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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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just how much can she take ?

  • hardworkingdad
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21 Aug 12 #350874 by hardworkingdad
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Hi

I have 3 children, have been the sole income provider for over 10 years, all the bills etc came out of my accounts.

the relationship broke down and i was the one who moved out. We went to mediation where we agreed that i would pay the mortgage of 460 a month out of my 1900 payline. after 1 of 3 terms were met we agreed to split the house 50/50

this was agreed until the second mediation where she informed me that her solicitor believes there is more to be had.

there is extremely little in savings, well under £500. a laughable pension of £18 a year and a few work shares totally about £300 is sold. All my money went on the house, the holidays, the car etc etc.

i have nothing while i pay of the debts, which are in my name.... and am living with family until i can rent a house (but i need to know what i can afford moving in)

Can her solicitor take more ?


thanks, a stressed out hard working dad

  • somuch2know2
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21 Aug 12 #350887 by somuch2know2
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They cant take what you dont have- but you do have a house, and the kids needs (housing)will be considered the first priority. I think 50/50 share of the house is a bit optimistic. I have never seen or heard of that outcome on here where there are kids involved. Its usually more of a 60/40 split (you get the lesser) - only to be realised when the youngest is 18. Your CM covers the mortgage (CSA guidelines says 25% so you are actually 15£ better a month at the moment)-

how old are the kids?
How old are you and your partner?
Does she work?
How much benefit does she get (CTC ect)?
How much debt is there (as this will have to be considered and savings will have to go towards this.
How much mortgage is left on the house?
How much equity is in it?

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21 Aug 12 #351027 by hardworkingdad
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thanks for the reply


id like the kids to stay in the same house (not as much as i want them to be with me, but lets be realistic)

kids are 13, 11, 5 while i am 39 and she is 32

she hasnt worked but will be starting a 8000 a year job in Sept

not sure how much benefit she gets

debt is all in my name and totals around 5000

theres about 45000 left on the mortgage and the house is worth around 90000.

i should of said earlier that i also see the children twice a week and on other weekends. where we go to cinemas, park, sports etc as well as feeding them.
ive also pay for mobile phones, 35 a month and have paid for clothes, uniforms etc

  • sillywoman
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22 Aug 12 #351043 by sillywoman
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Sorry to be the bearer of bad news, but as a low earner and the mother of 3 young kids, providing she is the residential parent, she is likley to keep the whole of the equity.

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22 Aug 12 #351047 by hardworkingdad
Reply from hardworkingdad
thanks for the reply

i sincerely hope you wrong as its only ever been me that has paid the mortgage, which ive just worked out is around 70000 over the years + half of the equity of 22500... doesnt seem right that i should lose all that

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22 Aug 12 #351048 by hawaythelads
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I like the way she has started the 20 hours a week £8000 a year job.
Unfortunately mate £30k a year sole breadwinners don''t do well at all in the divorce game.
She will stay in the house with the kids she''s secured her £700 a month 20 hours a week job that''s virtually all tax free that opened up the working tax credits door who will pay her £900 a month tax free plus your £460 a month child maintenance tax free I nearly forgot plus the £180 a month child benefit off the govt.
Oh look all of a sudden she''s got £2240 a month tax free in her pocket.
You on the other hand now have only £1400 a month take home to try and rent a flat.Because you ain''t got a snowballs chance in Hell of raising the deposit on buying a house and your name will probably still be on the mortgage at your former marital home.
Then to top it all off which hardly matters by this point because you already realise you have been so royally shafted if you ever do see any money out of your former marital home you''ll be lucky if it''s 30%.
Trust me I am always right on the settlements.
All the best
HRH xx

  • happyagain
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22 Aug 12 #351065 by happyagain
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I''m afraid the above posters are right. My husband was in a similar position when he divorced his ex. Both 35, she earned 8k, he earned 35k and 3 kids aged 10 and under. With benefits she had a nice tax free income of nearly 24k, plus it was decided that he should pay off the marital debt of 11k as he had a steady income. He has to keep his name on the mortgage til the youngest is 18, at which point he will see 20% of the equity. To rub salt in the wound, she was already pregnant by her bf when she signed the order but didn''t say in case it compromised her position!
It will be no consolation right now but things do work out. 4 years ago, he had no money, a mountain of debt and was living in his brothers spare room. Contact with the kids was sporadic and on mums terms always. Now, he has a contact order and the kids are demanding to stay over extra, we are married and have a beautiful home as we both work full time. We have had another child and through careful planning and saving we have paid off all his debt 3 years early. It looks like a black hole at the moment, but t does get better.

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