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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.


Advice on fair split please - here we go again!!

  • MKW
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14 Oct 12 #360917 by MKW
Topic started by MKW
We separated for a year, never finalised matters, and reconciled last 12 months. Bad decision, and I''m having to start proceedings from scratch as I withdrew Petition. Hoping to reach agreement together so I can use Wikivorce and keep things simple. What''s fair given below:-

Married 24.5 years plus 3 years cohabiting.
Children daughter aged 13 ( 2 sons 21 & 24 still at home)

Income
H - £43,700pa plus bonus approx £10k pa
W - £25,000pa (only £6700 last year PT 6 months) redundancy likely in next 12 months (& wife has severe hearing loss which limits employment - wears hearing aids)

Assets
House net equity £230k current (upto £280k if updating finished and sold, still £10k to spend)Mortgage is 60k interest only, mostly offset by savings

Cash
H - £33,420 + shares £9270
W - £30,700 + car £5000
Husband has company car

CETVs
H £413,115 (April 2012 - mostly from final salary active pension)
W £57,230 ( April 2012 - mostly final salary deferred)

I could afford current mortgage, with my sons staying as they contribute total £500pcm,but would prefer a smaller house due to job insecurity. H wants to finish updating house to sell and release equity, would mean sons buying their own place together. H wants Clean Break, and previously never wanted to pay any spouse maintenance, although he paid 15% net for daughter when we were apart.

I''ve found a place to rent(£795pcm) whilst proceedings are settled, would I be entitled to maintenance,current outgoings on our house are very low due to sons contribution?

Any advice very welcome!

  • MrsMathsisfun
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14 Oct 12 #360928 by MrsMathsisfun
Reply from MrsMathsisfun
Are you both the same age?

  • MKW
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14 Oct 12 #360940 by MKW
Reply from MKW
Oops, thanks sorry I forgot ages

Husband 52
Wife 50 ( in a couple of weeks :()

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17 Oct 12 #361534 by MKW
Reply from MKW
Can anyone help??????????
:unsure:

  • maisymoos
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18 Oct 12 #361557 by maisymoos
Reply from maisymoos
This is a long marriage and there appears to be a potentially large differential in earning capacity.

I would think some spousal maintenance would be due at least until youngest is 18 years, possibly until wifes retirement age?? Alternatively wife receives a larger share of equity in house

I would think the total pension pot should be split 50/50.

Each party keep their own savings/car etc.

How big is the house? Each party really only needs a 2 bed property as there is only one dependant child.

What do others think?

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23 Oct 12 #362578 by MKW
Reply from MKW
Thanks for your reply, current house is 5 bed and sons are looking to buy a flat together so we can both buy smaller homes after divorce.

Husband never wanted to pay any maintenance, although realises that he has to pay for daughter until at least 18 years old (5 more years)He has now threatened to resign from his job (been there before so I''m just ignoring this at present and suggesting he takes sick leave if he''s too upset to work)

What type of % split of house equity would be reasonable to settle as Clean Break if I agree to make no spousal maintenance claim?

Thanks

  • WYSPECIAL
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23 Oct 12 #362583 by WYSPECIAL
Reply from WYSPECIAL
Looks like with the house sold there is about £300-£350k liquid assets.

How much of this would you each need to buy a two bed house?

Use that as a starting point. If you could be mortgage free with a £25k salary plus child maintenance for 13 year old and half the pension pot would you be happy with that? You could always ask for nominal maintenance in case circumstances change.

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