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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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Maintenance after children reach 18

  • Amanda24
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23 Jul 12 #344935 by Amanda24
Topic started by Amanda24
I have been married over 20 years, together for 23 & did not work for 15 years (child care then running holiday property business) then have been on an low income in a part time job at a Private School which now includes school fee discount & salary sacrifice benefit so the job is worth staying in whilst my girls are at the school. Would I be entitled to maintenance after the girls have left school. I earn 12,000. My ex earns £120000. He wants to stop paying after the youngest leaves school in 6 years time. He wants to keep a better part of the Pension Pot then me (equivalent in CETV but his is a db pension) and have 50/50 on the house equity. I put in £50000 inheritance to the joint account after his affair had started. Should I get that back before any division of assets? Most of the equity in the house is mine but he has paid running costs & school fees for years. I think he should offset the db pension against the equity in the house if he wants to stop paying maintenance in 6 yrs time?

  • maisymoos
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24 Jul 12 #344986 by maisymoos
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How old are you both?
Is 50% equity enough to rehouse mortgage free?
Are there any other assets/savings/shares?
You would need an actuary to determine true pension worth.

As far as the inheritance goes how long after receiving it did you separate?

Sorry about the questions but they are relevant in determining whether maintenance may be payable after children leave school.

  • Amanda24
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02 Aug 12 #347034 by Amanda24
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Hi,

In answer to our queries I am 49 and he is 55. We have been married 19 years, together for 23. 0ther assets are an endowment worth £30000, Beach Hut valued at 6000, and £30,000 savings in my name which was the remaining part of an inheritance I received when my father died. My father died in Dec 2010, the estate was only sorted out mid summer 2011. I paid £50,000 of the inheritance I then received into,the joint account in Dec 2011, after the affair had started I think but I only obtained proof of the affair in Feb 2012.

I suspect he has some other savings but have no proof. I know he used to have an ISA.

50/50 split on the property would not be enough to buy either of us a property. 70/30 might be enough to buy me one. There is probably about £400000 equity in the property after costs of sale, mortgage paid off etc.

Thank you,

  • hadenoughnow
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03 Aug 12 #347077 by hadenoughnow
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Regardless of whether you worked outside the home, your contribitipn is counted as equal and a 50:50 split would be the start point.

Is it daft to suggest that you retain inheritance of 80k which makes the assets pot 386k. This could then be divided between you. A 50:50 split would give you 193k each. Would 273k buy a property that is suitable? Or should you push for 60% which would give you 231k? I am assuming you live somewhere where house prices are high. What do suitable properties cost?

As far as the pensions go, it may well be worth you getting an actuary to work out what division would be needed to equalise incomes in retirement.

On an income of 120k a year vs your 12k he should certainly be paying spousal maintenance. This may well be a case where joint lives or sm to retirement would be appropriate. He will have to pay cm.

Is he still paying towards living costs, mortgage etc?

You do need the complete financial position. Perhaps you could complete form E on a voluntary basis? If he won''t play ball you may have to apply to the courts. You can ask for maintenance pending suit to help you pay legal costs.

Hadenoughnow

  • Fiona
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03 Aug 12 #347097 by Fiona
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You can ask for the inheritance to be taken into account, but then your husband might argue his income was a greater contribution.

When sharing assets a good starting point is to research local housing prices and your mortgage raising capabilities. Some mortgage lenders will count SM included in a court order as income. Separating into two homes instead of one means there is going be some adjustment to the standard of living.

The priority is your "need" for a home adequate to house the children, but your husband also requires a home where the children can stay overnight. Because there are reasonable amounts of assets and people have different aspirations there will be various possible outcomes. A general rule of thumb is your need for spouse maintenance will decrease the more capital is shared in your favour.

As far as maintenance for over 18s in education is concerned there is no reason why you shouldn''t keep it on the agenda as part of negotiating the overall settlement. Perhaps your husband would agree if the maintenance was to be paid directly to the children once they reach 18. . However, I think you need to bear in mind how likely it is the children will go to university and that a fair number of employers are now preferring job applicants who have gone into work straight from school and trained on the job.

If agreement can be reached about the other financial matters there is no point in sticking to your guns about CM for over 18s. When you take into account student loans and what a student might reasonably be expected to earn there isn''t a huge discrepancy between their income and expenses. Your ex might agree with your children when they reach 18 to fund the shortfall and over 18s in education can apply to court for maintenance from separated parents in their own right.

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