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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.

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Redundancy and Pension lump sums

  • BVG
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  • Elite Member
15 Feb 08 #13970 by BVG
Topic started by BVG
I become very ill with depression while trying to cope with my managerial role in IT, mainly due to finding out that my wife was having an affair. Trying to cope with the job and personal problems became to much. My company were very good to me but in the end stated that the situation could not continue. They sorted out a very good redundacy package and advised me to take it. I did. Now my X looks like she wants half of this. Can she?

I think I know the answer to the next question but here goes. I also took my pensions when I was living alone in FMH but before the divorce AB came through, I presume she will go after half the lump sum payments I got. By the way I no longer have that money.

  • DownButNotOut
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18 Feb 08 #14309 by DownButNotOut
Reply from DownButNotOut
The simple principal upon divorce is that you fairly split all the marital assets.

If your marriage was of medium/long duration (over 5 years), then both the redundancy package and the pension lump sum would be part of the 'pot' to be divided.

However the courts cannot share out what isnt there, so if you have spent the pension lump sum it is no longer part of the pot.

You cannot however blatantly squander the money as this will be picked up on and will go against you, leading to her being awarded a greater share of the remaining assets.

But if you spend it on reasonable living expenses or paying off debts etc then it will no longer be available to be shared.

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