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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.


outcome of financial hearing

  • SALLYANN777
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06 Feb 08 #13046 by SALLYANN777
Topic started by SALLYANN777
Basically at court on Monday for financial hearing.

He has pension of £50,000...I have pension of £500
I have shares worth approx £4000
House worth about £120,00 mortgage of £60,000
I live in house with the 2 children and make all mortgage payments with no contribution from him
Income is roughly the same for both of us when my tax credit and csa payments are taken into consideration.
He doesn't see the children at all and doesn't contribute to their upbringing other than csa payments.
Anyone got any ideas as to what the judge is likely to decide as regards the house?

  • IKNOWNOW
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06 Feb 08 #13051 by IKNOWNOW
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As a starting point, assets are split 50/50. So you have roughly £60K equity in property, his pension is worth £50K (we will ignore yours as minimal) and you have shares of £4000.

So as a starting point you are looking at £57K each. You could let him keep his pension for his share of the house. I think this is the minimal share you would get (this is just my humble opinion).

Could you take on the mortgage on paper?

I think you should go with this as the very least you will accept. At the end of the day, you need to house your children for how ever many years and the fact that you have maintained the mortgage then I think that is on your side too.

Hope this helps a little.

Regards, Sarah

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06 Feb 08 #13053 by SALLYANN777
Reply from SALLYANN777
Thanks for quick reply.
Yes, I can get the mortgage required.
Children are 9 and 11.
Any other thoughts on this are very welcome!

  • Elle
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06 Feb 08 #13058 by Elle
Reply from Elle
SallyAnn,
My experiences and readings indicate that if you have evidence that you can buy him out and the heritable creditors agreement the court will favour u having the house to provide stability and continuity for the children......its all evidence evidence evidence....dont rely on the sol to get it tho.....
Good luck
Elle

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06 Feb 08 #13062 by SALLYANN777
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I don,t want to have to buy him out...just want a straight transfer of the house to me.
Just before we separated ...about a year and a half... we took on an extra £30,000 on mortgage for work to the house.
Unbeknown to me he transferred this money into a web account in just his name. He has since disposed of this money...apparently to clear joint debts....more likely to be debts he ran up through phoning pyschics and gambling on horses.
So in effect it is actually me that is paying for these debts as it is me who is having to pay the higher mortgage repayments... so as you can see I really don't want to give him any more money...especially seeing as he would probably only waste any money he gets anyway!!!!

  • Elle
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06 Feb 08 #13070 by Elle
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Sally Ann,
Sorry by buying him out I should have included the issues of offsetting pensions and other assets to enable you to afford to keep the FH. If you agree to offset certain otherassets and prove you can maintain the FH you can crave that the court grant you this....in my experience thecourts want evidence and if you can show you can maintain the fh, forfeit his pension wotever.....you can provide stability and continuity for the childen.....you will have a strong case.
Elle

  • attilladahun
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06 Feb 08 #13072 by attilladahun
Reply from attilladahun
I think DJ will give you the house on an income and capital Clean Break with H keeping his Pension

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