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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.


Financial Settlement - Confused beyond belief!

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17 Jul 12 #343884 by dive1082
Topic started by dive1082
Hi all,

I know this subject is probably the hardest to get to grips with but I need some pointers in the right direction before I go mad!

My wife and I got together in 2001. We bought our first house together in early 2002. She paid for her half up front as her father wanted to give her her inheritance (tax dodge too), I got a mortgage for my half. The mortgage was in joint names as we thought it easier to get a mortgage, but I paid this in full every month with no contribution from her.

I paid the mortgage, most of the bills (Gas, electricity, phone TV etc) until we sold the house just over 6 years ago.

We bought another with the proceeds of the first and her father again, gave her cash to make up her half of the house and I again got a mortgage (again in joint names but me paying in full every month).

A little over 2 years ago, we did calculations and decided that I had paid pretty much the same amount of money as her into the house, all be it that most of mine had gone on bills and mortgage interest, and that she would now contribute 50/50.

We are now at a divorce stage and have different opinions on what the equity split should be.

Anyone help out with some advice/opinions?

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21 Jul 12 #344483 by MarriottR
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Do you have kids? Who will have them? Do you both work? And what''s the salary difference? How much you put in to the house isn''t really relevant if it''s in both of your names. In principal that''s 50/50 dependent on other factors

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21 Jul 12 #344563 by dive1082
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Hi MarriottR,

Thanks for the response.

No kids, we lived together for 4 years then married for 7.

Both of us work salary difference is about 400 per month in my favour, but that goes on paying the debts I accumilated over the marriage as the other half didn''t contribute.

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21 Jul 12 #344566 by dive1082
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Just to add she has no outgoings other than the 50% payment on the house and house bills.

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21 Jul 12 #344567 by MarriottR
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I cant really see why there would be any need for it not to be a straight 50/50 division. There is possibly pension equalisation if one of you has a bigger pension but and hour with a solicitor should set you right. The starting point is always 50/50 and movement this is down to need. Are you planning to sell the house?

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21 Jul 12 #344568 by dive1082
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She would like to buy me out but wants to take out her initial input which is about 50% of the equity.

Then she wants to split the remaining 50/50

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21 Jul 12 #344569 by dive1082
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just to add, my pension is small at 17.5k and hers is small too at about 3k

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