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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.


Spousal and Child Maintenance and Final settlement

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05 Oct 12 #359465 by ticko
Topic started by ticko
Hi,


I have used the calculator which is a helpful tool.
I have an old fashioned marriage and I will be losing alot of my wealth- I just need enough to leave and get a £180K mortgage out of my £6K salary, after the maintenance is paid (£1500) .

The calculator gives a maintenance figure of £2100/£2400

Does the maintenance figure include child maintenance?

Outgoings or household/childcare data - which basis is used when.

How long do the payments continue for?

For the longer term, the asset split is 70/30 in my wife''s favour which I find worrying- why is that?

Here are the details

My Age 50, wife 43
Children 9y and 12y
2 nights with me, 5 nights with she
15.5 year marriage +1y cohab.
Assetts 660K- ( brought a 120K house to the marriage)
No liabilities
My Salary 6K, hers £500
Outgoings estimated around 2900 each

Thanks

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05 Oct 12 #359468 by dukey
Reply from dukey
Her income is £500, is that per week?.

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05 Oct 12 #359470 by ticko
Reply from ticko
£500 month, part time and variable

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05 Oct 12 #359471 by dukey
Reply from dukey
There will be no spousal maintenance neither earn anywhere near enough,

child maintenance will be at current CSA rates,

Forget the 70-30, the calculator is a blunt tool to say the least.

You both need to work out what it will cost to rehouse from the 600k you have, once rehoused what you have let is likely to be pretty much half each, unless there are health problems or a future income disparity.

You make no mention of pensions, do either have one?.

  • maisymoos
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05 Oct 12 #359475 by maisymoos
Reply from maisymoos
Is the 6K also a monthly figure? If it is spousal maintenance is very likely to be payable. Dukey was working on the assumption I think that this was an annual figure.

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05 Oct 12 #359477 by dukey
Reply from dukey
Dam and blast, yes i was indeed working on the assumption of an annual income.

Will i ever learn?.

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05 Oct 12 #359486 by maisymoos
Reply from maisymoos
Assuming the 6k in monthly salary your overall details aren''t that disimilar to mine. I went to final hearing. As assets met both our needs(i.e both of us could house ourselves with half assets)assets were split 50/50. The question of percentages really depends on this. Could you both rehouse with £330k each plus selling buying costs? Pensions in my case were also split 50/50.

Spousal maintenance was payable based on a global figure less any child maintenance payments. You say her needs are £2900 per month, so deducting her salary, and benefits (CM, CTC and child benefit etc) may leave you with a rough idea on how much SM you may be payable.

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