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What are we each entitled to in our divorce settlement?

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expected financial settlement - percentage split

  • paddy wack
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09 Jul 12 #342081 by paddy wack
Topic started by paddy wack
I am 47 on £34K p.a..Wife is 50 on £21K p.a. (works 50% of job. Have twins aged 5. Would like to know what would be a reasonable financial split of property equity (approx £160K) and savings for divorce settlement.

  • rubytuesday
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09 Jul 12 #342084 by rubytuesday
Reply from rubytuesday
Welcome to Wikivorce.

So that our members can offer more comprehensive advice and guidance on financial matters and the split of assets and liabilities, it would be helpful if you could answer the following questions:

Your respective ages

The length of marriage (and inc any pre-marital co-habitation)

How many nights per week the children will stay with each of you.

Your marital assets (equity, pensions, anything over the value of £500, inc savings etc - whether in sole or joint names)

Your marital liabilities (remainder of mortgage, credit cards, loans, etc

Your respective incomes and outgoings

Any other information you may feel is relevant.

Once that info has been posted, others will be able to give you an idea of what you should be considering when dividing up the assets.

  • maisymoos
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09 Jul 12 #342085 by maisymoos
Reply from maisymoos
Hi Paddywack

A bit more information is needed

How long were you married including cohabitation.
Where will twins live?
Are there any pensions?
Are there any debts?
Respective incomes including benefits
Is there a mortgage?
How big is matrimonial home and what is its value?

  • paddy wack
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10 Jul 12 #342283 by paddy wack
Reply from paddy wack
I am 47 wife is 50.Married 12 years.didnt co-habit.Twins will live with mother and hopefully 1 night a week with me.Only debt is £113k mortgage.Both have current public service pensions.Mine commenced in 1992. Wife 2000.Both have pensions from former employment mine 3 years, wife 9 years.My income £34K wife £21K only benefit is child benefit.Have a 4 bed house value £275K. Savings approx £48K.

  • maisymoos
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10 Jul 12 #342343 by maisymoos
Reply from maisymoos
Hi Paddy

The place to start is really to look at need. In theory your wife requires a three bed house. How much does one cost in your school catchment area?

You really need to give pension valuations. What are your respective outgoings? what is the shortfall in respect to your incomes including benefits?

If you are now separated can your wife claim Working/Child tax credit, council tax discount etc.

Your wife will be able to claim child maintenance at 20% of your income less any deduction for overnight stays.

Housing needs for the children will be the priority.

Are you in a position to discuss/negotiate with your ex?

  • Lostboy67
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10 Jul 12 #342373 by Lostboy67
Reply from Lostboy67
Hi Paddy,
If the children are the same gender then it could be argued that her housing need is for a two bedroom house. Your housing needs are the same.
It would be reasonable to expect your wife to extend her hours potentially to full time but probably not until the children are a little older.

Try to work out what would be possible in terms of both of you raising mortgages and what housing prices are in your area.
Quite often you will see % quoted but its not really that helpful focus on what each of you would need to house yourself and work from there in terms of dividing the pot


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