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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.

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arrangments before consent oder is signed

  • bradstone
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22 May 07 #335 by bradstone
Topic started by bradstone
We are at mediation stage and have agreed that for the sake of our sanity I will move out until house is sold etc etc

We have agreed the basis of the financial split at mediation but if we agree any further financial things before the Consent Order is signed should we agree these in writing between ourselves

For example I have agreed that my wife can keep the car (and my share of it) which she has since part exd and taken on some finance . I dont want this finance to be part of the consent order and she has agreed that she is happy for this

Also I receive an annual bonus to which my wife believes she is entitled to half as we are still married. Is this the case, whether it is still there or not

On this subject when calclating CM do the courts look at the P60 as this bonus is dicretionary and not guaranteed every year
I have offered to pay CM of 10 pct gross monthly pay and then annully I will pay 10 pct gross of the bonus month (I.E when I get it then I will pay the corresponding amount for Cm) or will it be set based on previous tyears P60

Also I am continuing to pay the mortgage and bills on the marital home even though I am not living there. This is more a moral obligation rather than anything. Am I legally obliged to do this and is expense I am incurring taken into account

Is that the case and i guess that if this was declared as an asset then it would be chucked in the pot with everything else and split accordingly . What if it was spent as I am paying my mate rent to stay in his spare room which is an additional expense plus i have paid some bills that were jointly due .
IS the expense of this considered when ancillary releif is calculated

ALso her accounts earnings as self employed and she is intending to work more once we separate and the little fells starts school in Septamebr and her earning potential will increase .
She does not want to pursue SM as is very independent
How will the courts look at this or will they judge on the past and if we agree between ourselves can we disagree with the courts ourselves

  • DownButNotOut
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22 May 07 #338 by DownButNotOut
Reply from DownButNotOut
You should get these extra elements (car and finance) included in the Consent order if possible.

If that is too much hassle (i.e. its already in the pipeline and changing it adds costs) then yes get them agreed in writing.

Yes the CSA/court would include a discretionary bonus in their calculations.

10% is low (normally 15% for one child 20% for two) - so if you can get away with 10% (even including 10% of bonus also) then you are doing well.

There is no legal obligation to continue to pay the mortgage - though if you stop the reaction is that your wife could apply for interim spousal maintenance. You do however have a contractual obligation to the mortgage company to keep paying.

The expenses you are incurring now are not hugely relevant to the Ancillary relief proceedings - you do not get any credit for paying the mortgage or bills.

The assets and liabilities will be assessed on the date that the Consent Order is agreed or if it goes to an FDR or final hearing then on the date of the hearing.

The total joint assest minus the total joint debts are available for the court to distribute between you.

So say you stopped paying the mortgage and put the money in a bank. You dont gain anything - because your total joint assets minus your total joint debts remains the same either way.

If you earn more than twice her income and you were married for more than a couple years then you can count yourself very lucky that she does not want SM.

The courts only impose a settlement if you fail to agree a consent order between you. As long as the Consent Order is not grossly unfair then you can include what you like in it and shape a quite different deal to the one that the court might impose.

  • bradstone
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23 May 07 #343 by bradstone
Reply from bradstone
thanks for the answers

hopeffully things will remain farily amicable

on the CM I am proposing 10 pct of GROSS rather than 15 PCT of NET . Based this on a review the CSA are currently conducting into CM in which they believe people are avoiding paying CM by showing too many deductions from income

It works out aout the same anyway

To be frank my wife does earn the same as me but has a very good accountant

  • wikivorce team
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23 May 07 #345 by wikivorce team
Reply from wikivorce team
no problem at all bradstone

And keeping everything amicable is the single most important thing you can do as it reduces costs and gives you some chance of a working relationship in the future (which is of course very important to couples with kids).

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