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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.

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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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"Fair" settlement not "Fight" - what''s the deal?

  • Trinity Chem
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30 Jun 12 #340093 by Trinity Chem
Topic started by Trinity Chem
Currently in the early stages of a divorce, I''m ignoring my solicitors and friends advice regarding finances and ''stopping'' paying for things.
I am currently paying £875 per month directly into her bank account, this allows her to stay in the marital home with the kids.
She says she is about to market the property soon, and I believe her.

My question is regarding the final settlement once the divorce is processed, I simply want a fair settlement. I''m not instructing my solicitor to fight for the VERY BEST deal she can get for me, not sure about my ex''s solicitor''s approach. I don''t want to fight/squabble, and know we are in a luxurious position regarding finances.

Our details are:

Married for 17 years, 2 Children (17 & 15).
House valued at £400k, mortgage remaining = £40k
Endowment policy in my name to mature 2016 to pay out £32,000
Endowment policy in her name to mature 2016 to pay out £28,000
Credit card Debt of £2,500 (she says is mine)
Zero savings.

My pension transfer value is £165,000
Her pension transfer value is £72,000
We both own shares, some locked in, some conditional and some available (all tax purposes). Mine have a total indicative value of £26,000, hers £14,000
My income comprises base salary of £42,000, bonus (variable each year, could be nothing but was £3,500 last year) and shift allowance (£3000 per year but not guaranteed and will disappear next year).
Her income is base: £13,000 and variable bonus (£1,110 last year).

She works part time but could easily go full time at her request (so the figures above would be doubled) and often works overtime - does this matter?.

One child stays with me 3 times a week, the other only here and there. No problems with access.

We want a Clean Break, what is a "fair" split we can expect?

Thanks.

If you need more details/questions let me know. Thanks for any help/advice you can offer.

  • Lostboy67
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30 Jun 12 #340185 by Lostboy67
Reply from Lostboy67
Hi
You need to concider what each of you need in terms of a settlement.
You will both need somewhere to live, but your s2bx is not really in a position to get much of a mortgage, unless she returns to fulltime work. You on the other hand would be able to get quite a sizable mortgage should you wish

Do you know what the surrender values of your endowment policies are? Also to what extent are your respective shares tied up, what value could be liquidated quickly?

In terms of assets you have around 360k + Endowments + Shares.
Your wife would probably prefer to become mortage free so how much would a suitable property that would allow her to be so cost?

You are going to have to pay child maintenance which would be around 20% of net pay.

One option might be to have a mesher order that would delay the sale of the FMH until after the children have finished school which is not so far away.

LB

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