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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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Financial Settlement 15 years after separation

  • agnomen
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06 Feb 20 #511325 by agnomen
Topic started by agnomen
Hi all,
Married together for 24 years, separated 15 years. I am 70, wife 72 Both not working.
At the time of separation 2004 I bought my wife out of the house so she could get a flat of her own.

Subsequently, in 2016, at the end of mortgage and having considerable debts had to sell house to get clear. Not a lot of equity left.

I am on housing benefit in a one bed flat with state pension.
I have a £25,000 pension I haven't drawn down on.
Recently drew down on a £15k pension, most of which went on paying off expenses incurred storing remains of 3 bed house contents when sold (most of which will be dispersed in a month or two).
I also inherited £10,000 when my mother died 2016.

Have a partner 100 miles away that I stay with part of the time. We have been on modest UK holidays.

I did not anticipate getting a divorce but my wife has indicated she is not happy with the financial situation and feels short changed,
suggesting she should have had half pension and half of mother's inheritance. There is not much left but I could perhaps have accommodated her if she had mentioned it at the time.

Wife still has a one bedroom flat but, due to benefit changes is having difficulty with the mortgage - probably reason for questioning situation; she has taken frequent overseas holidays and has paid our grown up daughter several thousand towards her PhD. I think she has a small pension.

I don't agree that she has been short changed but would like to work out a fair settlement with a view to getting a divorce.

Two questions:
1. Would a settlement based on current finances be fair or should we go over everything that has happened since 2004?

2. What is fair way to deal with £10k from my mother?

Grateful anyone's thoughts.

  • LittleMrMike
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20 Feb 20 #511502 by LittleMrMike
Reply from LittleMrMike
Unless I am much mistaken, if, for the sake of argument, you divorce now, the Courts will look
at the situation as it is NOW - not on what was or should have been done 15 years ago.

LMM

  • WYSPECIAL
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20 Feb 20 #511516 by WYSPECIAL
Reply from WYSPECIAL
If you inherited £10,000 some 12 years after you separated tell her to forget it, especially if it is spent.

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