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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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how doe sit all works? debts assets etc?

  • auntiefi
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07 Oct 07 #4435 by auntiefi
Topic started by auntiefi
Hiya
can anyone explain how the matrimonial asset thing works.
say assets are £25k.
one party as debts of £5k.
do they each basically get £10k - or does the non debted party have to pay half the debt?
Thanks

  • Louise11
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07 Oct 07 #4439 by Louise11
Reply from Louise11
Hi auntiefi

You dont give nearly enough information on the above for anyone to even get near to advising you on this matter.
If it was a straight 50/50 split then of course what you have said in your post makes perfect sense, but it all depends on so many different senarios.
Maybe if you post more information then you will get more of a truthful and fair answer.

Kind ones
Louise

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07 Oct 07 #4440 by auntiefi
Reply from auntiefi
sorry, was just heading out. doh.
it is a straight 50 50 split - we are in Scotland.
just didn't know how it worked.
Thaks

  • Fiona
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08 Oct 07 #4456 by Fiona
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In practice one asset/debt can be offset against another so in your BIL's case they might agree to pay off the debt and each take £10k, or alternatively he or she could keep the debt and take £15k with the other party taking £10k. It's a question of negotiation and what suits the individual circumstances.

Is his wife likely to need aliment (quaint Scottish legal term for maintenance) for a period of readjustment?

Whatever is agreed it's worth getting a solicitor to draw up a 'joint minute of agreement' which the courts can convert to be legally binding.

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