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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.

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Advice greatly appreciated

  • kmurgs
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01 Feb 08 #12499 by kmurgs
Topic started by kmurgs
Hi all, I'd appreciate some advice if there are any knowledgeable people out there. My Wife of 3 years wangts a divorce, we've got two children (6yrs and 18mnths). My wife currently works part time (about £180 pmonth). I've got a decent wage (£3000 a month) but we've got a big mortgage (who hasn't) and quite a few debts. All the debts are in my name because she has always only worked part time (young children). We are keeping it very friendly and don't want to get solicitors involved. I can't afford to rent somewhere and give her the house to live in as much as I'd try to. So the house needs to be sold. How much should we split the assets. If we sold and cleared all the debts we have there would be nothing left. What should we do? I've considered keeping some of the debt and giving her the profit from the sale of the house (clearing only credit cards, mine and hers and leaving a loan which is in my name). This would mean a relative split of assests of 70/30 in her favour. If I do this am I justified in keeping my pension to myself (which I don't get until I'm 50, another 16 years!!) or should I split that too. If I do split the pension as well is she entitled to this even if she moves in with someone else. She is in a new (early days) relationship. Obviously after the asset split then there's the matter of maintenance which for the children equates to about £650 a month (working on 20% of net income). Am I right to assume this is fair? Because she will be left with a 6yrs and 18mnth old children I should pay more but how much? I could afford much more and be able to rent myself. What is fair?

Help please.

  • DownButNotOut
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03 Feb 08 #12683 by DownButNotOut
Reply from DownButNotOut
Hi kmurgs,

It is good to hear that you wish to do this amicably.

I think your proposals are along the right lines, but if she saw a solicitor I feel they would advise her to push for more.

At court she is likely to get either:

- 70%(or more) of total net assets (incl pensions) as a Clean Break


- 50% of total net assets plus spousal maintenance for at least 5 years (perhaps longer).

Plus of course child support (in either case).

Also her 50% will likely be awarded from the house equity (cos she needs home for kids) whereas you are likely to retain majority of pension as your half.

Again I do not know the value of each asset debt but...

Possible Court Award:
- She gets all funds from house sale.
- You keep all debts
- You keep pensions
- You pay 20% net child support
- You pay spousal maintenance at 15% of your net salary until kids are both at school.

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