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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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property

  • belly
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24 Nov 07 #7592 by belly
Topic started by belly
I have recently got divorced. My problem is that my ex is insisting that he has a share of my parents property which they have signed over to my sister and me as early inheritance. Years ago my sister and I gave my parents the money to buy their house (they were struggling to pay their mortgage)it was a small sum as they bought with their right to buy council home. The money came out of our joint account. By the same token we were supplying money non stop to my ex's daughter (this was both a second marriage). My solicitor seems to not have a clue, so do I change my solicitor or just let it go to court and let a judge decide?

  • LittleMrMike
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24 Nov 07 #7596 by LittleMrMike
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One question.

You mention a Council house. Are your parents still living there ?

We have had a few cases on this site where the situation is not unlike yours - namely children who financed their parents' purchase of their Council house , the parents then sign the house over to their son or daughter or execute a declaration of trust, and the son or daughter then gets divorced.

Although I wouldn't put my shirt on it, I think that if you are the joint owner, then it's part of your property and therefore available for distribution, although in practice you might well be allowed to keep it as part of your share. I would be interested to know if the parents have the right to live there for the rest of their life.

Mike 100468

  • Louise11
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24 Nov 07 #7602 by Louise11
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Hey Belly i have just had another thought after reading mikes post!

If they have the right to live there for the rest of their lives then its of no value to you until their deaths! (Hope thats a long time coming!)
It will then become a future inheritance and with future inheritances, the courts dont see them as having a value because at any time your parents could change their minds and leave it all to the dogs home!
How about your parents saying "well we have changed our minds, we withdraw "the signing it over to our daughters." Its back in our names now?
Wheres the value now?
And another thing how the hell did he find out they signed it over to you and your sister?
Having thought about it i dont think he has a leg to stand on.

Kind ones
Louise

  • attilladahun
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24 Nov 07 #7610 by attilladahun
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Clearly as the properties are in you and your sisters name it is relevant

BUT

only as a "resource" you will have in the future....I am assuming your parents still live there...

So H does in no way get 50% of your share etc.

Where it comes to be relevant is for example the DJ may be happy to approve an order which approves a Clean Break if your housing needs are met and you can properly manage and "adjust without undue hardship".

One factor of concern is when children leave home wives may not be able to pay off mortgage or manage if she have little pension -if the likelihood is you will inherit when your folks pass away -then the Court will see the sense in the order.

If you know the assets the solicitor should give you a clear indication of the likely settlement.

Rather than sacking the solr which can cost more if a new solr has to read all papers it is relatively inexpensive to get a written opinion from Counsel -certainly no more than £250+VAT tops.

As a rule of thumb unless H can show you will not get the £ within 5 years (eg relative has terminal disease) it will be ignored.

I persuaded a DJ recently my client's father (and sole parent) of 89 and worth £100K with my client the only child-the inheritance was irrelevant as the old boy may have to go into a nursing home ultimately.

When you realise this it puts a different complexion on the matter!!!

Best of luck

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