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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.


Is this fair?

  • r16
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08 Sep 12 #354654 by r16
Topic started by r16

  • soulruler
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08 Sep 12 #354681 by soulruler
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You can do that but I do not consider it necearily fair. What seems to be me to be fair is that you stop all joint accounts, confirm that she has left, keep paying the mortage and stay put.

She has left and has a large earning capacity and a larger pension than you.

Why should you at this point attempt to buy her out in a dubious housing market when there is no suggestion by her that you have to leave?

  • Elphie
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08 Sep 12 #354683 by Elphie
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If anything, I think it doesn''t sound fair to you - how are you proposing to buy her out? On a salary of 35k there is a possibility that you might not be allowed to take over the mortgage in your sole name, let alone increase it by 25k to buy her out, of that was what you were thinking.
However, you do have a claim on her pension. It would be worth her finding out how much this is, as you may be able to negotiate that you keep the house and 100% of the equity in it and she keeps her pension.
If she refuses to find out how much her pension is worth, I''m inclined to agree with soul ruler.

  • r16
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09 Sep 12 #354716 by r16
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Thanks for the answers. My family will give me the money to buy her out. My mortgage provider allows for 4.5x salary mortgages and i''m meeting the payments without going overdrawn. One point though is surely it would be better to buy her out while the housing market is low?

  • sim5355
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09 Sep 12 #354718 by sim5355
Reply from sim5355
hi!
I have to agree with the others you keep equity she keeps her pension.I would get the ball rolling asking her what she thinks, if you find she wants more then start divorce proceedings at least you will be in control of the process and it could take years.x

  • Elphie
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09 Sep 12 #354727 by Elphie
Reply from Elphie
You would be better buying her out while the property market is low, but the fact still remains you are taking on the debts as well as property, and pensions are worth a lot. I think her keeping her pension while you keep the equity in the house is entirely possible, and then you wouldn''t have to buy her out ever. And nothing dramatic is likely to happen to the market in the next year or so, so you have time so negotiate. I think you might be under estimating the value of a pension. Not to mention your are allowing her a Clean Break rather than going for spousal maintenence, which, with the difference in your incomes you might be entitled to. As she isn''t paying sm, she''d be able to save up a deposit for her own place in no time, even while renting. (I''m assuming there are no children, as you aren''t mentioned any?)

Also, even if you agree financial matters a judge still has to sign the Consent Order to confirm it is fair, that both party''s are understand fully what they have agreed to make it legally binding. If you don''t know the value of her pension then he might refuse to sign it anyway.

  • r16
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09 Sep 12 #354734 by r16
Reply from r16
Thanks for the advice. Correct - no children

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