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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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Is my situation unusual

  • bollypne
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01 Nov 07 #5647 by bollypne
Topic started by bollypne
Just starting to divorce my wife of 9 years. I had an affair some years back, we tried many times to put things right but the damage was done. During these times I sold the house to the wife at mortgage cost and took nothing out of it myself, i wanted her to and her child to have stability. We got together a few times, at one point i had bought a house. We got back together again, i sold the house and gave paid her mortgage off. So we where happy again, no mortgage and things looking good. She again asked me to leave again, this time permanent. I of couse need to start over, buy a house etc. Problem is that my wife feels i dont need any money from the house! It's worth £150000, she has no mortgage. I'm 45 and find that buying a house is no going to be easy. Am i being unreasonable expecting something from the house. She is working full time. £800/month net, me £2500/net.

Anyyone else with similar problem.
Thanks

  • mike62
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01 Nov 07 #5651 by mike62
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colm,

Need to post a bit more info.

How many children, how old?
Any pensions (you and wife)?
Any other major investment or assets?

In considering the split of assets, a court recognises the needs of any children, and the need for a roof over their head. They would take account of any time that the child(ren) spent with you overnight, against your maintenance payable. they would also take account of your spouse's income and her needs and future earning potential versus yours.

However, the court also recognise that you have needs too. It would not be unreasonable to expect you to take some of the equity of the house. However, they may make an order that leaves you a financial interest in the house, but you can't draw down on it until the child(ren) reaches 18, as your spouse in unable to afford to take on a mortgage.

Post some more info, and I'm sure that a more experienced user will post a reasoned opinion up for you

Best of luck

Mike

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01 Nov 07 #5656 by bollypne
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Thanks for the Reply Mike.
There is 1 child aged 13 from her previous marriage for which she receives maintenance already. She is therefore my stepdaughter, however she does visit me i night a week.
Both of us have small pensions and no other assets.
Before i paid off the mortgage she did have a mortgage of 25k and this would be affordable. She is also cohabiting.

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01 Nov 07 #5658 by mike62
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Colm,

Note that your STBX receives maintenance for your stepdaughter - not sure what that does to your obigations. However, were there no maintenance being paid, you would be liable for about £375, discounted by multiples of about 14% for each night per week spent regularly with you.

As to the split of your marital assets, start point is 50:50.

Your STBX has care of her daughter, and a significantly lower income than you. I would hazard a guess (and I stress guess) that you would be looking at about a 65:35 split worst case, 60:40 best case.

Assuming she keeps all of the contents of the home, say an average of £20k for a household, then total assets are £170K.

35% of £170K is £59K.

That is a chunk more than the £25K that you paid off the mortgage.

On, that basis, I would have thought that she is on slightly tricky ground to assume that she will get the house for free.

Why not find a free 30min with a sol and get a 2nd opinion?

Mike

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01 Nov 07 #5663 by bollypne
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Thanks for the info Mike, appreciated. I'm not out for the money but i do need to start again. I worked hard in trying to keep the marriage going, i was treated like a yoyo for almost 6 years showing commitment at evry turn, including paying the mortgage off. STBX and new boyfriend must feel pretty smug living mortgage free at the moment, infortunately for me! But at 45yrs of age my future is a little cloudy and some equity would help solve some finaincial headaches. Thanks

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