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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.


Working Tax Credit - When are u legally Separated?

  • newchptr
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07 Apr 08 #18861 by newchptr
Topic started by newchptr
Hi,

I would like to move out of the Family Home and rent somewhere else. However I can't afford this with our current finances.

At what point are my x2b and I legally separated? When I move out?

If I move out, assuming there is an entitlement, can my x2b start claiming Working Tax Credit at that point?

Thanks for any advice.

  • Angel557
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07 Apr 08 #18864 by Angel557
Reply from Angel557
Depends how many hours she is working New she needs to be working min of 12 hours but also when you move out she will need to tell Inland Revenue to be reassed for child Tax Credits as a single applicant.

  • Young again
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07 Apr 08 #18866 by Young again
Reply from Young again
newchapter,

When at the marital home you are not separated. Is there a particular reason why you would wish to be viewed as 'seperated'?

If you want to help your xtb get CTC, you could have two households in one house - living together, but not as man and wife. Also this won't affect your tax position regarding the marital home as it'll still be your principal private residence.

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07 Apr 08 #18868 by newchptr
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Thanks for the replies :)

We are still living in the same house but in seperate bedrooms and the divorce petition will be started soon.

If my x2b can start claiming Working Tax Credit - she works part time about 18hrs - then there would be more money coming into the family and I would be able to get out and rent a flat.

Thank you for bringing up Capital gains as this could definately be a factor I haven't considered. The intention is to sign the house over to my wife as part of the settlement - I get to keep my pension. I would also be getting £6k savings and my x2b was going to borrow £16k to give me as well (so £20K). I would then only pay CM and no SM.

What I don't understand is when we can do what. We both want to do things as quickly as possilble so that we can move on.

Is there anything we can do or do we have to wait for a Decree Absolute to make changes?

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07 Apr 08 #18870 by Young again
Reply from Young again
Newchapter,

Separate bedrooms and separate mealtimes is the ticket!

Wait with the Decree Absolute until you have settled the finances.

I take it you have a nisi?

Do you have children?

Do you have solicitors involved?

If you have an agreement then the procedure for settleing ancillary relief is fairly straightforward.

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07 Apr 08 #18872 by newchptr
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Hi Oldie, thanks for the reply.

Haven't started petition yet so no nisi (petition will be started in the next few days).

Yes two childeren 12 and 8.

I have a solicitor, and my x2b is going to see one soon.

We are working on the agreement and the intention is to agree ourselves and then involve the solicitors to put in a Consent Order.

Just difficult living in same house. Ok for a short while but not sure what it will be like after 2/3/4/5/6 months!

Thanks.

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07 Apr 08 #18874 by Young again
Reply from Young again
Newchapter,

I have some serious advice to pass on related to my own personal experience and that of two other divorcing people.

1 The Court procedure can easily overshadow what the divorce may mean to you.

2 There is no point whatsoever in going to a solicitor just yet if the two of you are talking and coming to an agreement.

3 Try to agree the arrangements for the children, contact and the financial split between the two of you. Invlolve the CSA now to 'pull that tooth'.

4 Then do a DIY divorce. One of the plastic folder sets at about £15 to get a petition in, get the nisis, a first appointment 12 - 16 weeks later at which you both ask to be a FDR and present the judge with a Consent Order and put in for an absolute. A few hundred quid in Court fees and if your x isn't earning and applies she will get it cheaper.

5 Both of you please, do NOT under any circumstances allow your solicitors to tell you what you might be 'entitled' to. The two of you are the deciders of what happens - not the solicitor. If you are both happy with your settlement then stick to it.

It IS difficult living in the same house; be civil to each other.

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