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What are we each entitled to in our divorce settlement?

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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Financial Order

  • sammie
  • sammie's Avatar Posted by
  • Junior Member
  • Junior Member
07 Dec 07 #8652 by sammie
Topic started by sammie
My wife left the matrimonal home in August. She had two affairs and currently still sees one of the men. As a serving police officer she was given a police house which is rent free but loses her housing allowance of £300 month. We have a 11 year old child who stays week about with each of us.At present I pay the mortgage £1400 month in its entirety and all bills associated with the house. Our salaries are similar her 40k mine 45k. Pensions similar with hers slightly better. We have a car each mine cost £2k hers £3.5K. There are some unit trusts three in my name and 1 in hers.
Basically she wants her share of the house. I have had two valuations with local agents both state £300 - £320k. She has had 1 valuation from national agent who states £350k.
She has stated today she is seeing a solicitor on MOnday about a Financial Order. I have no monies at this time to see a solicitor because of the outgoings.
This was the family home and I have spoken to my child who states they want me to keep this house because of their local best friends etc etc.
I want to keep it for stability. The house is on 17 year repayment term fixed at 4.39% until June 2008.
Do I have to sell the house immediately or can I remain in it whilst I seek financial advice on increasing the mortgage to buy her out.
I believe it is tough on me that I pay the whole mortgage but I felt it in the interest of my child to maintain some sort of stability when my wife left.
Does a financial order force me to raise the monies immediately or is there some reasonable time scale.

Need help please

  • Specialdad
  • Specialdad's Avatar
  • Platinum Member
  • Platinum Member
07 Dec 07 #8653 by Specialdad
Reply from Specialdad
On the figures you have given you have a mortgage of approx £250,000 at say 6.5% which is approx 5.5 times your individual salary.

The bank may not let you turn that sort of loan into one person.

You should try for an financial order to have some SM from her to help with paying the loan and so keep the house.

Try mediation first its less costly than sols.

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