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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.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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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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Short marriage - what is likely finacial outcome?

  • lewelewe
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06 Mar 08 #16008 by lewelewe
Topic started by lewelewe
Hi Folks,

I would like to ask for your input on what the probable outcome could be for the finacial settlement for the divorce for a couple in the following circumstances:

Married 16 months, but cohabiting approaching 3 years.
One step-child, the wifes child, still at school.

The wife brought no financial contribution to the relationship.
The husband had a property (within which all three now live) with some £120K equity, a pension of 5 years (so now 8 years old), and some credit card debt.

He pays for all household bills and mortgage [>£1300 pcm] as well as servicing and reducing the c.c. debt and additional debt due to wedding, honeymoon etc, she paid for the 'weekly shop' [£300 pcm].

He works, earning circa £45k pa.
She works part time earning circa £12k pa. but also recieves child maintenance of £400 pcm from the father of her child (this could/should be more given his 6 figure salary). She could work more hours if required.

The MH has gained value in line with average house prices.

In the hypothetical case that they 'part company' what is the likely outcome if this went to court? What would be a reasobnable settlement in the eyes of the law?



Thanks for your time

Lewe

  • Fiona
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06 Mar 08 #16023 by Fiona
Reply from Fiona
With a short marriage each party usually keeps what they contributed and share any increase in value during the marriage. However, when there is a child of the family (including step children) it changes things and their housing needs are the first consideration, although there are 7 other matters to address too.

So a good starting point would be to work out what your wife needs to house your step son and herself. You can check the level of tax credits she would get at www.entitledto.co.uk

  • lewelewe
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07 Mar 08 #16085 by lewelewe
Reply from lewelewe
Hi Fiona,

Many thanks for your reply. Its good of you to take the time.

Just a few more questions if I may?

I have read about Clean Break agreements and that they do not apply where children are involved; I assume this is the case here?

The split is still very ammicable, for the sake of the child, and this is been approached pragmatically, is there any reason that we can not come to financial agreement without involving huge legal fees and protracted court hearings if any agreement is seen as fair to all parties?

You mention "7 other matters" what does this refer to?

Thanks
L

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07 Mar 08 #16086 by phoenix1
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Hi I am in the same situation, married short term, one step son etc etc, If you are both talking and can agree upon things I would advise a DIY one ''divorce online'' I paid £290 for all forms, new will and Consent Order, only other thing you need to pay for is court fees and a seperation agreement if required

As soon as you argue though forget this route but if you are both talking and agree to the split it is easy and hassle free(ish)

Hope that helps and good luck

  • dukey
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07 Mar 08 #16091 by dukey
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Hello Lewelewe

As for clean break you are correct not with a step child.

In order to save money and aviod form E and FDR you can use form d81 (rather than Form e) then have a consent order written by a sol the DJ will look at it if he considers its fair he will make the nisi absolute job done.

As fiona said with a short marrige you leave with what you brought one piont though the W is due 50% of the FMH increase in value dureing the marriage.

When form D81 is completed and exchanged and terms agread for the consent it gives both partys peace of mind for the future in that the financial part of divorce will not be re-opened in the future.

dukey

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07 Mar 08 #16109 by Fiona
Reply from Fiona
Just to clarify, strictly speaking clean break refers to the termination of the spouses obligations towards each other. Where there are stepchildren, the court will consider whether the stepparent has assumed any responsibility for the child and for how long. The court will also consider any other person with responsibility for maintaining the child. The prime duty for maintaining a child rests with their natural parent.

The first consideration is the children of the family's welfare and then regard is given not only to the duration of the relationship but all s25 Matrimonial Causes Act 1973 matters, which are seen as equally important-

a)the income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would in the opinion of the court be reasonable to expect a party to the marriage to take steps to acquire;

(b)the financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;

(c)the standard of living enjoyed by the family before the breakdown of the marriage;

(d)the age of each party to the marriage and the duration of the marriage;

(e)any physical or mental disability of either of the parties to the marriage;

(f)the contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;

(g)the conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it;

(h)in the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit F4. . . which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring.

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08 Mar 08 #16215 by valene
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hI I'VE found this site by chance today - the person who mentioned 7 other matters may be referring to the matters the courts taken into consideration under section 25 Matrimonial Causes Act 1973 which are :(i have just copied and pasted this from my notes as I am studying Family Law) I hope I am right -got exams soon .....
1. income and earning capacity;
2. financial needs, obligations and responsibilities;
3. standard of living enjoyed by the family before the breakdown of the marriage;
4. age of each party to the marriage and duration of the marriage;
5. any physical or mental disability of either of the parties to the marriage;
6. the contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contributions by looking after the home or care for the family;
7. the conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it.

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