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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.

Very Worried. Can you advise me on what to do?

  • Vail
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19 Oct 07 #4924 by Vail
Reply from Vail
Hi Fluffyjar,

You're getting good advice form Mike and Tinny.

Presuming the marriage is dead, done and dusted:

1 You should both get clear in your won minds what you think is owned individually and what is jointly owned. Ordinarily his credit card bills will be his problem and yours will be yours but arguments may develop regarding individual expenditure on things used jointly.

2 If arguments begin to develop, please both of you try to refrain from going to a solicitor. I cannot stress this highly enough. The legal part of divorce is strictly a no-fault administrative process, so don't go into it because of an argument. Arguments are not solved by the law, mediation has a miles better chance of helping you both deal with and solve that.

3 Try to think of what you'd accept. As you have already indicated, you both take back what you each had. If you cannot agree everything then ring-circle what you can't and move on until you have agreed everything you can agree upon.

4 Talk, talk, talk and talk to one another. If it gets too fraught, just say you cannot deal with it right now and postpone further discussion for later. try to make sure you have unhurried and untired time for talks without distractions. Clear minds make clear decisions.

5 As Mike says, both of you need to try and clear your debts. It is belt tightening time.

Good luck!

  • Sera
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19 Oct 07 #4926 by Sera
Reply from Sera
Fluffyjar wrote:

About 8 years ago, well before I met and married my husband, I purchased an ex council house jointly with my mum.

As if debt and little equity weren't enough to scare you! Here's another problem:

That of your Capital Gains Tax liability!!!!

You could be liable to paying CGT on your second home, (the one your mum lives in). I've got a similar problem in that 8 yrs ago, I bought a house. When I met husband, we moved in to his, so my marital home (main residence is where I've been for over two years).

Having lost my marriage, and fighting for my contributions to be compensated on what I did for his, I now find the double edged sword of losing on my first property! And fork up for CGT!

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