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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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Future Inheritance & Lottery Wins

  • JohnLondon
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24 Jul 12 #345026 by JohnLondon
Topic started by JohnLondon
I am in the process of agreeing divorce with my wife and, so far, we have come to agreement on all aspects with a fair split of assets and me paying more maintenance and longer (till 21) for our 3 children in swap for higher bonus retention.

She now wants to add a clause "in perpeturary" to share any inheritance and winnings.

Will I need to consider this?

Should this be time boxed for say 5 years (youngest will then be 18)?

Thanks

  • TBagpuss
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24 Jul 12 #345029 by TBagpuss
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This would be a very unusual provision. Normally, the aim is to reach a Clean Break.

Future gains would usually only come into the picture where they are clearly foreseeable (e.g. if someone from whom you expected an inheritance was very close to death; if you know you are going to receive a bonus but won''t know the amount until the end of the year, if you''ve got share options and the company is about to float etc)

If you are paying maintenance then, while the maintenace is in place, it would be open to either of you to apply to vary the mainetenance order to take into account changes in financial circumastances, so if you won the lottery she might be able to ask for maintenace to be increased if this was ustified taking into account all other circumstances.

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24 Jul 12 #345030 by TBagpuss
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PS - you are of course free to agree aything the 2 of you feel is fair, but if you did include something of this kind you''s want to define it fairly closely;

e.g.
-Is there a minimum amount that you have to recieve before you have to tell the other person?
- what is included (i.e. with inheritance, is it any inheritance, or just an unexpected one? would you expect 50% of the opther person''s parents'' estates, or only of the inheritance were an unexpected ''windfall'' from a long lost relative
- How is it calculated (it''s sometimes possible to vary a will, by agreement with the other beneficiaries. What if you chose to do this to redirect your inheritance to your children,for instance?)

Is there a specific reason why she is asking? It might be simpler to address the reason. For instance, if the suggsetion is because she has already had an inheritance that went into the joint ''pot'' consider offering her something now to offset that, or a very specific provision (e.g. in recognition of her having put a £20K inheriatnce from her Mother into the hosue, have an agreement that upon receving any inheritance from your parents you will pay her 10K or 50% of your inheriatance, whichever is lower)

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24 Jul 12 #345033 by JohnLondon
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Thanks so basically it normally does not factor in unless there is an immediate likelihood of something.

During the period of maintenance (does that include spousal maintenance) she could re-negotiate if due to a lottery win or say a large inheritance, my finanical position was substantially altered?

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