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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.


Do legal fees come out of the matrimonial pot?

  • .Charles
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25 Jul 12 #345246 by .Charles
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The mesher order is actually in your favour in as much as it gives you a specified share in the property which is deferred until a certain trigger point is reached.

If your wife is publicly funded, repayment of her legal fees is likely to be deferred against the property and whilst the fees remain unpaid, interest will accrue at 8% per annum.

Any increase in your wife''s legal fees is likely to have an effect on your settlement as any calculation which takes into account the needs of your wife will be meaningless if the costs aren''t also taken into account.

The effect of taking into account the legal fees could reduce the percentage of any interest that is ordered in your favour on a mesher order.

It is in your interest to try to settle.

Think of it as though you are trapped in a airtight container. You are both using the oxygen and your wife will use more whilst she is speaking and you less but it is still a joint supply of oxygen. The lack of oxygen will slowly create a poisonous atmosphere.

It is the same in Ancillary Relief proceedings - when the parties are cash and asset rich, they can afford to spend money sorting out their disputes. When the money begins to run out, people grab feverishly at what is left.

Settlement is an imperative otherwise the party with most needs (your wife) will get the lion''s share of what is left if not all of it. If legal fees are deferred against the property, these are likely to be paid off first before distribution of the net proceeds of sale. If you have a percentage stake, the amount of those fees will determine how much that percentage is worth.

Right, I''ve used all of my metaphors and similies - I''m off to the shops to get some more.

Charles

  • freeagain2011
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25 Jul 12 #345248 by freeagain2011
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Thanks Charles, and if she is not publicly funded? She earns £60K+...

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25 Jul 12 #345410 by .Charles
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Then she will be required to pay her fees up front mostly - particularly if she is seeking a mesher order as her solicitors cannot take their fees from a lump sum at the end as there will be no money changing hands.

Charles

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