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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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Asset split following a divorce.

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19 Sep 07 #3629 by Tabs
Topic started by Tabs
Please can anyone give me some pointers.
My Decree Absolute was made in July and although there was a Consent Order drawn up it was not perfected. I have since remarried and my ex has now asked for a re-negotiation of the settlement.

Assets are:-
£150k equity in FMH
£20k endowment
£40k his private pension
£30 his personal assets eg:-new home
£40k minimum business assetts(his)

We were married for 19 years before the seperation and the Decree Absolute was awarded just before our 26th wedding anniversary. There is 1 dependant child in the maritial home who I care for as well as 2 elder siblings. My health is chronic with severe asthma, chronic back pain and oesta-arthritis and although I am employed in my ex's business this is a paper only arrangement as I am unable to work because of the listed health issues.

My question is what is the likely division of assets and what assets are taken into consideration? I ask this as my solicitor who seems to have very little backbone and has allowed this to drag on for 7 years says she thinks his pension and business will not be taken into consideration and I can't understand the logic in this as they were accumulated during the marriage.

Mant thanks in advance if anyone can help me understand this situation.

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20 Sep 07 #3680 by OBEs 1 canoodly
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First and Foremost I dread to think what your bill must be with this solicitor that has dragged his feet for 7 years?????

Have you not considered dumping this person with no spine and taking it up with someone new??? I would have thought by now you would have realised that this one is just on a meal ticket if they have not concluded your settlement correctly by now??

You have put down all his assets but not your own? You say you are employed on paper only but does this mean you have a wage? You haven't said.

You must put your side of the story too not just his as far as financials are concerned to be able to assess the situation properly.

I am not trained to advise you on your situation but would advise you to give the above information because there are others on this site who are far better experienced in this sort of thing that will no doubt give you some very good advice! However do consider taking your legal business elsewhere or you could well be looking at another 7 years with this particular solicitor and a very hefty bill to boot!!

Good Luck

OBEs

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20 Sep 07 #3681 by OBEs 1 canoodly
Reply from OBEs 1 canoodly
First and Foremost I dread to think what your bill must be with this solicitor that has dragged his feet for 7 years?????

Have you not considered dumping this person with no spine and taking it up with someone new??? I would have thought by now you would have realised that this one is just on a meal ticket if they have not concluded your settlement correctly by now??

You have put down all his assets but not your own? You say you are employed on paper only but does this mean you have a wage? You haven't said.

You must put your side of the story too not just his as far as financials are concerned to be able to assess the situation properly.

I am not trained to advise you on your situation but would advise you to give the above information because there are others on this site who are far better experienced in this sort of thing that will no doubt give you some very good advice! However do consider taking your legal business elsewhere or you could well be looking at another 7 years with this particular solicitor and a very hefty bill to boot!!

Good Luck

OBEs

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20 Sep 07 #3682 by OBEs 1 canoodly
Reply from OBEs 1 canoodly
First and Foremost I dread to think what your bill must be with this solicitor that has dragged his feet for 7 years?????

Have you not considered dumping this person with no spine and taking it up with someone new??? I would have thought by now you would have realised that this one is just on a meal ticket if they have not concluded your settlement correctly by now??

You have put down all his assets but not your own? You say you are employed on paper only but does this mean you have a wage? You haven't said.

You must put your side of the story too not just his as far as financials are concerned to be able to assess the situation properly.

I am not trained to advise you on your situation but would advise you to give the above information because there are others on this site who are far better experienced in this sort of thing that will no doubt give you some very good advice! However do consider taking your legal business elsewhere or you could well be looking at another 7 years with this particular solicitor and a very hefty bill to boot!!

Good Luck

OBEs

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20 Sep 07 #3694 by Tabs
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Sorry not to be very clear in the above post.

The fhm and endowment are joint assets. Other assets listed are his personally. I have no assets other than these. I am employed on paper and earn a salary of approximately £4k per annum and get no child tax credits etc. because of being remarried although I do get child benefit of £72 per 4 weeks and dla of £64 per 4 weeks. He on paper takes home just under £1k per month although I imagine the actual figure is much more as he owns a very much cash orientated busines (catering).

Thanks in advance if anyone can help with my posts.

Tabs

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20 Sep 07 #3716 by LittleMrMike
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Tabs,

I do not like advising people to change solicitors. It adds to the cost and causes all sorts of complications.

Nevertheless, I think, on the basis of what you say, that you could have been poorly advised. I cannot be dogmatic on this, because I have only heard your side of the story. I once stopped short of advising one of our posters to change solicitors, and was subsequently glad I did, because the fault lay with the Court in that particular case.

Nevertheless, Tabs, this worries me. The fact that you have re-married could be seriously prejudicial to any claim for ancillary relief. If you were told what the potential implications of re-marriage were and you still went ahead, well the solicitor has discharged her duty ; but if for argument's sake she was aware of your intentions and did not warn you, then that is a different story.

I suppose you will be asking why I say this ; well, there are a number of potential reasons.

(a) The first is that no order for spousal maintenance can continue beyond the re-marriage of the payee.
(b) The second is the so-called re-marriage trap ; this means that, if after the grant of a decree one of the parties re-marries, that party is not able to apply for a financial provision order or a property adjustment order. However, if a claim was made for a lump sum before re-marrying, then the application could still be heard ; what is clear is that if you did not make an application at the time, it may be too late.
(c) The fact of re-marriage may, and probably will, mean that the option of your staying in the marital home while the children are still dependent, could be lost, as such orders generally provide for a sale on the re-marriage of the parent with care.
(d) Fourthly, a delay of seven years could in itself be prejudicial. Look at it from your ex's point of view. how can he run a business when he has a potential claim by his wife hanging over his head which is not quantified ? At the very least, I would say this was not helpful.

I would be interested to see what other posters think. I would not rule out the possibility that you could have a claim for negligence. There are two sides to every story, but what you have said suggests that possibility.

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23 Sep 07 #3825 by Tabs
Reply from Tabs
Bumping this post to see if anyone can give me any pointers as to what my be the asset split, or even what assets will be taken into consideration.

Thanks in advance.

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