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.

House, capital and pensions

  • er75
  • er75's Avatar Posted by
  • New Member
  • New Member
03 Feb 08 #12719 by er75
Topic started by er75

Any advice is welcome - here goes!

Been married for 8 years with 2 children, aged 5 & 7. Both children live with me in the matrimonial home and stay with their dad 1 night per week (CSA in payment of £450pcm).
I work part-time so we don't have to pay childcare costs and earn approx £8,500pa.

My stbx works full time earning approx £37,000pa.

His CETV is £71,000 and mine is £14,000

House valued at £215,000 with a mortgage of £90,000 which I pay solely on my own.

No spousal maintenance in payment as his argument is if I can't afford the house and kids he can. Surplus cash each month excluding utility bills is £250.00 (all food, petrol, clothing etc)

Capital of £28,000 is in stbx name only and have commenced savings since we married.

We had agreed a 70/30% split on all assets but now he wants to add a further scenario of a 70/30 split but 10% each goes to our children reducing my share to 50%. He will keep all capital to reduce his property share to 12.1%

Due to my earning potential I am unable to obtain a mortgage in my own name so he remains as joint policy holder, stopping him from obtaining a mortgage in his own name.

My question are:
Can the property be split with the kids receiving 10% each?
Should I consider his pension? He still has 25 years until retirement at 60.
Should spousal maintenance be payable?
How to overcome the mortgage problem.

Many thanks

  • attilladahun
  • attilladahun's Avatar
  • Platinum Member
  • Platinum Member
03 Feb 08 #12732 by attilladahun
Reply from attilladahun
P Message sent with possible approach

1. Theoretically yes practically No it would be a disaster as you could never borrow against a ppty part owned by C whose int would be held by trustees
No Court would EVER give a C a LS or interest in a property
2 Theoretically yes practically no you will get a pension offset so you keep the FMH
3 Yes but practically No as capitalising SM helps you get FMH

"joint policy holder"-what policy????

Some lenders will lend if his mtge covenants are not released - he will need to see an IFA

  • er75
  • er75's Avatar Posted by
  • New Member
  • New Member
03 Feb 08 #12735 by er75
Reply from er75
sorry - mortgage, not policy

Thanks for the advice, helped a great deal

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11

The modern, convenient and affordable way to divorce.

No-Fault Divorce £179

We provide the UK's lowest cost no-fault divorce service, managed by a well respected firm of solicitors. 

Online Mediation £250

Online mediation is a convenient and inexpensive way to agree on a fair financial settlement.

Consent Order £259

This legally binding agreement defines how assets (e.g. properties and pensions) are to be divided.

Court Support £250

Support for people who have to go to court to get a fair divorce financial settlement without a solicitor.