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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.

Really confused???

  • zippy
  • zippy's Avatar Posted by
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  • Junior Member
06 Nov 07 #6043 by zippy
Topic started by zippy
Could somebody please give me a little bit of a heads up on how I will stand financialy when I split.

I have been married 5 half years, i earn 26,000 my wife earns 23,000. We have a little boy aged 4. We have a mortgage of 75,000 on a house worth about 170,000. Have other debts totalling about 17,000.

Orignally I wanted my little boy to live with me but I don't want to drag it through the courts so have decided that he should stay with the x2b in the FMH, my ex would like to buy me out but I don't think she will be able to raise the funds, the other debts are in my name, will this leave me liable to them because at the moment all I can see is me being left with all the debt and with no way of getting my life back on track. Also will i have to continue to pay the household bill in the FMH and how much should I be looking at paying towards my son??

Thanks in advance

  • dun
  • dun's Avatar
  • Premium Member
  • Premium Member
06 Nov 07 #6046 by dun
Reply from dun
Disclaimer- This is not based on any legal opinion or knowledge of the details of UK law but simply on observations of settlements reached mentioned on this site:

NetEquity in Family Home -95K split could be 50/50 but more likely to be 60/40 to primary carer so wife would need to increase mortgage by about 38K to buy you out.

New Mortgage in her name of 113K she might get this is the child maint is taken into account as income in addition toher earnings.

She is earning 23K - you 26K so no spousal maint to be paid by you to her.

CSA child maint to be 15% of your earnings

Split of debt of 17K whatever you can agree is joint debt to be split 50/50. So you could agree to settle on a cash lump sum of 29K and you keep the 17K debt and she increase mortgage by 29K to 104K.

Pension adjustment - ask for Nil adustment order so she has no future claim on your pension and ask for Clean Break sttlement

Anyone more experienced please step in and advise.

  • zippy
  • zippy's Avatar Posted by
  • Junior Member
  • Junior Member
07 Nov 07 #6109 by zippy
Reply from zippy
thank you very much

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