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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.


Appreciate some thoughts on likely split

  • sillywoman
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19 Jul 12 #344236 by sillywoman
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Knee jerk reaction!

  • Lostboy67
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19 Jul 12 #344238 by Lostboy67
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Hi,
The calculator is a law unto itself and its best not to take what it says to heart. It tries to work things out based on rules of thumb but since everyone''s situation is different it throws some strange figures at time.

The financial settlement is ''no fault'' which means that the reason for divorce don''t usually have a bearing on the financial side of things.

If you can it is usually best to have a ''clean-break'' meaning that no spousal maintenance is paid after the divorce, you both go away financially independant.
This means that you may well have to take a hit ahead of time and take a smaller share of the pot now. There are some wiki-members who can offer some wisdom of avoiding Joint-Lives maintenance.

Your ex assuming she is in good health would be expected to support herself, but her salary is likley to be quite low so potentially SM might still be an issue. You on the other hand are in a well paid job and would be able to recover reasonably quickly.



LB

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19 Jul 12 #344239 by Fiona
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Some would say being judgemental and self-righteous is just a shaky prop for the ego. ;)

Conduct isn''t a factor when sharing assets in the vast majority of cases.

There are enough assets here for lots of options. You are working along the correct lines and splitting them 50:50 would mean both parties can rehouse to a similar standard and have the same pension fund.

With modern marriages the contributions of both parties are deemed equal and the aim of divorce settlements is to leave both parties on a similar financial footing to start independent lives.

After a long marriage when there is a large discrepancy in incomes, or potential incomes, spouse maintenance may be a factor. There is a sharing element to spouse maintenance as well as a needs element. You would really need to consult a solicitor who is familiar with practices in your local courts to advise where you stand. IT may be that a split more in your wife''s favour would achieve a Clean Break.

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19 Jul 12 #344253 by blackfoot
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x

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19 Jul 12 #344257 by Crumpled
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hi blackfoot there are far more knowledgeable wikis than me but my solicitor has advised me that spousal maintenance is needs based....that does not mean a fantasy wishlist but based on needs and to an extent on current lifestyle.My solicitor has given me a form to complete which itemises all sorts of stuff i wouldnt even have thought about..........it might be worth checking something like that out ,,,it may give you a basis to work from

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19 Jul 12 #344266 by Fiona
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With divorce settlements equality is leaving both parties on a similar footing rather than a mathematical percentage split. IT doesn''t apply here but for example, when one spouse earns more they have the capacity to take out a larger mortgage and the other party "needs" a larger share of capital to house themselves to a similar standard.

As far as SM is concerned the courts would look at the income needs of both spouses and the discrepancy in incomes and work out a figure so there is a balance but that doesn''t mean incomes are equalised.

Legally the first consideration is whether a clean break can be achieved. A clean break is considered desirable because it brings finality and certainty. SM always ends when the recipient remarries but otherwise the amount of SM and the term can be varied unless there is a bar to extending the term.

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22 Jul 12 #344677 by rasher
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Hi Blackfoot

Do you think you and your wife would be able to manage mediation? You are the sort of case where it would be very easy to rack up huge legal costs by going back and forth through sols. It sounds a little bit like everything just came to an end but perhaps against a backdrop of erroding communication over some time. Now you are in separate houses it can be very difficult to get the discourse about splitting things, on a reasonable footing.

If you try mediation sooner rather than later it can help to see where the sticking points are and where the negotiation could be.

I feel very sad for people in your position who have built up the security we all come to hope for and then find yourselves in this situation.

Please do continue to use the site as you go through as Im a firm beleiver that we can learn from others mistakes and dont need to learn the hard way all the time !!

Best wishes to you

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