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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.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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redundancy after separation

  • rob3188
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14 Dec 14 #451602 by rob3188
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Hi there.
my wife and I split up a year ago under a trial separation period. She then secided it was over. Shes is on bens and im paying what i should be plua a little more... i have now vpluntered.for voluntary redundancy and will be moving abroad. Will she be entitled.to a percentage of my redundancy eventhough we split up over a year ago and i moved out back then? Will it still be part of the matrimonial final payment pot
chhers
Rob

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14 Dec 14 #451605 by Joslo
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I think she will Rob you will have to complete a form E and declare everything I was lucky and kept my pension as she comes from money and just wanted me out of the family....

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14 Dec 14 #451606 by rob3188
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I thought as i had moved out at her request that from then any money I would get would be classed as mine...the redundancy payment is to bide me over untill u get a new job... perhaps i should go and have a good time with it...they cant get anything from nothing....

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14 Dec 14 #451609 by Fiona
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Oh yes, they can! Not saying it is the case here, but an order for nominal maintenance or a deferred lump sum can be made so someone with the potential to work pays later when they have money. Disposing of assets to prevent or reduce a spouse''s financial claims is frowned upon and that makes nominal maintenance or a deferred lump sum more likely.

On the other hand sharing a percentage of redundancy pay or offsetting it against other assets such as equity or pension can be agreed so there is a Clean Break.

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14 Dec 14 #451611 by rob3188
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If im honest...i do not intend to squander any of it. The intention is taht it will pay off my creditcards and pay for the sol fees. Also whatever is left my intwntions would be to pay chold maint from it at a level i am paying now as I dont want the kids to suffer. We have got a joint mortgage but she doesnt work so god knows whats going to happen to the house. We had verbally agreed she''d keep the house and equity in it..approx 30 to 40k and i woild keep a sharesave scheme which matured last august at 22k odd. That money was partialle spent on a holiday for me and my new partner and debts which ive had to split into 2 repayment periods due to cap gains tax. Onve the loan is paid off the sharesave money will be gone. I hope that gets taken into consideration at the end...ive also got a car which im going to have to sell as i will be moving from uk to germany and a right handdrive car there is no good to me...ive already made that point to her sols...

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14 Dec 14 #451618 by Fiona
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Redundancy can''t be seen in isolation. It, along with any other assets (including pensions) in joint and sole names minus any liabilities forms the net value of the "pot" to be shared, in many ordinary cases according to need.

Can your wife afford to make the mortgage payment? If so and debts have been paid there is a good chance you would keep all the redundancy.

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14 Dec 14 #451620 by rob3188
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Thats just the point... she is on benefits...the mortgage is an interest only one and is cheap enough for her to pay as it currently stands... but no mortgage company will let the house be in her name when shes on bens with no job. The idea is that there will be no debts left...not on my side at least...but for that to be the case I need to use the rest of a sharesavescheme and most probably a chunk from my redundancy payment...ive not had her divorce petition through yet so I dont know if theres anything in there which could surprise me. My solicitor has quoted around 500 to 700 for the divorce. ..the financial aspects should be in the region od 1500 to 1700 if all goes amicably... i have no idea how the wife is paying for her solicitor fees as according to my solicitor the company she uses does not use legal aid...so im guessing she is going to try to get me to pay for it...hope i can get out of that one somehow

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