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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.


What can I expect financially.

  • mac325
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30 Jan 08 #12312 by mac325
Topic started by mac325
My wife decided that she did'nt want to be married to me after 10 years because she doesn't love me anymore,(nothing to do with the work colleauge she is having an affair with)we decided to go to mediation to sort the finance out but she has suddenly decided that she wants the house and maintenance leaving me with nothing.Can she expect to get want she wants or Have I got a right to something.:unsure:

  • DownButNotOut
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30 Jan 08 #12314 by DownButNotOut
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Mac,

Before anyone can offer a view you need to provide quite a bit more detail:
- Any kids? Ages? Who will they live with after divorce?
- Your salary
- Her salary
- List of assets with values: house, pension, savings
- List of debts with values: mortgage, loans

Without this info no-one can guess.

The starting point for asset split is 50:50....and then the court will veer from that (e.g. 60:40) in favour of the financially weaker or more needy person (typically the one with the kids and the lower salary).

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30 Jan 08 #12316 by mac325
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We have two children 5yr old and a 2yr old.We have no savings and the only asset we have is the house.I am on £22.500 yearly for 39 hrs a week she works 24hrs a week for £14.500 a year + travelling.Before we split she said that her employer was desperate for her to go full time but now it appears that has changed.All the debt is in my name mainly because I was stupid enough to do that because I had the bigger wage.Her benefits come to about £600 a month as a single mum.

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30 Jan 08 #12319 by DownButNotOut
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Ok,

This is only a rough guess...but at least it will give you an indication.

You didn't say so I will assume the kids will live with her and you have 'normal contact' (say every other weekend and a night or two during week).

Because the kids are young and her salary is low and with 2 young kids she will not be expected to be able to earn much in the next few years.......

I will guess she will be awarded perhaps 70% of the house equity.

If she wants to stay in the house then the court is likely to accommodate her wishes due to the needs of the kids.

I am guessing she will be unable to 'buy you out' of the house by getting a mortgage to pay you your 30% now. If this is the case you may end uup with your 30% 'locked up' in the house for quite a few years....perhaps to be released some years in the future when kids are at school and she can get full-time job.

Your salary is not super high...so i doubt any spousal maintenance is due.
So your maintenance obligation will be limited to child support at 20% of your net salary. (You get small discount off this..e.g. 1/7th off if kids stay some nights at your place).

You may also get landed with your debts. If you had savings they could be used to pay the debts...but u dont.

A couple of thoughts:

1) Do you have an endowment policy?? If so I would consider selling that to pay off your debts.

2) Make sure you are both claiming all the benefits/tax credits you are entitled to.

3) Think of ways to cut costs for both of you....e.g. put the mortgage on interest only..this can save 30% of monthly mortgage bill.

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