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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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How long do you pay SM?

  • JohnLondon
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30 Jul 12 #346083 by JohnLondon
Topic started by JohnLondon
Trying to get final financial settlement agreement, which has been so far fairly amicable. We were married for over 20 years and have 3 children (children now 13, 15 and 18).

I am over paying on child maintenance and running it till they are 21 for which my wife has reduced her claim on my annual bonus (regular but not contractual committed) to 25%. Also paying, monthly SM as well.

Want to understand what is the normal length of period for paying SM including the split of annual bonus?

  • MrsMathsisfun
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30 Jul 12 #346085 by MrsMathsisfun
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How long you would pay will depend upon your ages and length of the marriage, both parties earning potentials etc.

SM might be joint lives or it could be a fixed length. It really will depend upon a lot of other factors.

  • Fiona
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30 Jul 12 #346193 by Fiona
Reply from Fiona
SM has to seen in context of the overall circumstances, in particular your wife''s need and your ability to pay. These days after a long marriage it isn''t just a question of meeting a spouse''s reasonable needs but there is an element of sharing. The first consideration is whether a Clean Break can be achieved. If not, once the amount of SM has been decided what the law says is;

the court shall in particular consider whether it would be appropriate to require those payments to be made or secured only for such term as would in the opinion of the court be sufficient to enable the party in whose favour the order is made to adjust without undue hardship to the termination of his or her financial dependence on the other party.


What that means is when a term can be identified when the recipient of SM will be self sufficient there should be an order limiting SM until then. If no term can be identified then the order should be a joint lives one.

  • JohnLondon
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30 Jul 12 #346206 by JohnLondon
Reply from JohnLondon
As I earn over 4 times my wife and we are both approaching 50 within a year or 2 of each other, then is paying till she is 65 a reasonable position?

  • amefbi
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30 Jul 12 #346212 by amefbi
Reply from amefbi
Im 58, income £300 pm DLA,3K? cant work, no children
He 61, income £4000 plus pmonth.45K

Only reason we cant agree is over SM. He refuses. I demand.

What is ''''joint lives'''' at what percentage might it be if court decide it should be granted.

Does SM end if husband goes on State pension.

  • hadenoughnow
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30 Jul 12 #346213 by hadenoughnow
Reply from hadenoughnow
It may be but you cannot just see sm on it''s own. It is part of a bigger picture which includes all assets. - house, pensions, savings etc.

Is there to be a pension share? Can she access this at 65?

What is the plan for the house? How will the equity be divided?

Hadenoughnow

  • JohnLondon
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30 Jul 12 #346215 by JohnLondon
Reply from JohnLondon
My wife is getting the house in lieu for a smaller share of my pension, which results in her getting 2/5 rather than 1/2.

Therefore 65 seems reasonable as this is when her share of the pension provision would kick in.

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