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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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offsetting the difference

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19 Mar 21 #516139 by MissH20
Topic started by MissH20
Hi, I would be grateful for some advice on settling finances. Married 22 years. I'm 46, husband (petitioner) is 53. His pensions are worth at least £125k more than mine. He says our capital is equal, but i doubt this is true. I earn £300 more per month but will still have far greater outgoings. I will be staying in the family home with our 3 children (no mortgage). He's going to live with his mum. He wants us to keep our own assets and sell the house, 50/50 split, when our youngest turns 18 (in 7 years). I asked him for a larger share of the house e.g 60% of £550k to offset the pension difference but he won't budge. Do you think it's fair of me to pursue this?

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19 Mar 21 - 19 Mar 21 #516140 by bigman60
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how about you pay him , half the rental value of the house, for next 7 years ? since theirs no mortgage on the property . or perhaps you could top up your pension with the equivalent money .
Last edit: 19 Mar 21 by bigman60.

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19 Mar 21 #516143 by WYSPECIAL
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You need to post more details for anyone to comment.Details of all assets, incomes and ages of children.

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20 Mar 21 - 20 Mar 21 #516144 by MissH20
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Thank you for your replies. We talked it out last night and he might give me 55%,£27,000 extra, of the house so long as he doesn't have to pay for any essential maintenance since the property needs a lot of work e.g. rendering, plastering. This would be a better option since we wouldn't be disagreeing over what work is essential.. I know it's not nice for him that he has to move out and I'd like to know how that affects the financial split?

Our assets are: the house - £550,000, pensions - £275,000 (my work £75,000 + his £200,000 inc AVC), savings in the bank are equal
I earn £1900, he earns £1600, net per month. I also get the child benefit - £198 per month
The children are 16, 13 and 11 and will stay with me every night
We are currently still cohabiting and I spend £1300 per month, he spends £500 including £80 to his AVC pension and it's been that way for about 5 years
Last edit: 20 Mar 21 by MissH20.

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20 Mar 21 #516150 by MissH20
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Sorry, I put the wrong pension amount. His is £200000, mine is £75,000

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20 Mar 21 #516151 by WYSPECIAL
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Will you be able to raise £250k to buy him out of the house equity?

That’s a big mortgage to take on.

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21 Mar 21 #516154 by MissH20
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Unfortunately I can't afford to buy him out so we're not going to sell until the youngest is 18. Will then downsize to something affordable

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