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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.


Influencing factors on settlement?

  • Cefnhir
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29 Feb 08 #15364 by Cefnhir
Topic started by Cefnhir
Hi, not sure if this is the right forum to post in for question, but here goes:

I am 59 and my wife is 50. We have been married for 8 years and have no children. My wife stopped work a few months after we met and has been studying/making art ever since. She suffers from an undiagnosed personality disorder, which makes her behaviour very unpredictable and she became impossible to live with. I was forced to leave 4 months ago due to the verbal and physical abuse; she continues to live at the home that was mine for over 2.5 years before she moved in. Most of my possessions are still at the house.

I have paid for everything during the marriage, including the building up of assets (improvements to property costing over £50k), the mortgage, all bills, holidays, groceries, meals out, entertainment, wife’s university fees, wife’s computer, wife’s camcorder, wife’s car servicing, insurance and road tax, wife’s dog’s costs, wife’s studio (costing £8k, that she has virtually never used) etc. Since leaving the matrimonial home I have continued to pay her £50 per week towards groceries, all the bills, oil, TV licence, house insurance, etc. as well as her car breakdown cover and half her MOT work. She continues to take a rental income of £8k per year from her previous home, but practically none of it has contributed towards the matrimonial home. To what extent would any of these factors be taken into consideration in a financial settlement?

  • LittleMrMike
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29 Feb 08 #15421 by LittleMrMike
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I think you can say that, the longer the marriage, the question as to who originally provided what becomes less important. Eight years is not a long marriage in my book
( my parents were married 64 !! ) but I suppose these days 8 years would go down as a moderately long one.

Right, you have no children, so the main issue is where you are both going to live. You say your wife gave up work. Is it realistic to expect her to work now?

Do you have a pension entitlement ? At your age this could be important.

I assume your wife could, after giving proper notice, get her own house back with a view to living there. I don't think a Court would find it acceptable that your wife should remain in the FMH and at the same time have another house belonging to her which she could use, when you yourself do not have secure accommodation.

I think I would need further details about your respective earnings and incomes. Alsoif you or your wife have other assets like savings, insurance policies, investments,
and so on.

Mike 100468

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01 Mar 08 #15439 by TrickyDicky99
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Do courts take into account if one corespondant has a new partner?

  • Cefnhir
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02 Mar 08 #15541 by Cefnhir
Reply from Cefnhir
My parents managed 58!

Thanks for the feedback, Mike.

It should be realistic to expect my wife to work again, although I accept that after so long out of the job market she will not be able to earn a lot. She has a condition that inhibits her working with children, for fear of infection, but the main problem right now is the depression related to the divorce and her brother dying of cancer.

Most of my pension plans were paid up before we got married (I have been self employed for many years, but used to be employed), which I'm hoping I might therefore manage to hang on to. I kept one going through the marriage. In total they're worth c£95k.

My wife only lived in her old house for 6 months before we got married, so she has never regarded it as a 'home'. She would not want to move back into it. Equally, it is clear that the matrimonial home will have to be sold too, partly because the proceeds will be needed for a financial settlement and partly for emotional reasons - I've loved being there, but it's time to move on. Her old house is worth c£320, and my old house (= matrimonial home) c£500k. I have other savings/ISAs worth c£20k. My income has taken a massive dip in the last couple of years as a result of the loss of a major contract and last year my income was less than my business outgoings and much less than total outgoings. Needless to say, my wife thinks this is all some ploy to reduce my liability, but actually it has been of great concern to me. I have been able to draw funds from my mother, however, to survive. I now have more work lined up, which should bring me in c£20-25k over the next year, however. My wife has no savings, and her income is the rental from her old house.

  • dukey
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02 Mar 08 #15555 by dukey
Reply from dukey
Hello

Perhaps it will help to put your details through the wili calculator it will give you an idea of what you both might get..

dukey

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