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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 on asset split after divorce please

  • Josie2012
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02 May 12 #327984 by Josie2012
Topic started by Josie2012
Hello,
I am new to the site and am preparing to tell my husband that I want to begin divorce proceedings. Before I do this I am trying to get my head around what it will entail & what I stand to loose. I would appreciate it greatly if you would read on & offer any advise you may have.

My husband is a compulsive liar which is why I want a divorce.

I bought my house with the help of my parents years before I met my now husband.

We have been married almost 5 years. He came to live with me around 7 or 8 years ago and continues to do so.

We are both 40. We dont have any children. We dont have any savings or pensions. We drive an old run around which was bought for us by my parents. We dont have any credit card debt to date.

We have borrowed money for my parents and they also lent me money to buy the house. Neither debt has been fully paid & there was not any written agreement.

I have made some cash repayments towards the house. My husband has never paid anything back to them for the house, there is no mortgage as such so he''s never paid any mortgage or rent so to speak. We have paid back some of the money they lent to us.

I deal with all house bills & they are paid from my account. He’s wages were paid into joint account and usually the credit card bills were paid from this account for things like groceries, holidays, clothing etc.

I earn aprox £25,000 & until recently he earned £50,000 per year. He recently lost his job through lying & is now out of work.

I am now paying for everything including giving him money to get around and supposedly look for work.

He has applied for new credit cards behind my back & I am worried I''ll be liable for any debts or loans he is getting without my knowledge.

My husband left me a few months ago and moved into a flat. However I took him back! He has since lost his job & is behaving more & more erratically!

I wondered if anyone can help me to gage how much the court will tell me I should give him, taking the above into consideration (I guess after selling my house, which is probably worth around £300,000). Or if we could try for the option that we both agree upon (the Consent Order I believe its called): how much is reasonable to offer as an out of court settlement. Is that the way its done?

Also if you have any experiences regarding the loan from my parents or repayments to them. Or any other useful advice would be much appreciated.

Thanks for reading.

  • MrsMathsisfun
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02 May 12 #327985 by MrsMathsisfun
Reply from MrsMathsisfun
Hi and welcome to wiki.

Sorry but I might be telling you bad news. Modern marriage is considered a partnership and each party is equal in the eyes of the law and who paid what wont carry much weight.

To answer your questions, the issue you may have is that if you have been living together for approx 8 years, your marriage might not be considered short and therefore the starting point for assets split could be 50/50.

Also loans from parents are often considered ''''soft'''' and therefore not classed as debt.

Your best bet is to see how much money he would be prepared to accept as ''''go away money''''

  • Josie2012
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02 May 12 #328009 by Josie2012
Reply from Josie2012
yikes! Looks likes my whole family will be out of pocket & I''ll be out of a home! Will try for the go away package by the sounds of it then, thats if I can raise the funds!
Thanks anyway :(

  • MrsMathsisfun
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02 May 12 #328027 by MrsMathsisfun
Reply from MrsMathsisfun
It best to have the worst case scenario first then you can see whether he is willing to be reasonable and come to agreement between you.

  • Josie2012
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03 May 12 #328209 by Josie2012
Reply from Josie2012
Yes thats true. I somehow doubt it though.

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03 May 12 #328214 by MrsMathsisfun
Reply from MrsMathsisfun
Has the house increased in value since he moved in?

Do you have written loan agreements with your family and evidence of repayment?

  • Josie2012
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04 May 12 #328350 by Josie2012
Reply from Josie2012
Yes the house has increased in value since he moved in, alough the biggest increase was probably before he moved in.

We dont have any official agreement written, I just have a little note book that lists some of the cash repayments I made since the house was bought.

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