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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.


Fair settlement?

  • sosad1968
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21 May 12 #332083 by sosad1968
Topic started by sosad1968
The Divorce Calculator just won''t run so I wonder if people could give their views on this?

Our house is worth about £250k with about £40k mortgage on it.
We have approx. £40k savings.
My pension is worth peanuts. Dh''s pensions total about £45k transfer value.
We have two children aged 13 and 11
I earn £5930, he earns £50k

For various reasons dh''s job is unstable so we both want my home to be mortgage free to provide stability for the kids.

Our plan is to sell the house and buy something smaller mortgage free (with maybe all the £200k equity) for me. DH would take all the savings (with perhaps £5k for me) and all his pension.

On paper this could be seen as unfair but dh has proposed this as he can start again with a new mortgage on his wages.

Would a court throw this deal out?

  • MrsMathsisfun
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21 May 12 #332088 by MrsMathsisfun
Reply from MrsMathsisfun
Hi

Can I ask is your income yearly amount? Does it include cm, benefits etc?

How old are you both and how long have you been married?

If you can answer these question it would be easier to say whether a court would consider this fair or not.

  • Fiona
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21 May 12 #332097 by Fiona
Reply from Fiona
On the face of what has been written I think you are working along the right lines. With children aged 11 and 13 this isn''t a short relationship. The proposed split would leave you with £200k equity plus £5k savings and your husband with £60k equity, £35k savings and his pension.

However there is a discrepancy in earnings and you need to think about what your earning potential is, how you will afford to live when CB, CM and any tax credits end when the youngest child reaches 18 and how you can save for retirement.

  • sosad1968
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21 May 12 #332108 by sosad1968
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We are both 43 and have been married for 18 years.

The income I have quoted doesn''t include child maintenance. We haven''t got as far as that yet!

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