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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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Is it best to go for a clean break ?

  • Amanda24
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18 Jul 12 #344115 by Amanda24
Topic started by Amanda24
When dividing assets / Negotiating a financial settlement is it best to go for a Clean Break? Ie: request all or most of the equity in the house in return for less maintenance. He could stop paying maintenance presumably, & it would be hard to recover / restart payments? :(

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19 Jul 12 #344146 by Hamilton1
Reply from Hamilton1
Hi Amanda,

This is quite a broad question dependant on circumstance.

I gather that you would be the party that would be receiving the spousal maintenance?

The advantage of a Clean Break is that, as you said you do not have to continue to ask for money, or be reliant on your ex and also you have a lump sum for you to deal with as you wish.

The disadvantage may be that you recieve less overall and should your financial situation worsen and your ex''s substantially improve it will be mush harder to revert the matter back to the Courts for a future maintenance payment.

I suppose the factors that really need to be looked at are:

1. Do you trust your ex to continue to pay the maintenance.
2. Does he have a job that is secure and so that he will continue to earn at this level.
3. Does he have any plans to move abroad?
4. Are there sufficient assets for your maintenance claim to be capitallised at this early stage.

Hope that helps.

H

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19 Jul 12 #344255 by Amanda24
Reply from Amanda24
Dear H,

Thank you for your reply. it was very helpful.

The main reason for doing a Clean Break would be that I do not trust him to continue to pay maintenance after the children have left school, & I understand it can be hard to get payments started again? He is a high earner, but is 55 (so would be 60 once our youngest child finishes school) and his share of the equity in the house would be about equal to another 7 years maintenance which would take him up to pensionable age. I am on a low income so would find it hard to get another mortgage so would like the security of owning the house and a defined bit of the pension, he is on a high income so could afford to pay rent and concentrate on rebuilding his pension perhaps? I do not think he will be able to move to a higher income bracket than he is in now, but his new partner is a high earner too.

Amanda

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20 Jul 12 #344306 by Hamilton1
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IN your case then it may be best to push for a Clean Break but bare in mind that you may get less overall.

I wish you the best of luck.

H xx

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20 Jul 12 #344434 by Amanda24
Reply from Amanda24
Thanks for replying. I will investigate a bit further.. I know friends of his have avoided maintenance by living abroad, hiding assets etc so he will be getting lots of helpful advice.

A xx

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