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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.


Should I go for a higher paid job?

  • humdrum
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11 Jul 12 #342631 by humdrum
Topic started by humdrum
Moved out of former marital home with children more than a year ago. Have been earning more than ex for some time but not hugely so. Really need some more income as housing and legal costs are high but am concerned about the following:
If I increase my income further, will I end up having to pay spousal maintenance?
Will the difference in income affect the way that assets are divided (former marital home is mortgage free, but I have a big mortgage on my new home)?
Have an interview tomorrow for a better job - but also have an offer of a temporary promotion that will come up later in the year. Should I go for the interview for a permanent better paying job or wait for the temporary promotion?

  • LittleMrMike
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12 Jul 12 #342647 by LittleMrMike
Reply from LittleMrMike
It is hard to answer this question without knowing where you''re at right now. Are you still in the process of negotiating a financial settlement ?
Obviously, any change in your circumstances, or those of your husband / wife, could have an effect on a divorce settlement. To take an example, an increased salary could mean you could afford a larger mortgage than you would otherwise, and that can mean that your spouse might have a larger share in the house.
I think anyone who is paying spousal maintenance, or is at risk of doing so, should be aware of the risk that a Court could make a permanent sm order on the basis of a salary which is only temporary, or where the payer''s income, for example, consists of overtime or bonuses which are not guaranteed, and which could fall, when the sm would not. To say that you can apply to vary is all very well, which might have more substance if variations were compartatively simple and cheap, but of course they are neither.

LMM

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12 Jul 12 #342650 by humdrum
Reply from humdrum
Have not yet started dealing with financial issues as have just completed an extremely protracted and costly case over contact and residence, but need to get going on this asap.

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12 Jul 12 #342653 by sexysadie
Reply from sexysadie
Things like spouse maintenance often depend on the difference between incomes and may also take into account earning potential. So we may be able to give you a bit more help if you can give actual (and potential for you) income figures, and also whether either or both of you works part-time and whether it is feasible to increase hours.

Best wishes,
Sadie

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15 Jul 12 #343240 by humdrum
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STBX earns £28K and I currently earn £35K both working part-time (approx 4 days/week).
The marital home is mortgage free and worth about £300k. STBX lives there. I have bought a house worth about the same but have a £200k interest only mortgage and kids live there with me apart from standard contact.
I would like to apply for a promotion which might add another £4/5K to my salary if I remain on same hours. Should I do it or sit tight in current job until matters are resolved?

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