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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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Second Property Question

  • AJC
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04 Jun 07 #554 by AJC
Topic started by AJC
We paid the mortgage off our main home and my husband then decided to purchase a flat in London as security for our future, just like a pension and has kept just his name on the details. The flat when built will be valued about £350,000. My question is. Am I entitled to half the estimated value of this property also, especially as it was ment to be for our future?

Thanks.

  • LittleMrMike
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04 Jun 07 #556 by LittleMrMike
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Dear AJC,

Sorry, but I don't quite understand.

You imply that the flat is not yet built. Unless I have missed a great truth, you won't complete the purchase until it is complete and ready for occupation. Therefore I take it that what you mean is that you intend ( or your husband intends ) that when the flat is eventually bought it will be in his name. It can't be in his name if he hasn't yet bought it.

You don't say whether you would continue to live in the marital home and let the flat to give you an income, or whether you intend to occupy the flat yourself.

It would be normal for a solicitor to discuss with you the pros and cons of buying a property in joint names. The obvious implication, on the basis of what you say, is inheritance tax. Unless you want to make a large donation to the Treasury, it would be sensible to take advice on this aspect.

The other thing that puzzles me is that you have posted this on a website dealing with divorce. Are you having problems in that direction or am I simply putting two and two together and making five ?

Mike

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04 Jun 07 #558 by AJC
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A deposit had been put down on a new build flat and a mortgage will be taken out on completion next year. We were then going to rent the property out for a few years to cover the mortgage and in our retirement sell the flat to give us the financial support needed in our retirement, rather than taking out a normal pension scheme. All the documentation at the moment with regards to this new property is in my husbands name. We would be living in the marital home whilst the flat is rented out.

My husband wants out of our marriage. I don't. But if he does make the choice to end our marriage after 15 years, then I want to know what I am entitled too. Am I entitled to just part of the deposit, or as the flat was intended as financial security in our retirement am I entitled to more?

Sorry if my questions seemed muddled. It came as a shock to be told by the man you love that he wants only his career and I'm no longer part of his future.

AJC

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04 Jun 07 #562 by wikivorce team
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the simple answer AJC is that you will be entitled to a share (could be 50%) of the assets as they stand at the time of the divorce.

So if the deposit is 50k - you may get 25k of that.

If he has cash in bank ready to pay balance of flat on completion - you are entitled to share of the cash in bank.

So it really doesnt matter what stage flat is at.
And it also doesnt matter whose name things are in - after 15 years everything is matrimonial property and you will get your share.

Just add up all your current assets, take away all debts (loans, mortgages etc) and you will get a fair share of the net amount.

You will have the option to take the 50%(or thereabouts) share plus a percentage of his income.

Or take a higher percentage of assets (maybe 70%) and none of his future income - this is called a Clean Break

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04 Jun 07 #565 by AJC
Reply from AJC
Thankyou. That has made me feel alot more reasurred, so I can start looking towards my own future.

Regards AJC

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