A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Liabilities and SM

  • hadenoughnow
  • hadenoughnow's Avatar
  • Moderator
  • Moderator
More
17 Apr 12 #324546 by hadenoughnow
Reply from hadenoughnow

I ­base­d all on a 1 year pay back period and you see teh results,.


Erm this is just not going to wash I am afraid. Rather than giving monthly figures, you need to give global amounts for the big stuff - ie outstanding mortgage, CC bill, overdraft etc. An annual cost for travel to work expenses would also be useful. The basic outgoings are not excessive and should make little difference to any settlement.

The figure you have given for the mortgage - assuming it was a repayment at 5% over 25 years would equate to a mortgage of some 280k. I am pretty sure you have not mentioned such an amount.

If the debts are marital, there is a case for them being taken from the marital pot before it is divided ... this would reduce the monthly outgoings considerably but would also cut the sum to be divided.

Remember the first thing to look at here is need .... e.g. how much, realistically will it cost to house your stbx and children - and you? ... and the second is how it can be afforded from the pot.

Hadenoughnow

  • somuch2know2
  • somuch2know2's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
17 Apr 12 #324579 by somuch2know2
Reply from somuch2know2
Hadenoughnow- Here is my breakdown from previous post

How long were you married including pre-marital cohabitation. 17 years (6 married)

Age of hubby and wifey 41

Age of children 17,13, 7

Any medical issue with the family none

Do you still live together no

Your average income for the past 12 months 84k net

Your wife`s 39,000 NET including (cm, ctc, work)

Pension values for you both, and type of pension about 100K

Assets list them one by one
house: about 283k once mortgage paid

Debts do the same
joint credit card 20K
+court costs yet to be known

Do you have a solicitor, is this with court or just a negotiation
we both have solicitors, she refuses to negotiate, this is my proposal

How many beds for the marital home
4

And yes I need dental and optical- but my dental covers the children.

Thats right Jaymee- Mortgage of 250K actually- done on an online mortgage calculator to give figures.

Monthly costs are taken from yearly ones (basically x12) as there is little I can do to reduce- but they are all needed. I have 3 columns on my spread sheet.. weekly/ monthly/ yearly

Debt looks at repayment in year, and 20K is marital-

  • somuch2know2
  • somuch2know2's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
17 Apr 12 #324583 by somuch2know2
Reply from somuch2know2
ANNUAL BIG COSTS
annual travel to work: 5,060
train station parking 1,456
mortgage: 13,920
person debt/ OD: 10,000
car loan: 5,592
CM:20,400
Redundancy insurance: 816
those all the big ones.. In all my yearly expenditure comes to 89,847 -

Once debt is repaid I am in much better position- but in order to do that I need more asset from the house- or the marital debt needs to be taken from the pot

  • sillywoman
  • sillywoman's Avatar
  • User is blocked
  • User is blocked
More
17 Apr 12 #324584 by sillywoman
Reply from sillywoman
Can you reduce the car loan payment?

  • somuch2know2
  • somuch2know2's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
17 Apr 12 #324585 by somuch2know2
Reply from somuch2know2
none of these can be reduced- car was sold and money was used to pay solicitors, loan is outstanding.

I can get a cheaper house, and absorb some of the debt into mortgage but the amount outstanding is still similar and I will still not have enough.

Joint debt either needs to be absorbed in assets, or I need an extra 30K for which I will NOT take a charge on the remainder

  • sillywoman
  • sillywoman's Avatar
  • User is blocked
  • User is blocked
More
17 Apr 12 #324587 by sillywoman
Reply from sillywoman
Two bedroomed house?

  • somuch2know2
  • somuch2know2's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
17 Apr 12 #324589 by somuch2know2
Reply from somuch2know2
solicitor says houses need to accommodate children if there is means- they stress the importance, as did the mediator of children feeling like they have a place in my life.. and by that they mean a room in the home .

I know they hate me now, but one day .. one day we will sit down and have dinner again.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11