  • Moderator
More
05 Mar 08 #15838 by dukey
Reply from dukey
Hello Maelstrom

Couple of questions

Is this a new company or re-sited in the UK

Is he soul owner or a director

As for the children try and agea times dates for visits rather than fight it out in the family court and remember this issue is not delt with as part of the divorce its seperate (cafcass)

dukey

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11