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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.


Joint Expenses Payment

  • WYSPECIAL
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01 Jun 20 #512683 by WYSPECIAL
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Either party can freeze the joint account. Just tell her your doing it and explain it is to protect both of you.

Why does she need visibility of your bank account? You are still thinking as a couple. You no longer are.

The house is bigger than she needs with a lot of equity. Can she afford to run it? At what stage do you plan to move out?

Are you sure pension valuations are accurate. They look extremely low given your incomes and ages.

  • Hurk
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01 Jun 20 #512684 by Hurk
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I have spoken to the bank and they need her consent to freeze, so i will need her permission.

Well i guess she doesn't need visibility, but it is almost then a case that i am prepared to pay for the joint expenses until everything is resolved. This is why i was against doing this.

Yes the house is bigger than she needs. She cannot afford it, but i am assuming she will get support from her parents.

I plan to move out once i have agreed financials and have funds to buy another place.

Yes pensions are accurate as I have only made minimum contributions since auto enrolment.

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02 Jun 20 #512685 by WYSPECIAL
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Hurk wrote: I have spoken to the bank and they need her consent to freeze, so i will need her permission.


I'd check with them again on that. Tell them you are separated and the account is in dispute. They won't close it without permission but they should freeze it.


From what you have said there is a mortgage of about £200k on the FMH? If your ex is on £30k a year and especially if it is on a self employed basis the lender is highly unlikely to release you from the mortgage. This would seriously limit you mortgage raising capacity to buy another house for yourself.

Given the difference in incomes she is likely to get the majority, if not all, of the equity in the house anyway so it would be in your interest to get it sold and release you from the mortgage.

How much are suitable 3 bed houses by you?

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02 Jun 20 #512686 by Hurk
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Yes that is the remaining amount. A 3 bed house is approx £450-500k which I will also not be able to afford if I get hardly anything from the equity.

I will check with the bank again.

Sounds like I need to go to a solicitor to determine the exact position.

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03 Jun 20 #512692 by WYSPECIAL
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Plenty of assets plus mortgage raising capacity for two houses at that sort of price.

Your ex could be in a suitable home with no mortgage.

If she stays in the FMH, which is bigger than her needs, then there is £800k tied up in equity, your tied to a £200k mortgage meaning you can't buy somewhere and her outgoings for the mortgage and running costs will be far higher.

You should consider putting forward the argument that the FMH needs to be sold.

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03 Jun 20 #512693 by hadenoughnow
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If her housing need is for a £500k property, she could be mortgage free and you could be housed in a similar property with a mortgage the same as you have now.

Having the mortgage and a child maintenance liability will reduce your income but it is possible there would still be a difference so SM may be an issue. It would make sense for you both to increase your pension savings.

If you want a legal opinion without engaging a solicitor to represent you, have a look at the fixed price services offered by this site including legal financial consultation or call the helpline to discuss.

Hadenoughnow

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