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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.

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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Benefits in Kind (BIK) are they relevant?

  • JulesW
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11 Mar 08 #16436 by JulesW
Topic started by JulesW
Just wondering where various benefits in kind would get entered in the Divorce Calculator.
My wife gets company car provided, health care, share options and various allowances.
Are these relevant in a divorce calculation?

  • peterc
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11 Mar 08 #16468 by peterc
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Hi FBGS

Company car / health care are put on your p11d and will affect the income tax position, so yes i would imagine that it would be included for income purposes.

share options are normally written into contract of employment, and normally allows for something like a 15% discount on the value of shares at the time of issue - so there is a potential to gain 15% of the share price. Normally on share options you pay a set amount each month (like £100) - and at the end of a fixed period of time (say 3 years) you would then be able to buy your shares at the discounted price, so it would be worth mentioning. (it will be on payslip how much they pay in)

As for other allowances - it depends on the nature of it (like is it a computer for work purposes etc) - give us some more detail and i'll try to answer.

cheers

peter

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11 Mar 08 #16472 by JulesW
Reply from JulesW
Thank you Peter for your prompt reply.

The share scheme that my wife's employer offers is quite lucrative. Contribute regularly and they will match your contribution up to £125 per month. Tax free, I believe, if they are kept for three years. So, you effectively get half price shares.

Are company cars based on the P11D value or the effective lease cost? I am not sure of either value at the moment.

Allowances are for meetings or meals in the field. Not big amounts I believe but they add up since they are regular. I suppose that these are meant to cover out of pocket expenses so may be minor compared to other benefits.

Thanks for your time.

FBGS

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