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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.


Split Assets: Equity v Cash

  • Fiona
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04 Aug 07 #1748 by Fiona
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A few points. Firstly the capital settlement is affected by the value of any pensions which aren't mentioned.

Secondly, tax credits should be nearer £500/month for someone working 16 hours/ week and earning £800/month. You can check this out @ www.entitledto.co.uk

Thirdly, when looking at maintenance the capital settlement needs to be considered. It's proposed wife will have an income of £1,500 -1,800 plus husband's contribution of £1,000, leaving him with an income of £3,250. However, if she gets 80% of the equity and he retains a 20% interest in the FMH the husband will need to pay a mortgage of about £1,200/m more than his wife to buy an equivalent property.

On the other hand, if the capital split is 50:50 and the husband pays between £1,200 to £1,400/m global maintenance there is little difference in their incomes.

Lastly, when one spouse has a disability and the other a reasonable income there is every possibility that SM for life would be awarded by court.

  • ag234
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15 Aug 07 #2011 by ag234
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Frances,

Thank you for your contribution and viewpoint.

To clarify:

Disabled living allowance has not yet been awarded and is in any case, for our youngest ( adopted) son.

Ex works 2/3 days a week,largely by choice, not necessity.

She lives in the FHM 5 beds, and had previously stated that she would move out, but now will not.

Your post is correct in the mathematical calculation, however, the basis of it is flawed. Why should I work 5 days a week, take on 43% childcare duties, and then give money to someone who doesn't want to work, who needs the money to fund a larger than neccesary house, and is happy to have babysitters and a house cleaner too?

What would you do in my circumstances?

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15 Aug 07 #2012 by ag234
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With regard to pensions, the CETV of mine is £84,000. I have no idea what hers is, although we are trying to find out.

The pension thing is a bit of a joke, as it has no value now, unlike a property. I will be unable to access any cash until 2026.

The same is true of savings. By being prudent and looking after money over the last 12 years, I now have to share that money with someone who has been far less prudent.

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16 Aug 07 #2035 by divwiki
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re your last comment, I'm in the same boat and it's so frustrating that making provision creates such liabilities.

Still that's the law, unless the court decides otherwise I guess.

Wish you luck with it all.;)

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