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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.


clean break order

  • survive
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10 Jan 18 #498638 by survive
Topic started by survive
Hi all,

Please could someone give me some advice. If a H and W are already divorced(6 years ago) but no Clean Break Consent Order, however now they would both like to agree a clean break order.

Financial settlement was agreed and made 6 years ago including the FMH at the time (which has since been sold), however there was no discussion re: pensions.

mediation has been attempted several times with no agreement being made.

H would like to offer W a share of pension either as a cash sum or pension share, however what would be a reasonable amount or percentage?

If both parties agree could they then get a solicitor to draft an order to be signed by the judge?
Do they both need to complete a form D81 anyway?
Many of the assetts at the time have changed so what should be taken into account?

W is 12 years younger than H, they have 2 children older than 18 and both working. Both parties work and have pensions. Marriage was for 13 years.

Any advice, especially on what would be a reasonable amount or percentage to agree would be most helpful.

Many Thanks

Survive

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10 Jan 18 #498639 by WYSPECIAL
Reply from WYSPECIAL
survive wrote:


H would like to offer W a share of pension either as a cash sum or pension share, however what would be a reasonable amount or percentage?


Hard for anyone to say when they don't know what the pot is or what the situation is.

You say W is 12 years younger so has an extra 12 years to contribute to their own pension.

Are you both still contributing to pensions?

How much do you each earn etc?

The Court take into account the financial situation now not six years ago

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10 Jan 18 #498647 by survive
Reply from survive
Thankyou.

Both h and W are still contributing to pensions. H earns more than W.

the financial circumstances now are quite different to when the divorce and financial split was agreed 6 years ago.
There are no longer any children in full time education or under 18.
W has brought 2 houses and sold both with a profit.
H has sold 1 house and brought with a new partner 50/50.

How will this all be recorded on any documentation that needs to be prepared for an agreed joint split?

It is better to share a pension with a cash offset or offer a percentage upon retirement?

It is really difficult to try and reach an agreement without involving a legal team as neither party knows what would be a 'fair' amount.

If based on 'need' Section 25, then surely there are no longer any dependents, H has 3 stepchildren under 18. The 'need' for both party would be based on what?

Many thanks

Survive

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10 Jan 18 #498656 by hadenoughnow
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If your housing needs are met, this is not an issue.

THE very simple way to work out the pensions would be to divide the pensions cev by the number of years the pension has been running the multiply by 13 to give the pot accrued during the marriage. Then divide 50:50 and look at how much cev needs to change hands to even things up. When you have that figure you can work out what percentage share of the larger pension it represents.

It is more complicated if the pensions are different types. Ultimately only a specialist such as an actuary will be able to give an accurate picture.

Hadenoughnow

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11 Jan 18 #498669 by survive
Reply from survive
Thank you for your response, would you still advise splitting 50/50 even with a 12 year age gap?
Also, as both parties 'needs' are met does there need to be a pension share/cash offset in the first place?

One pension is a final salary and the other not. both H and W have tried to get these valued before however one party did not want to pay the £1,000 actuary costs this would involve (even though the cost would be shared).

As you have said a judge would look at financial circumstances now......

These are quite different from 6 years ago. W is currently in rented accommodation (in transition after the sale of her last property) and H has brought a different property. H and W salaries have both increased and as already mentioned there are no longer any children under 18 or in full time education.

How detailed is a form D81? Can this be found on the site?

Many thanks to whoever can respond..... just trying to get it resolved properly!

Survive

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15 Jan 18 #498769 by survive
Reply from survive
Hello,

If any Wiki's could possibly answer my previous questions then i would be most grateful.

Is there a reason to depart from equality? (for a pension share or cash offset) based on the age difference of both parties, both 'needs' are met and the children are now over 18 and working?

Many thanks

Survive

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