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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.


Property and financial settlement

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26 May 12 #333083 by emmalily
Topic started by emmalily
Hi
Just found this great forum. Would be really gratefull for any advice.My partner is nearly reaching settlement with his ex, she has agreed to a lump sum and the house to be signed over to my partner.We are not sure if he will be accepted for a mortgage alone, and I have a property to sell. What we want to do is for me and my childen to move into his house, but not sure if she would have any claim to the equity in my property. We want to use the equity to pay her off, and for maybe my name to go on the mortgage. My house is up for sale but she doesnt know about it.

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26 May 12 #333094 by dukey
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Hello

Don`t do anything until your partner has a court stamped Consent Order, until then its all up in the air, you both need the court sealed consent order to give you finality only then can you be safe and move on with your plans.

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26 May 12 #333120 by emmalily
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Part of the settlement includes a commercial property due to go to auction next month, so can a Consent Order with conditions be set, for example if the commercial property reaches x amount of money, then I will pay x amount settlement?

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26 May 12 #333122 by dukey
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Yes that is what a Consent Order is, it says who gets what and yes you can have set provisions to say if the property sells for £x it is distributed in the following way, why not call the wiki helpline and they will explain how it works.

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26 May 12 #333126 by emmalily
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Thank you. So once the Consent Order is agreed, then I could sell my property, and the ex wife would have no claim on it?

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26 May 12 #333128 by dukey
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The aim of a Consent Order is the say who gets what and when and once done prevent any future claims that could be made.

So yes once the order is stamped by court and you have the Decree Absolute you and your ex would never be able to make claims against each other through court for assets and inheritance.

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27 May 12 #333289 by emmalily
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I think we need a Consent Order then! The dilemma we have is that he may not be able to carry on with the mortgage alone due to his credit rating going down during hard times at work. Would we better to say on the consent for that we intend to cohabit. I have 3 kids, he has 4. We were going to use my equity to pay off my debts, his debts, and her settlement. Then we will start from scratch again really with quite a high mortgage and she gets a 60/40 settlement in her favour. If we say that we don''t intend to co habit, then we do, will the consent order be overturned?

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