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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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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.


Possibility of clean break?

  • Mouse33
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02 May 12 #327993 by Mouse33
Topic started by Mouse33
Am new to the forum but have read through lots of posts which has been really helpful. Am just wondering what the chances of a Clean Break are? I have just withdrawn my Petition and accepted STBX petition to try to speed things up a bit. We both earn similar amounts have little in the way of assets other than house. Curreny around 180k equity My children are resident with her and I have them 5 out of 14 nights. I am happy to sign over the house and pay CSA rate maintenance if I can be debt free - foolishly took out loan for 25k for home improvement in my name - and if I can get contribution towards paying kids private school fees until they leave primary school. I''m not interested in any stuff in the house as I wod be happy to just move on snd try to be happy ad I can knowing I''m not seeing my kids every day. They are 9 and 6 and wife works full time.
Just really looking for advice
Thanks everyone in advance.

  • LittleMrMike
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02 May 12 #328054 by LittleMrMike
Reply from LittleMrMike
1. £180K is an awful lot of equity to be giving up. I couldn''t recommend you to be quite so generous. There could be alternatives.
2. You will have to pay CSA as you know.
3. Seems unlikely there will be spousal maintenance if your incomes are close. However a nominal order is always a possibility when children are involved ( £1 per annum ) for technical reasons.
4. If the property is in joint names, signing the house to her does not necessarily release you from the mortgage.
5. Have you a pension ? Is it possible she could let you keep yours ?
6. You must consider how you are going to be re-housed. Ideally you should have staying access for the kids.
LMM

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02 May 12 #328074 by Mouse33
Reply from Mouse33
Thanks - 180k is a lot but to be honest, after years of abuse, I just want to be free. I don''t have a pension although STBX does have small pension.
Does nominal order mean she could pursue me for spousal maintenance at future time ?
What are the chances of better settlement if we go to court?
Concerned about mortgage ... Will I still be liable ?

  • Lostboy67
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02 May 12 #328085 by Lostboy67
Reply from Lostboy67
Hi
To answer the latest questions

A nominal order is typically £1 / year it is put into the concent order so that at some point in the future if the party were to come on hard times then they could go to the court to seek a variation to increase this figure, but that would be based on your ability to pay that maintenance.

Given that you are giving up pretty much everything you won''t be worse off if it goes to court (fees accepted)

If you remain on the mortgage for the FMH then you will be liable for the mortgage

LB

  • LittleMrMike
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03 May 12 #328095 by LittleMrMike
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Mouse, I don''t think that a Court would approve a settlement like this. It''s just too one sided.

It might be different if you had a lot of assets that you could keep, but there is no hint of that.

Trouble is, the chances are that you are under stress, and decisions taken under stress can often be bad.

In the short to medium term your wife will probably have the right to live in the former marital home, but that doesn''t mean to say you lose all interest in it.

LMM

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03 May 12 #328104 by Mouse33
Reply from Mouse33
Thx LLM
You''re right about the stress. Right now she wants to clean me out even claiming wedding present of deposit on house was gift to her alone. If she gets house in court what happens to the mortgage?

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03 May 12 #328107 by LittleMrMike
Reply from LittleMrMike
The answer to your question is that, if the property is in joint names, and she gets the house outright ( which is extremely unlikely by the way ) then she will be expected to pay the mortgage in full out of her own resources. But technically, unless you can secure a release ( also unlikely, I''m afraid ) then you could be sued if she defaults.

This doesn''t seem to happen often but the position is theoretically unsatisfactory.

You might as well face it, you are going to take a financial hit. Chances are your wife and kids will continue to live in the property for some time to come.

But, look, sir, I am an old man now and I''ve seen it all. One of the things life teaches you is that sometimes in divorce situations, people act in a way which lets their folly in and their dear judgment out, to misquote Shakespeare. Hence my remarks about stress.

You don''t want to compromise your finances irreversibly for the sake of short term relief from stress. I haven''t much idea of the likely shape of a financial settlement because I know sweet F.A. about the financial situation.

If you are faced with a wife who seems determined to take you for everything, then my advice to you is relatively straightforward.

For a kick off, try and get a realistic idea of what your post divorce financial situation might look like. Then, don''t waste your money on negotiation or mediation. You may have to make a token attempt at mediation but if your wife wants the lot, it will get nowhere. Get your form E in as quickly as possible and get it before a judge.

That''s my .02p worth.

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