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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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Untangling finances

  • peterc
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07 Nov 07 #6053 by peterc
Topic started by peterc
Hi all,

looking for some advice re untangling our joint finances.

My wife and i are splitting up after 15 years of marriage, we have a joint house, i am the only worker (even though i encourage her all the time to get a job!).

I am currently purchasing an additional house for myself, and we are selling our current home so that she can move into her own house - we have agreed a financial split of the equity of the house and have agreed on a monthly amount that i will pay for the children.

Where do you start on untangling finances? - how do i stop her from taking out of the joint account? - i have asked and asked her to get her own account setup, but so far she is living with her head in the sand and wont get off her backside to do it.

any advice would be welcome!

cheers

Peter

  • mike62
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07 Nov 07 #6059 by mike62
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Peter,

My own experience with the bank was that I had to get STBX to sign a form along with me to revert the joint account to my own personal account. That was Natwest - others here have had different experiences with other banks.

If she really is being difficult then you may want to consider contacting the bank to remove any overdraft facility on the account. Tell them the circumstances and then move any Direct Debits / Standing Orders to a new personal account of your own and have your salary paid into the new account. Tell her what you have done and advise her that any further debt incurred from the joint account is hers.

If she refuses to open an account, pay her the agreed maintenance in cash and get a receipt from her. It seems petty and ridiculous, but you must protect your finances for both of your sakes.

As far as the financial split goes, it would be advisable for both of you to take legal advice as to the 'fairness' of the split, before it is converted into a Consent Order.

Others here will advise you on the likely split a court would order if you post details on here. Need to know:

Income
Pension
House value
Mortgage
Equity
Any other loans or debts
No of Children and ages
Who will be PWC (Parent with care)
Any other significant assets

Best of luck

Mike

  • Vail
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07 Nov 07 #6062 by Vail
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For anyone interested in the legal side of finances in divorce, there is a book dealing solely with those aspects:

Ancillary Relief Handbook by Roger Bird published by Jordan Publishing ltd. ISBN 978 184661 0738 6th edition 2007 and costs about £60.

Not cheap but a bargain compared to the twenty minutes or so of a solicitor's time that money would buy!

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07 Nov 07 #6067 by peterc
Reply from peterc
At the moment we are both living in the family home, i am paying the mortgage and paying for all the bills. I have suggested to her that she should look to sign-on or apply for jobs or apply for working tax credits etc - but she doesnt want to until we start living in our separate homes!!!!

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