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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.


Advice needed please, finances - where do I stand?

  • Mermaid2
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17 Apr 12 #324505 by Mermaid2
Topic started by Mermaid2
I would be very grateful to get some idea of how we should divvy up our assets for divorce? Trying to stick to facts, the situation is thus:

I am 45, he is 43.
Lived together for 14 years, married for 12.
One child aged 11 (emotional difficulties).
House in joint names, worth £250,000, mortgage of £80,000.
He earns £40,000, I earn £9,000.
I was stay at home mum until child aged 7 however renovated 2 properties during this time.
He has a pension (don''t know details) I do not.
Child mostly stays with father 1 night and day each weekend.

  • hadenoughnow
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18 Apr 12 #324843 by hadenoughnow
Reply from hadenoughnow
Are you claiming tax credits as a single parent? You need to establish your income including benefits etc.
As far as the financial split goes, it is a question of need. Your strict need is for a two bed property each. How much would that cost?
You will need to know the value of the pension before deciding anything.
It may be worth suggesting voluntary financial disclosure and mediation to see if you can reach agreement without going to court

Hadenoughnow

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19 Apr 12 #324871 by Mermaid2
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Thank you for advice. I am absolutely terrified of what could happen if we go ''official'' as ex reacts badly in such circumstances. Despite this, when our 2 years is up next Jan (from when he left) I know I need to safeguard my future. I think mediation is our only hope and plan to find out how much it might cost.
Neither of us have any extra money to pay for anything, he is paying his own rent/bills etc.. and the fh mortgage only(no other maintenance/anything else) and I have salary, working and child tax credits for everything else. At the moment he only has one bed flat which is fine as due to child emotional probs he wont sleep apart from either of us anyway!
The fh was a recently started diy project, 2 years in when he left...I am now having to carry on with this (100 yr old property) including using my own money for the improvements as well as general maintenance. I brought £100,000 into the equation a few years ago from an inheritance and am trying to make him realise without upsetting the applecart that i need not be grateful to him for my living ''rent free''!

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