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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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Where do I stand financially?

  • Feydakin
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25 Sep 12 #357812 by Feydakin
Topic started by Feydakin
Hi, my wife and I are separating and it looks like we will end up getting divorced. We are planning to keep things amicable.

However I am a bit worried that due to our financial circumstances I stand to lose everything.

I am 37 and the wife is 33. We have been married just over 4 years and cohabited for about 3 years before that. We have no children. We have completely seperate finances. Throughout the marriage, I have paid almost all the household bills and 100% of the mortgage. I owned the house before we met, and she had her debts before me met.



My income is £38000 p/a.

I have the following assets:

House (completely in my name) - £100K to 105K
Car - £800 (owned outright)
Wife''s car - approx £5000 (on HP which she pays, but is in my name because she is blacklisted)
Pensions - Not sure yet, but not an enormous amount

My Liabilities:

Credit card - -£2500
Secured Loan -£1700
Mortgage - -£70K

My outgoings (per month)

Joint Shopping 150.00
Spending/leisure 150.00
Car servicing/VED 100.00
C/Card repayments 175.00
Mortgage 465.24
secured loan 88.33

Council Tax 111.00

Medical bills 150.00

HMRC repayment 60.00

Train season ticket to work 400.00

Building and contents insurance 31.98
Life Insurance 9.40
Critical Illness Insurance 21.71
Car insurance 39.75

Income protection 27.21
Phone insurance 6.99

Mobile phone 12.07

Water 19.00
Gas and electricity 89.00

TOTAL: £2130




My wife earns approx £17K per year.

Wife''s assets:
Pension, not sure how much, probably not a lot

Wife''s liabilities:

£35K loans and credit cards etc (debt manangement plan)

Wife''s outgoings
Not 100% sure exactly, but I estimate it as follows:

Joint shopping - £100
Car payment - £150
Pet Insurance - £50
Sky/telephone/internet - £60
Debt Management Plan payments - £250
Petrol - £120 (Not sure)
Mobile phone contract - £30
I guess the rest goes on leisure and car insurance/servicing.


Does her lack of financial contribution affect things in any way? Will I end up owing her a lot of money?
I don''t want to see her destitute but on the other hand I don''t want to be left with nothing.

Anyone got any other comments?

Thanks

  • TBagpuss
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25 Sep 12 #357825 by TBagpuss
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It''s a comparatively short marriage,although longer wonce the cohabiation is taken into account you have no children and, (importantly) you have kept your finances separate during the marriage.

Thiose are all factors which a court can take into account.

I do not think that this is a case whetre a court would say an equal slit of assets was fair. Has your wife said anything about what she would be looking for?

The assets are not huge - it would be very easy to dissipate them in legal costs if you don''t agree.

If you can reach an agreement than a court is likely to apprve it.

I would suggst that you look at what you could afford, and make her an offer - ould it be possible for you to pay off the car loan and perhaps raise a sum for your wife to put down as a deposit so she can start renting somewhere, for example? The saving of the £150 car payment each month would give her a head start towards the cost of rent..

  • Hacked Off
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25 Sep 12 #357856 by Hacked Off
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If at all possible try to agree on the finances otherwise, based on my own experience, you will spend a fortune fighting it out via solicitors/barristers.
As you co-habited for 3 years prior to marriage it will be seen as a 7 year relationship so not really ''short''. Your wife earns less than half your income. It makes absolutely no difference (trust me!!) who contributed what and who owned what prior to marriage/co-habitation. It also doesnt make any difference if you kept your finances separate.
Your wife will need to have her ''needs met'' and must be rehoused adequately.
I hope she is reasonable.
Unfortunately you''re going to have to bite the bullet and it might not seem fair but, due to the disparity in incomes you need to be prepared to assist her financially until she is on her feet. Good luck buddy.

  • Serendipity100
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27 Sep 12 #358239 by Serendipity100
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Fey, don''t forget you will need to attend a MIAM - before starting formal AR procedures,if that becomes a necessity. Best to try to negotiate, get it drawn up as Consent Order that then be signed off by judge at FA. Hope this helps! :)

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