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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.


sale of the house

  • cyril roberts
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18 Sep 07 #3540 by cyril roberts
Topic started by cyril roberts
can some one give me some advice on the sale of my house i bought the house with a lump sum of money that was awarded to me throught a industrial injury 21 years ago my wife now wants half of the house also ihave large amount of money left in shares which also came from my compensation i can prove where this monet came from is she entiteld to half of my house and half of my shares

  • Sera
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18 Sep 07 #3546 by Sera
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There are no firm 'rules' in this game!

Best if you post more info, (equity, ages, income, length of marriage, kids etc) and someone legal may be able to help.

All marital assets are open to negotiation (incl: shares) how it's all divi-ed up, depends on 'needs', contributions, etc; etc; etc.

I believe someone said 50%-50% is the starting rule.

Post up a few more figures, or use the calculator.

Sera
x

  • LittleMrMike
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18 Sep 07 #3568 by LittleMrMike
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Yes, unfortunately, I would need more information than you have given so far, and critically, I would like to know if you have dependent children, because that can matter a great deal.

So does the length of the marriage. However, the Court's main objective would be to make sure that both you and your wife were left with somewhere to live, or the means to acquire it. You say you have a disability ; that might well be relevant. It may also mean you have ongoing needs which would have to be considered as part of any overall settlement.

It does tend to happen afrter a long marriage that money which might have been acquired, for example, by inheritance, or an award of damages, as in your case, may have become subsumed in the family finances, and the origin becomes less important over time.

I agree with Sera that 50/50 is at least the starting point when the spouses have been together a long time, but it is not a rule which is set in stone and there may be factors which would suggest a departure from mathematical equality ; but the overall objective has to be to achieve a package which is as far as possible to both parties.

Mike 100468

  • cyril roberts
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18 Sep 07 #3579 by cyril roberts
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sera thanks for your advice, just to let you know a little bit more to the story where do i stand when i have paid for all the food bills the house , my x has never paid a bill in twenty years even now she will not contrebute to nthe house old bills i been paying all the bills for the last twenty years why cant i stand upmin court and tell the juge that i have paid for it all i belive i should splitthe proceeds 70 30 as she has not contrebuted at all apart from the boys i also have never seen the family allowance could you explaine to me what is a fair split house 300,000 shares 30,000 all this i have. paid for the house cash shares i still have injoint names for tax reason.is this worth fighting for i think so, by the way i also bought up her son for twenty years, any more advice would be good C

  • Sera
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18 Sep 07 #3596 by Sera
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Cyril,

The more you protest for having paid for everything:

The easier it will be for her to get MORE!

(Yep, sad thing is. By having been your responsibility for 20 yrs, she can claim her dependency on you). It is unfair to hard working, career-orientated chicks like me, that we get shafted!
They'll look at pensions also. (Hers and your needs), so ages, closeness to retirement etc all come into this.
After 20 yrs, of marriage, it becomes one big matrimonial pot, for consideration. 50%-50% starting point.

If you look at the 'needs' of each. (Again, are there kids still at home?) If not, it could be argued that the home be sold, and two flats purchased, whatever.

You cannot backdate child-support (I don't think!?) If you willingly raised her son, perhaps without the childs fathers contribution? I'm afraid what's gone is gone.

The sad thing about the breakdown of marriage, is that we expect that our emotional investment will secure our happiness later in life. Well, we never have anyone elses' agenda. And like most peoples' gripes on here, we're mostly good people, good intentions, and we all got shafted!

As I'd said in the mediation thread: The fight over the 'Wonga' is all that's left, and what we'd emotionally contributed, doesn't have a price.

Do some more reading here, and post some more details. And you'll get some better financial advice from the peeps with the brains.
:)

Don't be fooled into paying too much to shop around lawyers to hear what you want. It's not a short-term marriage. The harsh reality is, you will both have housing needs, bills etc after divorce. Those needs have to be met. Your wifes ability to work should be addressed. I think you'd be best look at the culculator to see what you're likely to have to pay her in spousal maintenance. This could be short-term, long term or for an adjustment period only.

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