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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 Queries

  • raaaaa
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29 May 12 #333896 by raaaaa
Topic started by raaaaa
Hi,

I have now been separated from my partner for 4 years, and divorced for 2 - we were together for about 5 years altogether. We have one daughter who we have joint custody of, so there are no children issues. She has now issues Financial Settlement proceedings, and I just have a couple of queries that I would be very grateful for some advice on.

I have remained in the matrimonial home after she left to move in with new partner (her affair with him was the reason for the split), and my new partner has now moved in with me. The house is worth about £230k, with a mortgage of about £190k, plus a joint loan of approx £10k - so not loads of equity.

1) I have paid all joint bills since separation (mortgage and joint debts) which have now totaled about £40k in total due to a high mortgage. Would these payments I''ve made be factored into any divorce settlement?

2) My ex inherited from her father about £70k a year after separation - would this be factored into any divorce settlement (ie, would a court award her a lower settlement due to this inheritance)?

3) I''ve kept the most complicated query til last! When we purchased the house, my ex had received £40k as a result of obtaining power of attorney over her mother''s finances - as her mother had been admitted to hospital due to early onset Alzheimers. My ex sold her mother''s home (in Barbados) and the kept the £40k from the sale whilst she had her mother admitted into a care home here in the UK. Once this had been done, she had a lot of the money still left and so used this to pay £20k towards the purchase of the matrimonial home. She''s now arguing that she should get this ''inherited'' sum back in full from the divorce settlement, but my view is that this money wasn''t actually inherited as her mother is still alive, would it be classed as a gift to the marriage? How is a family court likely to view this?

4) And also, should the above capital sum have been subject to capital gains tax, and if so, would she be at risk from HMRC for failure to declare this financial gain?

Thanks for sticking with this post despite me rambling on! Any help anyone can give in relation to any of the above 4 queries would be gratefully received.

many thanks
Stephen

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29 May 12 #333910 by SilverFir
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I can''t answer your question, but I can tell you that you''ve posted your question on a good site (compared to t''other place where I just read it!!) B)

Actually, though I can''t specifically answer, can I get you to provide more detail with your first point - how long did you live in the house on your own, and then when did your new partner move in? That might have a bearing on how much you could potentially claim, as in "why should the Ex subsidise your new partner living there?"

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29 May 12 #333913 by raaaaa
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SilverFir wrote:

I can''t answer your question, but I can tell you that you''ve posted your question on a good site (compared to t''other place where I just read it!!) B)

Actually, though I can''t specifically answer, can I get you to provide more detail with your first point - how long did you live in the house on your own, and then when did your new partner move in? That might have a bearing on how much you could potentially claim, as in "why should the Ex subsidise your new partner living there?"


In my defence I didn''t notice this forum until I''d posted the same query elsewhere, but I agree, this site is great - I wish I''d stumbled across it sooner! :blush:

My ex moved out of the house in spring of 2008. My new partner then moved in at the end of 2009. My ex has not paid anything towards any of our joint debts since we split, so I am not expecting any settlement from her.

She has now issued proceedings, which I am fine with as we both need closure. It''s just a case of working out what settlement would be fair. I''ve offered to pay her a token £5k as a Clean Break, but she wants £20 to 30k. The equity is only about £30k, and since our split she has inherited £70k and I''ve paid approx £40k towards joint liabilities. (Our income levels have remained roughly equal since our split, so there is no major discrepancy over that.) Are any of these issues especially relevant to a settlement?

Many thanks for any help...

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29 May 12 #333914 by SilverFir
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I''m sure one of the knowledgeable peeps will be along shortly to guide you.

I''m not diss''ing the other site, btw. I love it over there, but I can''t post anything about my separation or divorce because STBX is also a regular ;)I have found the Wiki folks to be very patient and knowledgeable.

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30 May 12 #334145 by raaaaa
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Many thanks, if anyone is able to provide any further advice, I would be very grateful...

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