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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 help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


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  • NigelM
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13 Feb 08 #13772 by NigelM
Topic started by NigelM
Hi all,

I am in the middle of a divorce and have reached the stage where I would like to move on. Part of that is to reach a fair financial settlement.

Things are a bit complicated, but essentially I managed to raise enough cash for my wife to buy a house (outright) so she could move out of the matrimonial home, where I am still living.

The split ended with my wife getting with £113,000 of our joint assets, I ended up with £102,000, and this includes the full transfer value of my pension.

We have one child 16, in full time education living with my wife, and a 19 year old away at university.

I earn £40k year, she earns around £6k.

I am 45 years old, she is 55.

Currently I pay £360 month child maintenance, what should I be paying to my wife as maintenance, and for how long would this last?

Also she took the larger part of our assets, and is looking for a further lump sum payment, will this affect what I pay.

I want to be fair about this, but at the same time I feel my wife should make more effort to support herself. There are opportunities to work full time for instance, but I know this is not something she is willing to take on.

Your advice will be much appreciated
Nigel

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14 Feb 08 #13913 by Fiona
Reply from Fiona
The problem is your wife has only 7 or 8 years before she reaches state pensionable age so even if she does work full time she is unlikely to re-establish herself financially.

I've just answered another post about spouse maintenance and it's the overall picture that matters. Plans for retirement is one consideration in your case.

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