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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.


Do you need help sorting out a fair financial settlement?

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.


Am I offering too much..?

  • Mrs Ingledew
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10 Dec 07 #8744 by Mrs Ingledew
Topic started by Mrs Ingledew
I am tired of waiting for stbx to even consider the finances.
My solicitor has advised me to go 50:50 (even though we have children) as my ex is threatening bankruptcy.

Our total assets are 7K (in the house)
total joint liability: 9.5k.

He also owes our joint company 20k.
There is some future income still to be taken from the joint business and about 1.5k assets.

Other than that there is personal debt that I assume will not be considered.

If we went 50:50 on the assets that is 3.5k
and 50:50 on the loan 4.75k

So if I take his share of the loan and take the business assets do we balance.

I know I will have to do something with his business debt - but don't know what!

  • DownButNotOut
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12 Dec 07 #8908 by DownButNotOut
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I have to say im a little confused by your figures.

You seem to have nothing to share after the debts are paid.

The general principal to follow is that your should each get 50/50 of the net assets.

It seems to me that in your case that is 50% of some debt.

If you have children and your will care for them then your focus should be on making sure you get child support.

If the business is generating money then keeping it going despite your differences would also seem to be a priority.

  • Mrs Ingledew
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19 Dec 07 #9277 by Mrs Ingledew
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You are right we are just "arguing" as to who takes the most debt!!

Lovely eh?

  • peteringout
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13 Jan 08 #10591 by peteringout
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Hi,

Seems to me that 50:50 is the rule on either side.

I thought that I was being reasonable when I have offered my wife 75% of the proceeds from the sale of the property. This equates to about £150k for my wife and £50k for me. Reason being I earn much more than my wife (about 4 x more) and would like her to buy her own property outright and with a £50k deposit I could get a reasonable mortgage on top of that.

Wife is using a lawyer for the Separation Agreement and I am representing myself. Wife has been advised that this is unacceptable as such deals do not usually work out, therefore, 50:50 is what she demands and expects.

Well I'm no lawyer, but I think she is being badly advised. However, not for me to argue I guess, so 50:50 it is then.

What do folk think?

Peter

  • mike62
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13 Jan 08 #10593 by mike62
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Personally Peter, I think she is crackers! :ohmy:
And her lawyer too. Good god, when you read some of the woeful posts on here, she is being offered a lifeline and her lawyer is recommending trimming it? Some people on here would give their hind teeth to get 50:50, never mind a generous offer.

The only other angle I can see is that her lawyer has a plan. DO you have a good pension? Or some other asset that she has spotted? Or is she going to go for some serious and extended spousal maintenance?

Makes no sense to me at all Peter.

Then again, we are only men.

Nuff said ;):)

Best of luck

Mike

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13 Jan 08 #10594 by peteringout
Reply from peteringout
Thanks Mike,

Hmmm, maybe the lawyer does have a cunning plan? I have an excellent final pension scheme and will be worth £30k p.a. in ten years time when I retire. Worth £18k just now but awaiting CETV evaluation. So does the pension my wife is entitled to be based on the date of our legal separation or what it is when I actually retire? No other assests really than the house and all four kids are over 18, so no maintenance

I am still trying to keep things amicable with wife and do not want her to be disadvantaged, so just trying to be fair. I know what you mean by the other woeful post on here too and from discussions with friends who have been through the same, divorce or separation is never easy.

Peter

  • mike62
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13 Jan 08 #10595 by mike62
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Peter,

Spousal Maintenance is different to child maintenance. if your wife is earning significantly less than you, and will suffer hardship or a significant reduction in living standards, she can apply as part of the ancillary relief for spousal maintenance for herself. How much or for how long depends on how big the current and future earnings disparity is, and whether there is any likelihood of the gap closing. Also there may be a consideration of her future pension requirements - is she going to be able to fill her own pension pot adequately during the rest of her working life?

SM is usually considered as a transitionary benefit, to enable the disadvantaged spouse to 'get back on their feet' financially.

It might be worth your while just checking with a solicitor what they think on this matter.

Best of luck

Mike

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