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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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Fianacial Divorce Settlement - Can it be Reversed?

  • Thatdepends58
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14 Apr 20 #512111 by Thatdepends58
Topic started by Thatdepends58
Hi,

I am not sure if this has been asked before in the forum as I have only done a minor search on the subject. So I am sorry if this is a repeat question.

I have been told by one of my relatives, not a professional on the subject, that the law has now been changed and that any financial arrangement that may have been made during a divorce (mine was in 2012), may now be questioned and possibly re-determined.

The reason I am asking is (and I wont bore you with the full sordid tale), when my divorce settlement was arranged it was agreed that my ex would be entitled to 38% of my pension (from my previous employment as I changed jobs in 2015) and also 17% of the market value of the property if it was ever sold, (it was ruled that once our youngest reached 18yr the house would be put on the market, he's now 24yr and I am still living here). By the way he only paid me £10 per fortnight in child maintenance!!

Two years ago I withdrew my 62% of my pension which I felt was the right thing to do as then he wouldn't benefit due to the interest accumulating on the lump sum, but the 38% (his share) has stayed put as it was written that it had to. This is still 'sitting' in my former employers coffers.

Now some of you may think that I am only after the money BUT that is not the case.

The reason I am asking is that all the way through our 25yrs of marriage and ever since the divorce I have paid the mortgage. When we got divorced I was left with a water bill of over £5k a utility bill of nearly £1,000, and various other debts incurred. All of which I have now slowly cleared and am practically up to date with. I have also made improvements to the property along the way as and when I have been able to.

I therefore feel that it is unfair that he should gain financially because I have obviously put value on the property and also whilst we were married he never really worked to contribute to the finances, (he was self employed!!).

Sorry I am waffling on, my point is that I don't think he should be entitled to anything as I have spent the last 8yrs clearing up after him.

Finally, this may sound harsh but he is 10yrs older than me, and knowing how vindictive he was (and probably still is), he could have made some stupid concession in his Will regarding all of the above.

So, any advice would be gratefully appreciated and I am sorry for the drawn out question.

:unsure:

  • .Charles
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14 Apr 20 #512114 by .Charles
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There is no radical change in the law. Did your relative explain where this source of knowledge came from at all? I suspect it has been taken out of context.

Do you have a court order which records the agreement between you? If so, that will still apply.

There are methods of having an agreement which would give you credit for any improvements you do to the property but if not, this would be a problem.

In relation to the debts, any agreement would normally take these into account e.g. you pay them in exchange for a greater share in the property.

child maintenance is dealt with separately and you won't be able to take this into account now as an unpaid debt as you could have applied to the CSA/CMS at the relevant time.

As for a Will, he may have left his estate to somebody else. If he were to die, the executors of his Will (or the administrators of his estate if there is no Will), will have to realise the assets which would include his share of the property. At that stage you could buy out the share in the property and pay this to the executors/administrators.

If you have any further information you could post to clarify matters that would be helpful.

Charles

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14 Apr 20 #512115 by Thatdepends58
Reply from Thatdepends58
Thanks Charles, will have a hunt and see if I can find out where the relative got the information etc.

Sue

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