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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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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.


Advice on if this is a fair settlement

  • Dad_123
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07 Jul 20 - 07 Jul 20 #513168 by Dad_123
Topic started by Dad_123
Hi All,

Looking for advice on whether this is a fair settlement for both of us. I know I will need to take legal advice but trying to get a feel for it at the moment.

Background:
Married 18 Years (together 6 years before that). Two children aged 9 and 11. I am 48, wife is 47.
Divorce proceedings have started, I am the recipient but there is no bad history in the marriage other than my wife does not want to be married anymore as we have grown apart. We are negotiating a financial settlement.
We are still living in the martial home, but she has found a new partner and is staying over at least two nights per week at his house.

Income:
Me = 70,000 / full time
Wife = 11,000 / 4 day a week and school term time contract

Wife is well educated and gave up work to raise kids, this coincided with a good payoff from the civil service. I believe she will work more in the future, or certainly has the capacity to do so.

House:
Mortgage in both names and is on the market for 625K. We have calculated that if it sells for 600K and we pay off all debts we will have a capital of 350K.
Current offer = 63.75% for wife and 36.25% for me / this means she will get 222,997.50 and I will get 126,802.50

Pension:
Me = 175K
Wife = 179K + 31K lump sum payment at 55 (this is a civil service final salary pension)
Current offer = keep our own pensions.

child maintenance:
3 days with me and 4 days with wife per week.
Current offer = I will pay maintenance based on GOV calculation for 2-3 days as I cannot always guarantee to pick up kids from school due to work commitments. She will pick them up on these days. This is about £600 per month. She claims picking up kids can prevent her working more.

Spousal maintenance:
Wife has agreed to not pursue this is if we agree on the above.

My questions would be:
Is this reasonable / fair?
Is spousal maintenance a realistic option?

Any other advice would be appreciated.
Last edit: 07 Jul 20 by Dad_123. Reason: Added age

  • WYSPECIAL
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07 Jul 20 #513175 by WYSPECIAL
Reply from WYSPECIAL
Will you each be able to get a suitable three bed house in the area with the share of the equity plus mortgage raising capacity?

Pensions are fairly equal but yours will have a much greater opportunity to grow given your much larger salary.

a 50:50 split of equity would be £175k each. She will be getting £48k more than this which is less than the difference in salaries.

Are you happy with it?

If not what is your proposal?

Work out the difference between her offer and your proposal then decide how much time, money and mental energy you are prepared to spend pursuing that amount.

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08 Jul 20 #513193 by Dad_123
Reply from Dad_123
Thanks for the reply.

Yes we will both be able to get a suitable house, she will be mortgage free, I will need a mortgage which carries risk for me but obviously I have a much higher salary to do this.

The proposal is what we have negotiated between us, it is still ongoing.

I'm genuinely trying to to be fair although the circumstances make it hard (she cheated). The idea is the higher equity for my wife would offset spousal maintenance.

But now she is saying it is not enough due to her claiming she is signing away rights to a possible redundancy for me due to the Covid situation but this is not guaranteed by any means. My company is making cuts but nothing definite yet.

My solicitor says redundancy is not classed as a matrimonial asset. Any advice on this would be appreciated.

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