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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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  • redwine47
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25 May 12 #332997 by redwine47
Topic started by redwine47
Met with Legal Team re joint consultation to sort final split

Me 49..Him 50...married 23 yrs.

Advice given was

1. 60 /40 HOUSE in my favour... Have 12 years old & uni student living at home. (and pets! ) House mortgage free, valuation 195.000k.

2. SAVINGS. Me have 35k. He 20k. (10k missing on LUXURIOUS., (split 50/50.)

3, Joint endowments. 56k....(Split 50/50) .

4. Pensions.... Me 39k.... Him 325j.. (split 40/60 his favour).

Also child school fees approx 35O month on top normal living costs, (50 /50)

PS.. My Inome unemployed at present but (per month) . £600 CM/SM, CB. £87, tx credit £199
He school principal 52 k approx 3k aprx pm.

Is this a fair settlement?

  • Action
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25 May 12 #332999 by Action
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I''m not an expert but the first question that springs to mind is how are you going to give him his 40% value of the house, or are you moving to a smaller house?

How much is the SM?

Have you had an actuarial valuation on his pension?

Do you expect to return to work fairly soon and wil your income be comparable to his?

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25 May 12 #333000 by Bernie58
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Not sure that it is. Is the proposal that you sell the house? If so where are you to live?
You are currently unemployed but with youngest child aged 12 would be expected to get a job and your earning potential would be taken into account. When did you last work? If you have been a housewife since your children were born I would think you are entitled to more. Your husband is on a good salary

  • hadenoughnow
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25 May 12 #333010 by hadenoughnow
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When do the endowments mature. If there is more than one policy, what are they each worth?

You say you are unemployed at present. When did you last have a job? What did you earn then? How likely is it you will find employment soon? Do you need to retrain? What kind of salary would you expect?

Can you afford to pay half of the school fees? Is your income sufficient to cover household costs? How big is the house?

What type of pensions do you both have?

Sorry about all the questions. Just trying to get a fuller picture.

Hadenoughnow

  • redwine47
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25 May 12 #333011 by redwine47
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House,, Was hoping to keep house re security for children. Not sure how I can fund any home though!

Work.... Worked most of married life but took last 9 years off re long awaited 2nd child. Got a temporary 9 month job after split., split (split 2.5 years now) But nothing at moment. Frantically lking. Approx 7k gross if I''m successful.lot less than I got 9years ago! Prospects not so gd re current climate like most.

Spousal maintenance.... Mentioned to legal team but did not get any positive feedback,.!

Pension... His value government pension 325k s quite accurate with lump sum 60k in 10 Years. Close to accuracy.

I don''t know what to do as although I have savings I have no income or job not entitled to any other benefits either at moment.

Advice welcome?

PS endowments have just matured re above value.

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26 May 12 #333059 by hadenoughnow
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Redwine, what is his housing situation? Does he need a deposit for a mortgage?

What worries me in your post is what you say about not being sure if you can fund the home. There is no point keeping the house if you cannot afford to live there.

You need to take a long hard look at your finances and think about what you need vs what you want.

It may be there is a case for sm even for a limited term to allow you to retrain or at least improve your skills so you are more employable.

You may need to downsize to a more affordable property. This will depend on how big the FMH is and what can be saved by moving.

You may need to reconsider private schooling. It does not look like your budget will run to it.

One obvious way to split things would be to split the whole marital pot 70:30. This pretty much equates to house to you, savings and endowments to him.

Another option may be to have a charge on the property so it is sold when say youngest finishes first degree. He would get say 40% then. Some savings could be ringfenced for school fees. I reckon you are looking at 25k+ . That would leave some 60k to split between you now. If ex does not need deposit, that may be fine. Bear in mind that savings will impact on benefits. You also need to be sure that your eventual share of the property would be enough for you to buy something suitable.

I don''t understand the logic of the 40:60 pension share. Is this 40% of the whole pot? Or of his pension fund?

His income is, and probably always will be, much greater than yours. You are PWC. That would be reason enough imo for you to have a greater share of the cash assets without any need to offset pension share. In my view it should be 50:50 equalisation of income on retirement.

Hadenoughnow

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26 May 12 #333073 by redwine47
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He is renting a furnished flat has quite gd deal. 395 pm.

Funding a home. I am in family home mortgage free. So requre to pay same house hold bills for any home eg electric, oil, food, car etc. Also don''t want to disrute children.

Child had to do exams to get into school just finished first year. It''s not private.but there are supplementary fees to pay, also travel costs, uniform, music lessons etc.

Work. I did training course to update skills, also have reasonable qualifications. Have tried my own town and further afield, work is sparse and numbers applying for each job is shocking.

Pension was 40% of his pension. I thought perhaps 50%

Basically I need cash to live off while awaiting work, if lucky it will be temp contract anway, so need cash backup. In between. Would asking for home and all savings, endowments be out of the question. With no sm and none of the pension.? He has good income, secure work large pension.

What do you think? Thanks

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