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Financial Settlement Question

  • gvl101
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30 Dec 07 #9706 by gvl101
Topic started by gvl101
Hi I have a Financial Settlement Question.

What would the panel, a solicitor or the court suggest/advise/rule please as a settlement.

Originally my wife asked for £10,000 settlement, however now she is asking £50,000 (33%), because she says she is entitled to 50% of everything.

My Philippine Wife is applying for Divorce after 6 years Marriage here in the UK (she is now a British Citizen) on the grounds of unreasonable behaviour (Im not but I have agreed not to contest). However I could probably make a good case for adultery against her since she has spent many weekends/nights at a single mans house (at least 30 nights). We have similar salaries - her working life starting in 2002, I earn £200 per month more than her. we have no kids.

Before we married my assets could be valued at £70,000 (my wife had no assets in 2001). Today here in the UK our assets could be £155,000. All of which were/are in my name only in the form of a marital home. We also have Assets in the Philippines valued at £18,000 in property (which Foreigners cannot own unless married to a Philippine Citizen). In the 6 years we have been married we have also sent back an additional£20,000 to the Philippines to help support my wifes 2 children from a previous partner - (he stopped supporting them in 2003).

I made some calculations and concluded 50% of everything from 2001 would give her £20,000. She keeps all assets in Philippines (£18,000) since as a single Foreigner it would be of no value to me). We cannot sell the assets in Philippines easily, as one is her family home.

We are amicable at the moment, although im feeling a little bruised maybe. Oh and get this - after the Divorce my wife still wants to live with me in our 2 bedroom apartment.... in the spare bedroom of course. She has been talking about Divorce for 1 year, but finally went to seek advice from a solicitor about 3 months ago.

  • DownButNotOut
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31 Dec 07 #9736 by DownButNotOut
Reply from DownButNotOut
The main flaw in your own calculations is that she could well be entitled to 50% of your assets ... not just the increase in assets since you married.

With a 6 year marriage she is entitled to a share of the 70k you started with.

Does her request for 50k include the 18K in Phillipines?

If she would settle for 50k total (32k + 18k) then i would say you should go for that.

If she wants 50K plus the 18K then according to UK divorce law I would say that she has a fair chance of getting it - as this is just 68k out of total 173k (around 40%).

If this turns into a fight it could cost you 10k each in sols fees plus outcome would likely be a 50:50 split.

  • gvl101
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01 Jan 08 #9790 by gvl101
Reply from gvl101
Yes it did include the £18k in Phils (I have written that off, and the money sent back). I was afraid that she was entitled to 50/50 Seems unfair to me but i guess thats how it goes here. I did try to protect myself by keeping the marital home in my name only and getting a pre nup ~ only to find out that none of these things help me keep my millions (in Peso's) ~ fantastic. thanks DownButNotOut

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