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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.

Disclosure or not ?

  • NotFun
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13 Dec 07 #8935 by NotFun
Topic started by NotFun
From a bit of googling it would appear that a full (form E) financial disclosure may not be a requirement - only required for any settlement to be deemed binding. Can anyone clarify ?

The reason for my question - I am the respondent in an about to be filed divorce petition. I made the first move by announcing my desire to leave the marriage and moved out. My priority has been to resolve our financial situation, however my wife chose to involve a solicitor and plans to file.

Based upon my calculations of equity in the family home I have made what I believe to be a generous offer to walk away from what equity I have in the property, this more than balances 50% of my other assets (cash and car).

At times my wife is open and reasonable and we have discussed the possibility of coming to a mutually agreed financial position which we then get formalised by a solicitor...however her solicitor keeps pushing for a full financial disclosure.

I have nothing to hide but want to avoid unnecessary delays and solicitor costs as well as being concerned that, having already made my offer the solicitor may choose to push for something further.

As my wife seems unsure as to her rights and what she is aiming for as an end goal settlement I have major concerns that we could spend hours discussing outcomes via solicitors (£££) rather than with each other.

Once the assets are carved up I'll be more than happy to discuss ancillary relief and maintenance - we have 2 children and she has no income so I am expecting to to be liable for 25-33% of my salary in this regard.

  • sexysadie
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13 Dec 07 #8958 by sexysadie
Reply from sexysadie
Anciliary relief includes the carving up of assets. Don't forget that your pension is an asset so if you have one then probably your balance of equity versus cash and car is not as fair as you think it is. Your wife may not know what she wants because she is unsure how much money there really is, and this may be a matter of putting everything that counts into the equation, not a matter of trust.

Form E is lenghty but useful for establishing who has what and what they are worth. Maybe you could both fill them in and then go to mediation with that information.

Best wishes,

  • NotFun
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13 Dec 07 #8960 by NotFun
Reply from NotFun
Afraid I'm one of those idiots without a pension :-(If Form E is the only route are there any known ways to make it all as quick, painless and cheap as possible ?

I de-instructed my solicitor last week due to things not moving on whilst he charged me £450/hr to respond to any emails or do any other work....for an net forward movement of zero I was presented with a bill for £1300 so looking to avoid solicitors, IFAs or mediators as much as possible.

I have provided my wife with a full picture of my assets and finances via email and in person - from what I can see the only 'benefit' she gets from a Form E is legal formality, i.e. an assurance that I'm not trying to hide anything ??

  • Specialdad
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13 Dec 07 #8962 by Specialdad
Reply from Specialdad
Mediators are much cheaper at £45 per person per session. say six sessions and u should have a financial settlement with a Consent Order and a Decree Absolute for a further £30 court fee.

If your ex is reasonable the whole thing can be wrapped up in £400.

  • Fiona
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13 Dec 07 #8964 by Fiona
Reply from Fiona
You may come to some agreement between yourselves and ask a sol to draw up a document. When submitted to court along with a simplified financial statement Form M1 or D81 this is known as a Consent order, and if the judge likes it and it's seen to be fair it will be approved and become legally binding.

  • Vail
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13 Dec 07 #8967 by Vail
Reply from Vail

For one thing, don't consider yourself to be an idiot for not having a pension. You may surprise yourself with your sagacity while this government continues to raid pension funds.

Relate have their simpler version of Form E. As Special Dad says, mediation is cheaper and a good forum for having discussion without going off at a tangent onto recrimination.

They also prepare financial agreements in a format that can be given to solicitors to check and then to the court as an application for a consent order.

  • Louise11
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13 Dec 07 #8969 by Louise11
Reply from Louise11

Can i also say here just be careful, if what ever you both decided "amicably" and neither had legal representation at the time, then it leaves the other party open to coming back years later and overturning what was originally said.
Even if you get a consent order and its stamped by a Judge who asks you both and deems it to be fair.
There will always be some solicitor who says you werent advised properly and take it back to court!
My advice is what ever you decide, try to be amicable and fair, make any offers in writing to her solicitors, negotiate between yourselves by all means but make sure she informs her solicitors. That way, any future claims she may make will be that much harder, if it was all done and dusted above board with legal representation.

Kind Regards

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