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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 Settlement AND Clean Break

  • kasuku
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12 Apr 12 #323268 by kasuku
Topic started by kasuku
Require some advice on financial agreement between me and my wife, and what will be suitable split, between us.

Scenario,
three kids, a total asset and financial pot of £372444, married for over 15 years, no debts, and a house worth £120000 which is part of the full financial pot.

Wife total finance £194,524 which is made up of three properties in Greece, and some savings in Isa.

Husband total finances is £53,000 made of premium bonds and some cash savings and Isa,

Joint matrimonial home worth £120,000.

Income husband mine £780 per month,
wife about £2000 per month,

We are going through mediation process, and I have made a without prejudice offer as below.

* wife to pay me husband a lump sum of £132,000 and husband to transfer matrimonial home to wife, sole name. This is a 50:50 split on total finances and assets
Each party to thereafter keep remaining assets and pension in own name.


Or
*wife to transfer matrimonial home to the sole name of husband, and husband to pay cash sum of £ 5000 to wife. Wife to keep her remaining assets fully on her name. This is 47:53 percentage split, wife having 53%.
Each party to thereafter keep remaining assets and pension in own name.

Or
*wife to transfer all her 3 properties in UNSTABLE Greece valued at £60000, £87,700 and £30,000 to husband, and wife to have matrimonial home in her own sole name. This would be 63:37 percentage split, husband having 63%.
Each party to thereafter keep remaining assets and pension in own name.
There to be a Clean Break thereafter and neither party to have any further claim on others assets or pension or finances.


WIFE HAS REJECTED THIS PROPOSAL,

And is offering me £80000 to move out, which is a 36 % to 64 % split in her favor which I consider unfair proposal.

I have used a Divorce Calculator on wikivorce and it has given me some idea about the split, which has been quite generous to husband, although I have been informed that this is not always the accurate guide.

I HAVE TO VISIT MY mediation SERVICE AND I REQUIRE SOME GUIDANCE ON WHAT SHOULD BE A REASONABLE FAIR SPLIT, OR WHAT SHOULD I OFFER , TAKING INTO CONSIDERATION OUR INCOME AND POT OF MONEY. I INTENT TO SHARE CUSTODY OF CHILDREN EQUALLY WITH WIFE
PLEASE ALL RESPONSE WILL BE WELCOME AND HELP ME IN THIS DIFFICULT SITUATION,:S

  • somuch2know2
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12 Apr 12 #323273 by somuch2know2
Reply from somuch2know2
how old are the kids

  • kasuku
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12 Apr 12 #323351 by kasuku
Reply from kasuku
the eldest is 13, and the two twins 9yrs old.

  • happyagain
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12 Apr 12 #323359 by happyagain
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If you are sharing custody of the children 50/50 then your original offers are more than fair. If the situation were reversed, and you were a woman, I''m sure the advice would be that you should get a greater share than 50 percent as you are the lower earner.
The important thing is to make sure you both have a suitable property to house the children and both have enough money to do this.
Your wife''s offer seems quite unreasonable, is her income earned income alone or is it made up of child benefit and tax credits as well?

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12 Apr 12 #323368 by kasuku
Reply from kasuku
she is dinner lady so she gets about £140. and some rental income of £250. child tax credits child benefits, and a DLA for a child so it is quite substantial amount she can get a mortgage . all advice is well come

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12 Apr 12 #323396 by dukey
Reply from dukey
Check out the post please read before posting, much more information is required before anyone can even begin to help.

Once you have answered the basic questions wiki''s can start to help.

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13 Apr 12 #323425 by dukey
Reply from dukey
How assets are split depends on lots of factors, if you can answer some questions people can give you some ideas,

Your respective ages;

The number of children you have and their ages;

How many nights the children spend with each parent;

The length of your marriage and any period of pre marriage cohabitation;

Your respective incomes;

Your respective outgoings;

Your assets - both soley held and joint;

Your liabilities

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