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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.


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.


Financial split

  • julie321
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30 Jun 12 #340038 by julie321
Topic started by julie321
I think I may finally be ready to start divorce proceedings after being seperated for 3 years. Married 24 years.

Daughter leaves for uni this year so tax credits and child benefit will stop so I need to know where I will be financially.

I post below details of incomes, pension and mortgages and would like advice on what type of settlement might be appropriate.

H = 50
W = 55

Wife income £608 per month pension, unemployed at moment so no other income.

Husband income £1600 per month from employment.
Has a small pension worth £2000 ayear at present with a lump sum of £9000, not yet in payment. Has already received £9000 from a previous redundancy 12 month ago.
Allegedly living with friends so OW can claim tax credits or so he says, so paying rent there I assume. No other outlay as far as I know.

House worth £175,000 oustanding mortgage £22,000, where I live with daughter.

No other debts.

He pays me £600 per month to cover mortgage and daughter maintenance but assume this will stop when she leaves for uni.

Any ideas of split please?

  • Jamsandwiches
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30 Jun 12 #340091 by Jamsandwiches
Reply from Jamsandwiches
Hi There,

If you can go for an uncontested divorce. I sat down with my X and calmly agreed on reasons to avoid any upset when the aknowledgement arrives. Look like you can go by 2 years with consent.

If possible use a Consent Order rather than go through the courts for finances. You need to both be able to agree though to do this or you would have to apply through the court.

There is a finances calculator on the webpage that will help you get a good idea of a fair split.

Hope this helps

  • julie321
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05 Jul 12 #341309 by julie321
Reply from julie321
Bumping this in the hope of some advice on financial outcome/split. Thanks

  • maisymoos
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05 Jul 12 #341326 by maisymoos
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How big is your current home? How much would a 2 bed property cost in your area?

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05 Jul 12 #341335 by julie321
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Maisy, current home 4 bed but extra bed we put on ourselves. In need of a great deal of updating hence not worth as much as it could be.

Two bed houses are between 125,000 and 150,000, wouldn''t think I would be able to borrow any money to purchase a prperty due to age and income.

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06 Jul 12 #341458 by maisymoos
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Have you had valuations on your current property? I recognise you are unemployed at present, what is your earning potential.

This is a definately a needs case.Housing needs will be priority, however you have no mortgage raising potential and even if you received a larger share of the equity it sounds like you would be unable to afford a two bed place. I think you may need to consider a smaller one bed place to ensure you are mortgage free.

You may be entitled to a small amount of SM, but if you received a bigger share of equity your s2bx would require more funds to raise a mortgage.

Do any other wiki''s have an idea as to what would be fair in this situation?

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06 Jul 12 #341483 by julie321
Reply from julie321
Thanks Maisy

Not sure of my earning potential as worked in the NHS all my life and the chance of re employment there is slim. I have been on a couple of courses to gain qualifications but not sure if they will lead to anything.

My stbx will be moving in with OW who owns her own home as soon as she is no longer able to claim tax credits (he is there at the moment but uses another adress so she can claim, this is not just my assumption he told me as much before contact was stopped by OW.

I have had one valuation for the amount I stated and the estate agent did point out that any buyer would be wanting to update both kitche and bathroom which are over 15 year old.

A one bedroom place would leave me with no where for my daughter to come home to during uni holidays so she would have no where to live.

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