A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info

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.

Advice on possible settlement please?

  • LuckyGal
  • LuckyGal's Avatar Posted by
  • Senior Member
  • Senior Member
16 Mar 08 #16931 by LuckyGal
Topic started by LuckyGal
We are currently in mediation trying to thrash out a settlement. Ex2b is adamant that he doesnt want to give me more than 60% of the total proceeds from our house & the few other bits which are of minimal value that we have. (No pensions involved) Trouble is, depending on the actual sale price of the home this may or may not be enough to re house the children & I where we currently live. I would prefer a figure of 65%, but am willing to meet in the middle at 62 1/2%. Ex2b is being stubborn though & refuses to be flexible over the percentage despite the fact that the properties available in this price range are very few & far between, & if we get the worst case scenario figure for the house I would either have to buy a flat or be left with ex council properties on an undesirable estate.

The difference between my figure & his is only around 18k & only 9k on the 62 1/2%. If we end up having to agree terms through solicitors or even court this amount & more would be swallowed up & everyone except the solicitors would end up losers. I would really prefer not to go down that route for the sake of mine & my childrens sanity. Unfortunately ex2b doesnt seem too bothered because he`s on a reasonable wage (around 40k) & can always earn more money, plus little extras on the side. He can also buy a run down wreck of a house & do it up, which I cannot.

I have two proposals im going to bring up in mediation next & I wondered if I could have your thoughts on them, & if he did agree whether it would be legally possible to use them on a Deed of Separation.

First option would be to wait & see how much we get for the house, then ex & I both look at properties available at that current time & see whats realistic & whats not, then get Deed drawn up once we know how much we have to play with. Have already mentioned this to ex2b & he wasnt keen, but will bring it up again in mediation this week if anyone thinks its worth mentioning.

Second option would be that I accept a fixed settlement based on his 60% figure (which is based on the higher end possible selling price of our house) & I also get another 10k which would actually be a loan from the children. I would pay the children back 5k each, plus any interest earned on that money when they finish education or reach 21, whichever is later. I would also keep my own savings account with 2 1/2k in it which would help to cover my stamp duty & removals costs etc. This option would still limit me greatly, but make it much more possible for me to find something.

I am not currently working, & could not hope to obtain a mortgage in my name. My aim would be to find something for 16 hours & claim tax credits once this is all over. Having a mortgage free home would be my safety net.

Bases on these figures & possible worst & best case scenario selling prices of our house ex2b could buy himself a 2 bed house with a 60k or less mortgage, or if we achieved what he expects he could buy a house similar to what im hoping to get. (Again with around a 60k mortgage) He would also keep his own savings & insurance policy worth in total around 9k. However, his insurance policy will be worth 10-12k in around 4 years should he keep it going.

What do you think of my proposals?

  • attilladahun
  • attilladahun's Avatar
  • Platinum Member
  • Platinum Member
16 Mar 08 #16945 by attilladahun
Reply from attilladahun
"I am not currently working, & could not hope to obtain a mortgage in my name. My aim would be to find something for 16 hours & claim tax credits once this is all over. Having a mortgage free home would be my safety net"

Clearly if you work 16 hours and gets WTC/CTC you would be able to get a small mortgage when bridges the gap -that is the weakness of your approach" There is a clear obligation to maximise earning capacity.

The weakness of his negotiating stance is he too has a huge mortgage ability. Getting stuck in a theoretical % argument is of no assistance clearly reasonable housing is a priority- surely he doesn't want you all to live in poor accomodation

If he has a mortgage ability of £150K+ why should he jib!!!

  • LuckyGal
  • LuckyGal's Avatar Posted by
  • Senior Member
  • Senior Member
16 Mar 08 #16947 by LuckyGal
Reply from LuckyGal
What do you mean by jib?
He is not hugely concerned about his childrens housing need, his main priority is giving as little as possible away to me.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11

The modern, convenient and affordable way to divorce.

No-Fault Divorce £179

We provide the UK's lowest cost no-fault divorce service, managed by a well respected firm of solicitors. 

Online Mediation £250

Online mediation is a convenient and inexpensive way to agree on a fair financial settlement.

Consent Order £259

This legally binding agreement defines how assets (e.g. properties and pensions) are to be divided.

Court Support £250

Support for people who have to go to court to get a fair divorce financial settlement without a solicitor.