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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.


Spousal Mainteance

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16 Apr 12 #324135 by pgh
Topic started by pgh
Hi we have two young children so I need to pay child maintenance of 20% of my net monthly income, which will leave me with approx. £2,140.
My stbx has a net monhtly salary of £1600 she works 30 hours a week so would also be entitled to Working tax credits of approx. £500 per month plus chld benefit of £140.
That would give her a net monthly income of aprox. £2,740 excl childcare (which 70% will be covered in cost of childcare benefit)
Now excluding all other figures of splitting equity and penson sharing etc. If those are the figures we end up with i.e. her net income is £2,740 and mine is £2,140 would I be expeced to pay her spousal maintenace on top of this?
Also she could work an extra day as 70% of her childcare costs would be met or am I not seeing this in the correct light?
Any suggestions, anyone?

Thanks:S

  • somuch2know2
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16 Apr 12 #324137 by somuch2know2
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I really wouldnt think so but from what I hear- you just never know.

There are no hard rules on this and it all depends on the judge you have on the day- unless you come to your own agreements.

Good luck- and I hope you are freed from the SM chains

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16 Apr 12 #324140 by dukey
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Rather than think she has this much and i have this left think about what is needed and what you can afford, the length of the marriage the age of the children and to a lesser extent the lifestyle of the marriage are important.

Its more about the reasonable stated need and your ability to meet that need than numbers.

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16 Apr 12 #324150 by pgh
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Thanks for that but my needs are as valid are they not. For instance I will need to get a place similar to hers (so I can have the kids) with all the same outgoings which that would entail.
I don''t understand if you don''t look at budgets and outgoings then what do you base it on? Our lifestle before the impending break-up wasn''t one that wold have featured in any magazines - other than how to get buy on a modest salary article!

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16 Apr 12 #324154 by somuch2know2
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Ooooh but they will try and pull the "lifestyle" thing. My STBX listed "fresh cut flowers" on her e. Mine was at most 7 lines. and the all related to basics.

be as detailed as you can be. The more your validated outgoings- the less the courts can say you have capacity. And show proof of purchase or costs. Details matter

Mortgage
water
gas
electricity
commuting
car
broadband
insurance
- car
-home
-redundancy
dental
loans/ debt (personal NOT marital)
money for weekend activities with children
haircuts
toiletries
weekly food shops
weekly socialising
holiday fund

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16 Apr 12 #324169 by dukey
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The court will look at the numbers in quite some detail but its more complicated than many think.

Lifestyle and length of marriage can play a part even if you don`t have kids.

One of the mad examples is Mr McCartney`s ex who insisted she needed yes needed a helicopter, the judge refused but she did walk away with money and maintenance that the rest of us could only ever dream about.

For the great unwashed (that would be us) it is more a case of i earn this and need this much just to live, for you SM will probably not be much of an issue, your stbx will have a higher income and your needs will probably take all of what you have left after CM.

For warned is for armed though, knowledge is power as they say.

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16 Apr 12 #324174 by somuch2know2
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If lifestyle required use of CC and leveraging of other capital- how does that affect post-divorce "needs"

I have run several formulas in excel which only prove we lived way beyond our means-

I want to be able to save but I fear that unless all money is allocated she will say, "you have disposible income- I NEED it"

Her needs will be met
Her monthly disposible MORE then when married *but not if you take away use of CC
And she will only be working 12 hrs a week.

It feels like I am penalised for trying to make up ground lost in this divorce...?

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