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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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Anyone able to offer me some advice please?

  • hadenoughnow
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14 Sep 12 #355778 by hadenoughnow
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I do not see how she would be able to take on the mortgage with an income of 900 a month. You could ask for evidence of how she would do this - ie a mortgage offer.

Hadenoughnow

  • hawaythelads
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14 Sep 12 #355786 by hawaythelads
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I was going to say the same thing.
If you sign over your half ownership of the house to her.That doesn''t mean you won''t still be liable for half the mortgage repayment.
Mortgage= LOAN you will still be liable.
You won''t get off the mortgage either.
No bank will give her a mortgage of £121000 in her sole name on take home of £900 a month.
She wouldn''t even secure a mortgage of £50000 on them earnings.
Add to the fact that you two are £3000 in arrears and in arrears on council tax your credit ratings will be flashing up that you are both a bad bet at the moment.
Unless the bank of mum and dad are planning to buy the house for her she is talking out of her rectum.
All the best
HRH xx

  • soulruler
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14 Sep 12 #355794 by soulruler
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Well this might sound radical but at the moment you are not getting out of the council tax arrears, you presumably do not want to be a kid staying with your parents for the rest of your life, you income is not able to support a mortgage and rent, your wife has moved out of the house as she cannot afford it and has not produced evidence that she is paying anything either to the mortgage or by way of rent to her parents.

The FMH has been vandelised so that will reduce its value at sale in repossession and you would both (she woman of straw and financially reckless as far as I can see) is not likely to be the one footing any bill.

So, in your case, if you feel able, I would move back into the house, negotiate with the mortgage company and the council.

I would change the locks so that your wife cannot get back in, and at least that way you

1. Have somewhere to live
2. Avoid any further bad credit rating
3. She has established that she does not want any financial responsibility and is willing to make herself homeless

I would also keep all your financial records at your parents house so that they do not get lost.

  • AnnoyedandAngry
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14 Sep 12 #355805 by AnnoyedandAngry
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Spoke to the lender just now over the phone- looks like I might be able to remove my ex-wife from the mortgage (and take on the mortgage myself) if I can find a guarantor to go on with me on the mortgage.

Spoke to my dad, he has the ability (and finances) at act as a guarantor for me.

Lender has advised me to make an appointment to see one of their mortgage advisers in branch to see if I can get a mortgage offer in principle. If I can, I''ll be taking this offer with me to the 1st appointment.

Thanks everyone for your replies.

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19 Sep 12 #356665 by AnnoyedandAngry
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Had the 1st appointment on Monday.

Looks like I won''t be moving into the FMH as ex-wife has got tenants living in the FMH as of 1st September.

Judge now wants ex-wife to forward a copy of the tenancy agreement and also provide evidence that the rental income will go towards the mortgage (and arrears).

Judge also wants to know the true valuation of the FMH (in order to work out what little equity there is in the FMH, at a guess there is only £8k equity in the FMH)- so we need to get 3 estate agent valuations in order to get the average valuation.

Judge also questioned ex-wife how can she obtain and service a mortgage of £120k plus arrears of £3k on an income of £12k per year? Judge also said that I would struggle to get a mortgage on my income as well (£25k)- I have a guarantor who can help out. Me and guarantor are speaking to a number of different lenders to see if we can get a mortgage in our names.

Judge now wants to see mortgage offers from both parties at the 2nd appointment. Spoke to current lender- their position is that as there are arrears on the current mortgage no party will be released from the current mortgage until the arrears are paid off in full and also 6 months worth of mortgage payments have been made- only then the lender may consider removing either party from the mortgage.

Ex-wife wants me to sign over my share of the FMH, but I won''t do this as I am liable for the mortgage if ex-wife defaults. I don''t want to be liable for a mortgage on a house on which my name is not on on the title deeds.

Ex-wife is also seeking spousal maintenance and also a share of my pension. Pension CETV is £18k and my salary is £25k. How successful will she be in getting spousal maintenance and a share of my pension? Ex-wife has no pension and I re-married in July 2012.

Council tax arrears are to be paid 50-50 by both parties.

It has taken so long to get this matter into court as ex-wife hasn''t had any interest in resolving the financial settlement until she found out that I had re-married.

Your opinions please.

  • somuch2know2
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19 Sep 12 #356680 by somuch2know2
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Your wife is chancing it.
She wont get SM on your income- You dont make enough to validate it.

She wont get a stake on your pension as there will be hardly anything in it and she is young enough to work and put into her own.

Why not put house on market and use the little money that is left to both move on (and far awar from each other)?

Also- I would be self-repping on this as there is so little money to be squabling about.

  • AnnoyedandAngry
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19 Sep 12 #356704 by AnnoyedandAngry
Reply from AnnoyedandAngry
Thanks for your reply.

House is on the market since June 2011- no one is interested in buying it.

I have moved on- it''s the ex-wife that can''t accept that the marriage is over (Decree Absolute granted in May 2011). Hence, the reason why she will not do a financial settlement.

Ex-wife is on legal aid and all her solicitor is interested in is her client''s legal aid as far as I can tell.

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