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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.


FMH equity

  • zippy
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02 Jan 08 #9842 by zippy
Topic started by zippy
My wife and I are splitting up and have decided that she will stay in the FMH with are 4 year old son, I will pay her maint for my child at the csa rate.

With regards to the FMH we have agreed a 50/50 split of the equity, she retains all furniture and fixings and I take the outstanding debt(not mortgage).

Equity is about 100,000 outsatnding mortgage is 75,000 outstanding debt is 17,000.

she can only afford to give me 16,000 at the moment so 16% of the equity how do they work out the other 34% when she has to pay me, either when my son turns 18, she remarries or co habits

  • gone1
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03 Jan 08 #9864 by gone1
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I think what happens is that a charge will be placed on the home and she will have to sell at a certain age of the child say 18 or when the child leaves full time education. I dont remariage or co habit is a trigger. The reason she is retaining the fmh is because of the child. Chris

  • Monitor441
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03 Jan 08 #9869 by Monitor441
Reply from Monitor441
I am going through this at the moment. The normal triggers for you getting your money are as follows:

Your wife cohabits with someone for 6 months,
Your wife remarries
Your wife dies
Your wife becomes bankrupt
Your wife sells the house to move (although I have recently seen this not included so the charge is on next property)
Your child lives with you for the majority of the time for a six month period.
Your child turns 18 (or in some situations when they finish tertiary education)

In my situation, I have waived the cohabitation trigger but I am pushing for all the others including when my youngest turns 18

Mon

  • Canary
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04 Jan 08 #9957 by Canary
Reply from Canary
I am also in this boat, but am increasingly worried that I'll have nothing when we start sorting this out - waiting for petition to arrive.
We have no savings to split or other assets and the house will be tied up with the mesher arrangement up to 13 years Will I also have to lose all my spare income on spousal maintenance? Do the courts take into account that I'll need my income to save for things as I have nothing (though can afford to rent etc)?

  • Specialdad
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04 Jan 08 #9972 by Specialdad
Reply from Specialdad
Spousal maintainence and Child maintainence are not the same thing.

Mesher order usually includes a charge on the property.

If she has assets in the future she can pay you off anytime.

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04 Jan 08 #9985 by Canary
Reply from Canary
Special Dad thanks
I am happy to pay and can afford the child maintenance, but she only wants to work part-time while the kids are school age 11 and 6. The petition is about to arrive and I am off to solicitors when it does, but I understand her solicitor has filled it in to apply for spousal maintenance as well. If she gets this it will leave me with no money to save for a deposit or a car or emergencies as well as getting the fmh. Do they take into account that I will want to save for a deposit rather than renting extortionate london prices for flats?

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