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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.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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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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Short Childless Marriage, Shared Property

  • User1992
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17 May 20 #512464 by User1992
Topic started by User1992
Hello,

I will soon be embarking upon a divorce with my ex-partner, who I separated from almost two years ago, details as below:

Your respective ages;
- I'm 27
- Wife is 28

The number of children you have and their ages;
- None

How many nights the children spend with each parent;
- N/A

The length of your marriage and any period of pre marriage cohabitation;
- Married 2 years 10 months
- Cohabited for 1 year prior to this

Your respective incomes;
- I earn £1600 per month, net
- Her income is highly variable as she is a self employed actor, but estimate £1000 per month, net. She also receives money from a lodger each month, value unknown, assume approx. £150

Your respective outgoings;
- Me approx £800 per month
- Her approximately the same

Your assets - both soley held and joint;
- Co-owned property, bought while married (Nov 2017) for £110,000. Estimated value now £125,000, but no official valuation completed. Ex's Aunt provided £20,000 towards deposit, we provided a further £2000 to get to 20%
- I own vehicles valued at approx £2500
- I have approx £8500 held in a private (employer) pension scheme
- I have approx £9000 in savings
- We have approx £10,000 in assets in the property (artwork given as wedding gifts, furniture and appliances)

Your liabilities.
- Mortgage on the property of initially £88,000, amount remaining tbc, but estimated at £80,000


Additional information:
- It has been agreed that she will take ownership of the property, with assistance from her father to secure a mortgage. The current fixed-rate mortgage expires in approx 3 months
- I have been renting since being asked to move out about 14 months ago
- For the duration of the marriage my salary was paid into a joint account, hers was paid into her own account to simplify her tax returns. Joint account was closed shortly after separation
- I paid the majority/all of the mortgage and bill payments during the marriage


I wish to know what a fair settlement would be, given that she will be taking possession of the property?
Does she have any claim to my pension of savings given the length of the marriage and our age?
Will COVID-19 have an impact on the property valuation, and any subsequent settlement?

I tried using the calculator but found the results confusing, and don't think that the result was accurate given my position. I have also requested a call back from the helpline on this site.

  • WYSPECIAL
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17 May 20 #512466 by WYSPECIAL
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Probably fairest solution given your ages, length of marriage etc is to each keep what you have savings wise etc and just divide the house equity.

Looks like about £45k equity in property? £20k was her deposit so £25k to split so she pays you £12.5k for your share and tkes sole ownership of house.

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17 May 20 #512468 by User1992
Reply from User1992
Sounds sensible. Need to get a valuation on the property, then.

The 20k deposit was a gift to both of us, legally speaking, would it be likely that the court would just split all of the equity? I have no interest in asking for this much, but am concerned about things becoming adversarial, so need to know how this could go.

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18 May 20 #512473 by WYSPECIAL
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You never know how it's going to go if you go to court.

If you keep your £9k savings and £8.5k pension it's worth almost as much as the £20k deposit. How much time, energy and money are you prepared to spend arguing about this amount?

Why not start by suggesting splitting the equity straight down the middle so she gives you £22.5k? You could argue she is keeping all the contents although a court wouldn't be interested anyway. Negotiate from the £22.5k point and you may come away with more than £12.5k

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