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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.


Calculator Output - does this look OK? / Correct?

  • jm0652
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23 Apr 12 #326035 by jm0652
Topic started by jm0652
Really hope someone can chck this fro me please....

I didn''t put in any outgoings as I dont know what they are yet....

Started proceedings today for her unreasonable behaviour.....boy is she mad..... She''s a solicitor so now I have 3 of them in my divorce :woohoo::S

Thanks


Divorce Calculator Output
Your Wikivorce estimate for Ancillary Relief is based on the following parameters:

General:
The length of the marriage was 9 years and 7 months.

Income:
The wife''s net monthly income is £42000.
The husband''s net monthly income is £14000.

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

Assets:
Joint matrimonial property:
- Former matrimonial home valued at £475000
Total : £475000
Wife''s property:
- Other property valued at £90000 (value at marriage : £0)
- Former matrimonial home valued at £90000 (value at marriage : £0)
Total : £180000 (Total value at marriage : £0)
Husband''s property:
Total : £0 (Total value at marriage : £0)

Processing Assets:The total value of assets you entered as joint assets was : £475000
We add to this joint pot the increase in wife''s assets since marriage : £180000
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: 655000
The wife''s asset pot is: 0
The husband''s asset pot is: 0

Liabilities:
Joint liabilities:
- Mortgage valued at £-170000

Total : £-170000
Wife''s liabilities:
- Mortgage valued at £-75000 (debt at marriage : £0)

- Mortgage valued at £-75000 (debt at marriage : £0)

Total : £-150000 (Total debts at marriage : £0)
Husband''s liabilities:
Total : £0 (Total debts at marriage : £0)
The net joint assets are worth : 485000
The net wife''s assets are worth : 0
The net husband''s assets are worth : 0

Splitting the assets:
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: 40%
Husband''s share: 60%

Wife''s total share of net assets is : £194000
Husband''s total share of net assets is : £291000


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

Maintenance calculation based on outgoings data:

You did not enter any outgoings data.

Maintenance calculation based on household/childcare data:

The wife has been allocated the following:
- basic (incl childcare) needs £7000
- shared contribution £7000
- share of excess income £21000
A total budget allocated of £35000

The husband has been allocated the following:
- basic (incl childcare) needs £7000
- shared contribution £7000
- share of excess income £7000
A total budget allocated of £21000

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23 Apr 12 #326036 by jm0652
Reply from jm0652
Oh and by the way I''m bing made redundant in 2 months time so really need to get a new house asap

  • happyagain
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23 Apr 12 #326046 by happyagain
Reply from happyagain
I''m very surprised at the suggested asset split. I would have thought that, given th big difference in incomes and the shared care, you would receive slightly more of the equity.
The calculator is just a rough guide, a starting point. Is your wife a divorce specialist?

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23 Apr 12 #326052 by jm0652
Reply from jm0652
Nope - but she has loads of friends who are....

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23 Apr 12 #326058 by Fiona
Reply from Fiona
Actually the way it works is if there are enough assets to meet the needs of both parties there is less justification to move away from 50:50. I''m just rushing out, but I would have thought a 50:50 split would be enough for each party to rehouse.

There is a big discrepancy in incomes so SM might be a factor. Depending on both parties aspirations there are various options of achieving a fair settlement ie one that complies with s25 Matrimonial Causes act 1973 and other law. Basically the more assets are split in your favour the less claim there is to SM and vice versa. The first consideration is whether a Clean Break between spouses can be achieved.

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23 Apr 12 #326065 by WhiteRose
Reply from WhiteRose
Hi,

Just wondered how the 3.5 nights each for the kids work? :S

WR

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