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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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  • mickeybhoy
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04 Dec 07 #8417 by mickeybhoy
Topic started by mickeybhoy
I have been married 15 yrs 3 kids 17,13,7 and separated 2 yrs since discovering wifes affair. i worked 15 yrs for her family business until apr07 when i left with 1 yrs salary. i have been renting but feel i now want to buy but she says she wont buy me out of the MH. she has £1million plus worth of shares in the family business and there is £300k equity in the MH. I dont want her to sell the MH but can i make her take the capital from the business to buy me out?
thanks

  • DownButNotOut
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12 Dec 07 #8916 by DownButNotOut
Reply from DownButNotOut
You were a partner in the marriage so you should share in the rewards.

I am assuming the 1 million has built up during the 15 year marriage.

You are entitle to a fair share of the 1.3 million total assets.

If she looks after the kids she will get the greater share.

But you could well be entitle to 25% to 40%....its a bit hard to judge.

But yes....I see no reason that she should not pay you 400K from her shares to settle things. Her to keep 900k.

With such considerable assets at stake you really should se a solicitor for advice. There is a cost involved but good legal advice now could get you an extra 100k.

  • attilladahun
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13 Dec 07 #8931 by attilladahun
Reply from attilladahun
It really is not as simple in cases of this to approach matters from a mathmeatical point of view

Yes both parties have made a good contribution in a medium approaching a long marriage.-relevance is if you lived with her and it is a long marriage court will tend to ignore the provenance of assets ie all in the pot

Otherwise contributions will be argued and W will claim she has C to look after

A business like pensions are illiquid assets and not the same as cash or equity

Crucial to the case will be:

Her mortgagability
Your mortgagability
How much she can raise from business without doing harm

Clearly you have a "need" for housing

In cases where she argues she can't raise cash

the court would order a sale as long as that would

Get her a house and you one even if her equity is reduced

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