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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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ive no morgage on a house

  • peterkidd
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06 May 12 #328710 by peterkidd
Topic started by peterkidd
ive paid my mortgage on my (our) house my wife and children are living in the house im renting ive got twins aged 11. married 28 years new to this where do i stand any help please

  • LittleMrMike
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06 May 12 #328758 by LittleMrMike
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Difficult to say on information as limited as this.

You will have to pay child support of course.

If the FMH is free of mortgage, then obviously your wife''s needs are reduced and that reduces your potential liability for spousal maintenance.

Your options are :

1. Sell the house and divide the proceeds ;
2. Your wife and children continue to live in the property until the children are 18 at which point the house is sold and the proceeds divided
3. One of you may buy the other out ;

but in any event the main priority is housing the children while they are still dependent.

A great deal depends on your incomes.

How do you see it ?

LMM

  • sexysadie
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06 May 12 #328766 by sexysadie
Reply from sexysadie
This was our situation until we settled. I stayed in the house with the children and he moved into rented accommodation.

The value of the house was part of the whole marital pot. Fortunately I was able to take out a large mortgage to buy him out and he got about 45% of the value of the property overall, including savings, which he is supposed to be spending on buying his own place (no sign of that yet, though).

If I had not been able to raise enough money to do this then the house would have had to be sold and the children and I move into smaller accommodation - the house is larger than we strictly need so we could have been forced to do this.

So what happens will depend at least in part on your wife''s ability to raise cash to buy you out, or vice versa, and on whether the house is strictly bigger than she and the children need.

Best wishes,
Sadie

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