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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 legal advice on a fair financial settlement?

We offer a consultation with experienced family solicitor for a low fixed fee. You will receive legal advice and a written report outlining your legal position and setting out what a fair settlement would look like based on your individual circumstances.


Am I daft and about to be stung.....gulp!

  • welshguy2008
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29 Jan 08 #12285 by welshguy2008
Topic started by welshguy2008
My wife and i are currently in the process of divorce.

We agreed many moons ago that should we ever split that everything we own would be split 50/50.

We own 2 properties. The 1st one (our home) has equity of 80k, the second has equity of 20k.
My wife is a police officer and has been paying a good pension for 7.5 years. I have been paying a comany pension for 4 years. My wifes salary is 35K and mine is 30k
We have/had? savings in my wife's name approx 5k (if she hasn't blown it to pay for the divorce) We have a caravan worth 5k.
Our home is in my wife's name and this was bought just before we married. The reason for it being in my wifes name was that I was the bread winner and if my name was on the mortgage we wouldn't have been eligble for a grant towards work need to the home. The 2nd home is on my name solely due to first time buyere concessions etc.

Neither of us reside in our marital home, she is living with her brother along with her son from a previous relationship before we married. My stepson is 13 and has been with me for 10 years. My wife is now seeing a guy she works with and was seeing him for at least a month before we split (unknown to me at the time)

When we split my wife asked me if I had a figure in mind and I replied 35k as a fair 50/50 split. Her solicitor has asked her to contest this figure in court as she thinks my wife split could be as big as 70/30.

Can some please offer advice as to a reasonable figure that I could expect should I go to court? I have done the math (in hindsight) and estimate the assets to be nearer 110-120k. Can someone let me know what I could reasonably expect bearing in mind some of the points above??
Many thanks for your help

  • DownButNotOut
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29 Jan 08 #12290 by DownButNotOut
Reply from DownButNotOut
welshguy,

I assume (u dont say explicitly) u have been married 10 years.

The consequence of this long marriage is that all assets are now essentially joint marital assets (whosever name they are in).

You have roughly equal salaries and can each be self supporting after the marriage.

All of the above points strongly towards a 50/50 split.

The only thing that could skew this slightly is that she will care for her son....but...he is not a child of the marriage.

So...my best guess at outcome would be a 50/50 split.

At worst....I would think 60:40 to her...but i doubt it.


So I think you should be asking for 60k of the 120k. And not take less than 50K.

  • welshguy2008
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29 Jan 08 #12294 by welshguy2008
Reply from welshguy2008
Hi downbutnotout(brill name btw),

Many thanks for taking the time to reply. We have been married for 7.5 years but together for 10 years nearly.

Obviously she will need to care for my stepson and would the fact that she is on £35k mininmum (more like 40-45 with o/t) have any bearing on the settlement outcome (in my favour) Also, the father of the son makes a CSA payment monthly (for what the pittance is worth)and would this act against her in the settlement against me?

I have made my first appointment with a solicitor for next week and don't want to be throwing money away when I could potentialy end up with less than the £35k agreed (when my head was elsewhere!).......also, and here's the crux maybe, I had an affair (well met a colleague 3 times in 2 years)which ended 18 months ago and this was her grounds for the petition, which I signed just the other day. Would this have any negative bearing against me? (I hasten to add that she had 2 affairs (that I know of) subsequent to mine after our reconcillation of 18 moths ago.
And finally, do I have/would I have any financial obligation to my stepson....not that would mind, I would just like an indication

Many thanks again for taking time to reply.......This is a fab site!! Very informative and some good advice on a variety of subjects!

  • Fiona
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30 Jan 08 #12335 by Fiona
Reply from Fiona
Under the Matrimonial Causes Act 1973 the courts have to consider the needs of "any children of the family" under 18, including step-children. The fact your step-son isn't a child of the marriage makes little difference, he still has to be housed, so the capital division is likely to in your wife's favour to accommodate him. :(

The courts also have powers to order maintenance for children of the family who are not children of the relationship, but the nature and extent of involvement with the child is a consideration so as in your case the natural father pays child maintenance you most probably won't have to.:)

On another thread you mentioned you had been denied contact with your step-son. Even though he isn't your natural child after a relationship with him for 10 years you can still ask the courts to order parental responsibility and contact if you wish.

  • JulesW
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30 Jan 08 #12337 by JulesW
Reply from JulesW
Just an idea but have you run some of the figures through this site's Divorce Calculator?
It can offer a good insight into how it works and allows you to chnage some of the figures to see what effect that has on the outcome.
Best Wishes
FBGS

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