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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.


Division of Assets

  • BettyB
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04 Sep 12 #353676 by BettyB
Topic started by BettyB
Hi, some background details -

I''m 54, he 63, married 19 yrs, cohabited 3yrs previously, 2 children of 18 & 16 yrs, 18 yr old off to uni 16 yr old has 2 yrs school and the uni. We have joint home worth £875k with £80k mortgage,

His salary is about £60/£65k pa , mine is £23-25k (I''m part-time with catagorically no chance of full time - change of company policy - I work 2 wks 0n/2 wks off pm)

He has a pension which paid out at 60 yrs a lump sum of £37k with monthly payments of £360 pm, plus one which has come out of a liquidated company of £7.9k pa plus his latest which is a stakeholder with a present lumpsum of £48k. He says he plans to retire at 65 yrs but has just said he may be becoming a director.....? My pension is a final salary which I have paid in for 27 yrs will be £11.5k if I retire at 55yrs or 17k if I retire at 60 yrs.

I have £37k Stocks & shares ISA plus £11k savings and no cr card/loan debt, he has not paid off the mortgage for over a year, not sure of any savings, probably £1000 cr card debt, he has had 2 ISA,s mature but says they are his mother''s investments for death duties etc, he has various joint a/c with his mother plus half his name with his sister is on his mother''s home worth £240k. We dont have joint a/c so have no real idea of his full financal status. I came into the marriage with a property worth £90k which then had the mortgage paid off by my grandmother, we then purchased another property which my grandmother paid the mortgage off again.

Our situation is that we have sold our house for an excellent price (£895k - £20k above asking price) but I am battling to find anything suitable to purchase for a downsize and to stay in the area for my son''s school. Everybody says rent but the rent for a 3 bedroom (3 room is always a box which is fine for older son) is the same value as my salary -£1500.00. It has been suggested by a friend that I should go for a Clean Break of £450k and move on - husband is thinking about it. Is this good advice and if we go for a finial Consent Order on this basis would I get still get child and or spousal maintenance???? Although I will get some interest on capital , after tax it won''t pay for the high rent rates that are demanded in our area but it would be best to rent and then move out of my area as it is so expensive to buy.......

I''m so sorry that this is so long winded but was told to put everything down and I am so stressed as to know what to do given my circumstances.....any advice would be very much appreciated!!!!!!

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04 Sep 12 #353678 by BettyB
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P.s. both my parents are dead so nobody to receive inheritance from, I have never had any form of housekeeping from my husband, he paid the bills and mortgage, I bought all the food, clothed myself and the children, paid for all the furniture, curtains - everything for the house, plus my car, petrol and then paid half if we went out plus a large contribution to our holidays...... Strange but there you are.......

  • hawaythelads
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04 Sep 12 #353679 by hawaythelads
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Hi,

To keep the maths simple lets say there''s £800k equity in the house.
Offer him £560k to £240k split in your favour 70%/30%.
You won''t touch any of his isas or investments he has with his families and pensions stay as they are.
No further claims for spousal maintenance.
Clean Break.
He won''t be that happy about it but any solicitor worth their salt will advise a bloke that''s about the best they''ll do.Even if they think it''s too loaded in your favour if they negotiate you up to 60% to 40% split £480K to £320K without going to court and there''s no spousal or any of his other assets brought in they will tell him to bite your hand off.
Buy us a drink when I''m right again.:blink:
All the best
HRH xx

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04 Sep 12 #353681 by Crumpled
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Hi Betty have you seen a solicitor........i would advise you to do so if you havent already many offer the first half hour free so if you plan your questions you can get a lot out of it and also lots of advice here as well.
Will your son live with you most of the time?
My understanding of child maintenance but i could be wrong is you will receive 15% of your husbands salary for one child under 18.
Lots of love and good luck with everything.

  • BettyB
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05 Sep 12 #353879 by BettyB
Reply from BettyB
Hi again,
Thank you so much for both your replies. I AM going to go to a solicitor, I''ve had 2 free half hour consultations but you don''t get too much info in that time frame. I am learning as I go on. I want to be as well informed and have in my mind what I would like (ha ha) before I instruct a sol.

Just a few things, my son doesn''t want to talk about the nitty gritty of where he s going to live etc but I work a 2 week on/2week Off pattern (btw, a small chance of getting another job to top up my salary....) so maybe he will be staying 50/50 with each of us albeit that I suspect he will end up 100% with me. So that''s difficult to predict.

How I would love 70/30 split of the equity but I don''t think my stbx would accept that - I believe that my pension represents quite a pot of money (the next thing I need to find out from work) and so that may throw things a bit, maybe worth £100-£300k?!? - I can''t believe it but supposedly this is true according to a colleague - you learn as you go along....,,

My stbx has a pathological dislike for solicitors (sorry) and so would be keen to have as little to do with them as possible which means that I have to try and get as much info as poss to sort out our settlement. Having said that I am sure he is going to inform himself up to the hilt as well. We are dealing with this on an, on and of, amiciable situation......... He doesn''t really give much away as to how he is thinking?!?

So my big question is, do I go for an all out Clean Break or do I go for a financial settlement with maintenance for children and myself..........??

Thank you so much for ''listening'' ............

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05 Sep 12 #353884 by BettyB
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How I would love to buy you a drink on the basis that you are right - it would be a dream come true but right now I don''t have dreams but nightmares?!? Given that it looks like my pension may represent a large pot of money (going to find out tomorrow) would you change your wonderful optimistic outlook......?

Many thanks for all - can''t wait to buy you a drink :-)

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05 Sep 12 #353898 by dukey
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Given your husbands age you would do well to be thinking about a Clean Break.

Think mortgage free house and hold onto your pension, its the best outcome you can hope for.

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