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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.


Financial woes

  • zippy123456
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09 Apr 12 #322584 by zippy123456
Topic started by zippy123456
I have just had a play with the calculator and she will get 95% of assets plus about 1/2 of my take home pay.

Considering a flat around here costs about half of my take home pay to rent how am I supposed to live?

She is claiming she is sick so cannot work and therefore her earnings are nil which maximises my maintenance to her. Can she do this?

  • Lostboy67
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09 Apr 12 #322589 by Lostboy67
Reply from Lostboy67
Hi Zippy
Welcome to wiki but sorry you find yourself here.
The Wiki-calculator sometimes has moments of ''insanity'', it has a tough job trying to apply rules of thumb to individual situations and sometimes the figures are just mad.

If you post the following a knowledgable wikipeep can offer a view on what the settment may look like.

Respective ages
Number of children and ages, and how many nights a week they spend with each of you
Lengh of marriage + cohabitation

Respective incomes
Assets held individually and jointly
Debts held individually and jointly

Pension funds
Incomes

LB

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09 Apr 12 #322592 by zippy123456
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Me 47 Her 50
Income Me 60k Her 0 (off sick for 4 years and let go)
Kids 18 (upper 6th form) and 14
Pension me £160k her £15k
House 170k no mortgage - joint
Shares me £20k
Savings me £40k her £10k
Car me 0 her £6k
Debts me £10k her 0

Married 25 yrs with a two year split 5 years ago at her insistence.

After 2 years apart she had a serious illness so I came back to help her recover. Now she is better she wants me gone again!

In hindsight it would have been better to have divorced 5 years ago as I was earning about £40k then and still had a mortgage, a car loan for £20k and the pension pot was only £80k! Oh hum - you live and learn!

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09 Apr 12 #322616 by zippy123456
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Should add that the kids will be staying with her as she is in the house at the moment as I am in a bedsit.

  • hadenoughnow
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11 Apr 12 #323128 by hadenoughnow
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So the cash assets are some 240k. Assuming the debt is paid from this, there is 230k to play with.
The house is paid for so it would seem sensible for her to hang on to it for now. You would have the rest .... 60k. This equates to a split of around 75:25 in her favour.
You will pay child maintenance at 20% of net income for two children (about 700 a month). If the older one goes to uni, you could agree to continue this.
As far as spousal maintenance goes, this will depend on needs and ability to pay. Your stbx will be entitled to benefits etc if ill health prevents her from working. You need to establish her entitlement. This income will need to be taken into account. You will need a mortgage to buy a property similar to the FMH of some 110k. This too would be a factor. Having said that, I think some sm, at least until retirement, is likely.
The pension is a bit tricky. After a long marriage, a straight split of the pension could be expected. You may though want to argue that you should have more as she has more of the equity. However given your earnings and the fact you have many years to increase your pension fund, i don''t think this argument would succeed.

Hadenoughnow

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15 Apr 12 #323800 by zippy123456
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Many thanks Hadenouhnow

Is there anything I can do to improve my situation.

I must admit that I am feeling very depressed about this at the moment.

I don''t want to split. She does.

  • Lostboy67
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15 Apr 12 #323837 by Lostboy67
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Hi,
How long have you been moved out? One option you could think about is moving back in. Or if you don''t you should move to a property that at least allows you to have your children overnight.

LB

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