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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.


Splitting main home & my pension

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01 May 12 #327579 by Tizer
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I have been married for twenty four years - I have two kids (one in a university and the other is 17 and is at school. I am separated now nearly two years. Both the kids live with their mum in the matrimonial home.

I am trying to get a financial agreement: I am at the moment out of work and renting a flat ( I was made redundant after 23yrs of working )

Question: i am offering her a 55/45 % split of the house in her favour and half my pension when I retire (as she looked after the kids and did not work for most of the years. I am willing to wait until my youngest is 21 before she sells the house or buys me out. I need the money now so I can get a foot on the property ladder I have little qualifications so it will be difficult to get into a well paid job - on the other hand she has a good teaching job . I think this is a reasonable offer but she is saying she wants 90% of the house and I can keep my pension but this will leave me without any money now. Will the court see it in my favour taking our future earning potential and our current situation into account?

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08 May 12 #329156 by insane
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as a teacher i pressume she will also have pension provision.is she paying bills on the matrimonial property now and has she for the last 2 years ? what sort of equity do you have in the property ?the courts have to look at the big picture here to reach a fair settlement.i pressume she wants larger share of the house so she dosent have to pay as much now to buy you out. to work out a fair settlement the court will look at your ages needs assets and liabilities future earning potential etc how far from retirement are you now ?

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08 May 12 #329160 by Tizer
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Thank for responding -she is paying the mortgage (which is half my rent) and the bills. She has built up about 6 yrs of pension against my 23yrs. The equity of the house is around £250,000. We areboth 47 yrs old.

I am out of a job at the moment and need at least 45% of the equity so I can get a flat. I am willing to give her 50% of my pension worth £100k

She will want the pension value knocked off the house so she can buy me out - but this will put me in a disadvantage as I will not be able to provide a roof over my head. There do you think the courts will consider my offer reasonable - she does not have to sell the house now but will need to do so n 3yrs when my youngest son leaves university. She has a degree and has studied accountancy so has a better earning potential where as I have four o''levels.

I think my offer is reasonable? What do you think

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08 May 12 #329166 by insane
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i personally think its reasonable but that is just from my own experience. lots of people dont wait for there children to finish university it is my understanding your legal obligation to support your children stops at 18 yrs of age so i commend you for carrying on with that beyond that age and showing parental responsibility. pension values can be rise and fall especially in todays economic climate and as you are quite a few years off recieving the benifits it would be my understanding this would be taken into account.i dont think a judge would allow you to be put at such immediate financial disadvantage is she in a position or likely to be in a position to buy you out within the next 3 yrs on her earnings ?

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08 May 12 #329176 by Tizer
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Personally I think she is (I left home with £200 only -all my salary went into her bank). If she can''t then she can sell the house anytime until my son reaches 21.

I''ll even agree to 45% of the house if it means a quick settlement. My worry is if I get anything less than 45% I will not be able to buy a flat.

I''ve always been reasonable - I''m not concerned if she has put our savings away - just want a fair & quick settlement.

Thanks again for responding.

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08 May 12 #329187 by insane
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as you are currently unemployed have you taken up the option of some free legal advice ? if not then maybe it is worth considering

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