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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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my results.. hmmm! how does this work then? ;oD

  • rob.w
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11 Jan 08 #10437 by rob.w
Topic started by rob.w
had a couple of plays with this neat tool, a few queries though.

the 2 figures at the bottom than I am to pay. is that monthly? its saying i need to hand over 50% of my net income. i suppose the 60/40 split on the asset is standard, but i just cant seem to rationalise why i have to hand over 50% of my income (there will be CSA payments to come out as well) - how would I be expected to provide somewhere for my children to stay under this calculation. i must have done something wrong! ;oD - any thoughts gratefully received.




General:
The length of the marriage was 10 years.

Income:
The wife's net monthly income is £500.
The husband's net monthly income is £1200.

Children:
The number of children from the marriage is 2
Child 1 stays with wife for 3.5 nights per week and with husband for 3.5 nights per week.
Child 2 stays with wife for 3.5 nights per week and with husband for 3.5 nights per week.

Wife's Monthly Outgoings:
Essential outgoings: 775
Childcare outgoings: 160
Lifestyle outgoings: 165

Husband's Monthly Outgoings:
Essential outgoings: 818
Childcare outgoings: 160
Lifestyle outgoings: 164

Assets:
Joint matrimonial property:
- Former matrimonial home valued at £130000
- Car(s) valued at £750
Total : £130750
Wife's property:
Total : £0 (Total value at marriage : £0)
Husband's property:
Total : £0 (Total value at marriage : £0)
The total value of assets you entered as joint assets was : £130750
We add to this joint pot the increase in wife's assets since marriage : £0
We add to this joint pot the increase in husband's assets since marriage : £0
We add 10% of wife's assets (valued at marriage date) for each year of marriage, which is £0
We add 10% of husband's assets (valued at marriage date) for each year of marriage, which is £0

The joint asset pot is: 130750
The wife's asset pot is: 0
The husband's asset pot is: 0


Liabilities:
Joint liabilities:
- Mortgage valued at £-95000
- Unsecured loan valued at £-7000
- Credit card valued at £-5000
Total : £-107000
Wife's liabilities:
Total : £0 (Total debts at marriage : £0)
Husband's liabilities:
Total : £0 (Total debts at marriage : £0)
The total value of debts you entered as joint debts was : £-107000
We add to this joint pot the change in wife's debts since marriage : £0
We add to this joint pot the change in husband's debts since marriage : £0
We add 10% of wife's debts (valued at marriage date) for each year of marriage, which is £0
We add 10% of husband's debts (valued at marriage date) for each year of marriage, which is £0

The joint debt pot is: -107000
The wife's debt pot is: 0
The husband's debt pot is: 0


Now we net off the debts against the assets:
The net joint assets are worth : 23750
The net wife's assets are worth : 0
The net husband's assets are worth : 0

Next we share out the net joint assets based on factors such as:
length of marriage, relative incomes, who cares for any children.

Wife's share: 60%
Husband's share: 40%

Wife's total share of net assets is : £14250
Husband's total share of net assets is : £9500


The Wikivorce estimate for ancillary relief based on the above parameters:

Maintenance calculation based on outgoings data:

The wife must reduce her budget from £935 to £831
The husband must reduce his budget from £978 to £869
The wife has been allocated the following:
- basic (incl childcare) needs £831
A total budget allocated of £831

The husband has been allocated the following:
- basic (incl childcare) needs £869
A total budget allocated of £869

The husband should pay the wife maintenance of £331

Maintenance calculation based on household/childcare data:

The wife has been allocated the following:
- basic (incl childcare) needs £625
- shared contribution £225
A total budget allocated of £850

The husband has been allocated the following:
- basic (incl childcare) needs £625
- shared contribution £225
A total budget allocated of £850

The husband should pay the wife maintenance of £350

  • DownButNotOut
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11 Jan 08 #10454 by DownButNotOut
Reply from DownButNotOut
OK

The calc is pretty cool but could do with a better help page to explain the output.

1) The two maintenance figures are alternative.

i.e. you pay one OR theh other.

The most accurate is the one based on income.

So the calc is saying you should pay TOTAL maintenance of 331 per month.

2) Also this figures includes CSA.

so if you are going to pay 20% through CSA..which is 240 per month...the calc is saying you should top up that with 91 per month spousal maintenance (240+91=>331)

As you see the end result is she ends up with 831 a month and you with 869 a month.

  • Fiona
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11 Jan 08 #10484 by Fiona
Reply from Fiona
With an income of £1200 there will be no spouse maintenance. You will be entitled to roughly £200 a month tax credit your ?wife £600. Also you will need to pay 15% of income minus 50% deductions for overnight stays CM whilst your ?wife will only pay £5-10 a week.

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