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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.


how to split assets

  • messedup
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10 Oct 07 #4566 by messedup
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hey all,
i'm another one that hasn't reached a year in marriage an my partner wants to end it.

background info

bought house in 2004 - there was a gifted deposit from her side.

2005 - inheritance on her side which was put towards the mortgage

2006 - partner stopped working

2006 - got married

oct 2007 - partner wants to end marriage.

we have no debts, a lump sum in the bank.

i live in scotland and was wondering how the law works to resolving this. i want to be reasonable with the outcome, fair enough you can see the payments going against the mortgage i.e deposit/inheritance, but you cant see the money spent on gutting the house out. it was all done up top to bottom.

is the split a simple 50/50, there is no other way i can see it being worked out?

is good advice, sell the house, pay off the remainder of the mortgage and split the equity on the house and whats in the bank?

i'm messed up, advice would be appreciated

  • Tinny
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10 Oct 07 #4569 by Tinny
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Hi messedup.
Just wondering about the deposit and inheritance. Do you propose she gets this back? I suppose it depends how much money is involved but I think if it was me I would want some/all of that back after such a short time.

Of course this does not take into account the fact that she stopped work and you presumably paid the mortgage and paid for the renovation.

Honestly I dont know what way it will work but someone here will know more than me. Whatever happens I hope you get through it as easily as poss.

tinny

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10 Oct 07 #4570 by messedup
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i agree she should get back whats hers, but as i said, how do i figure out what i put into the house as well.

i've been told it should be 50/50 split, i mean, we would be sharing the debt if we had any would we not?

theres always three sides, hers mines an the truth, me, i don't want the slpit, i love her to bits, want a family. its her decision to end the marriage, i'm just looking for the best resolution.

if i seek legal advice an my solicitor says its 50/50, and hers says she should get what she put in back, then split the equity - then where do you go from there?

people shouldn't enter marriage easily, my lives messed up enough without all this hassle.

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10 Oct 07 #4572 by Tinny
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I know its not easy. I think Scotland is diiferent when it comes to divorce. There are a few members here who might know.

I'm sorry, you cant keep her if she really wants to go. No consolation (sp) to you but maybe its better to find out now than after 20 years. You havent mentioned your age but I'm assuming you are young enough to start again and rebuild your life. Easier said than done I hear you say!

Take care anyway.

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10 Oct 07 #4573 by messedup
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i have youth on my side, only 27, but losing my wife, best friend an a great family that have all been part of me for over 5 years is hard.

i've to pick myself up, had a fair kick in the teeth, just have to deal with it.

i just want to get a bit of advice on what i'm deserved - that way i can be fair an come out with my respect in tact.

  • Fiona
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11 Oct 07 #4596 by Fiona
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In Scotland the matrimonial assets and debts are those accumulated between the dates of marriage and separation. Inheritances and gifts are not matrimonial assets, however any asset used to purchase the family home becomes part of the 'pot.' The court has discretion to allow for special situations and the best bet is to ask for a solicitor's opinion how that would effect your individual circumstances. Also it's a good idea to get the sol to draw up a written agreement which the courts can make legally binding.

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11 Oct 07 #4620 by messedup
Reply from messedup
i've seeked legal advice, hid nothing from thr solicitor and she has said that i should go for a 50/50 split. there is no given formula, i am goin to discuss it with her rather than go thru solicitors.

its a hard one, i don't want to seem like i've shafted anyone, but how do i get back what i put in, theres not a formula. so is 50/50 fair, given the fact that she is goin to come out with more than she put in anyway?

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