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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 this a fair deal

  • koplegend
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29 Sep 12 #358488 by koplegend
Topic started by koplegend
Hello

My wife and I are currently considering using an online service for a divorce and have reached agreement on a Clean Break. I just wanted to check if people think this would get through court, as we obviously dont want it rejected but are both in agreement. At a high level the details are as follow:

Wife (30): Currently on maternity leave, earns less than £6k p/a
Myself (34): Currently earning in xs of £50k p/a
We have two boys, one who is just over two, and the other who is just over one month

Our proposal is as follows:

I move out of our house but buy out her share in stages. I will rent and have the children three evenings and one day on the weekend.
She remains in the house for the next two years. At this point she would have returned to work and hopefully earns a bit more which based on the value of the buyout (approx £50k) and other assets (approx £10k) will then allow her to get a mortgage of her own at that point with low repayments.

The children at this point will stay with her.

Thanks

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29 Sep 12 #358491 by Action
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Any Spousal Maintenance or pension sharing? Have you agreed on child maintenance? What will your wife live off in the interim and who will be paying the mortgage for the two years that she is living there? Is her ''share'' that you are buying out 50%?

Have you both taken legal advice? Is your wife recovered enough from the very recent delivery of your second child to be making a decision which will dictate the financial security for the rest of her life?

What is ''a bit more'' when she returns to work and who will pay for child care once she does return to work?

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30 Sep 12 #358587 by koplegend
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Hi

No pension sharing or spousal maintenance beyond the Clean Break. In the interim she has maternity pay, and will return to work thereafter. I will pay all of the bills associated with the house (mortgage and all utilities).

Her share is 50%

Neither of us have taken legal advice and this has been something we have been discussing for almost half a year.

A bit more will be enough for her to pay a mortgage (we''ve done the calculations) and I would pay for any child care costs when she returns to work.

Thanks

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30 Sep 12 #358614 by Action
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I''m not an expert on this but from what I have read on here and my limited personal experience I don''t think it would get through court. A judge would need to be convinced that neither party was being left disadvantaged and that you had both taken legal advice.

The disparity in income is a concern - it sounds as if you think your wife will only achieve a modest rise in income when she returns to work. With two very young children to support, I don''t see that ceasing what is in effect ''Spousal Maintenance'' (paying mortgage etc.) in two years is really providing for her needs.

Have you completed Form D81? Have you each done a list of anticipated monthly expenditure?

I don''t know the circumstances of your break up but feel that your wife is coming out of this at a disadvantage.

Any other Wikis have an opinion on this?

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30 Sep 12 #358620 by WYSPECIAL
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You don''t mention assets so it is difficult for anyone to say but if you earn in excess of £50K pa with a s2bx on maternity I would have thought your chances of a Clean Break order would be absolutely nil.

You can expect to pay SM and unless there are a lot of assets there is no way you will get any of the equity in the house yet alone 50%.

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30 Sep 12 #358626 by downland
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So, finances aside, in two years when you have a child a little over 4 and one a little over two they will live with their mother - and?

Do you still propose contact with them and how and when?

This seems a very cold and buisnesslike arrangment and one you may well regret after you have spent so much time with your children in the interim.

I am sure other Wikis can advise on finance.

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02 Oct 12 #358970 by koplegend
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Hi there

Thanks for all the feedback.

Sorry, completely forgot to mention one of the assets that we have which will go in its entirety to my wife. This is the family gold, which has recently been valued at around £50,000. So in total she will take £95,000.

I have said to my wife that after two years I would like for the children to remain with me for four nights per week but she hasn’t agreed as essentially she wants their company. I certainly want to have this documented and to be able to exercise this option and ensure them that my home is their home however this is yet to be agreed.

The expectation is that my wife will achieve between £1000 - £1500 per month in terms of her salary. With the above payout this will easily allow her to afford a one bedroom flat (at least) and give us both piece of mind that the home we have made for our children will be secure until they are 18.

Do we have to take Legal advice even if we have both agreed on this? We haven’t yet completed the D81.

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