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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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My interest in the ex matrimonial home

  • justinhook
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20 Mar 12 #319128 by justinhook
Topic started by justinhook
Hi There... I wonder if anyone can give me some adice please...

My ex-wife and I have agreed between us that she will not be making a claim against my pension/assets etc and that a fair share of the property once sold in the future would be 60/40 is her favour.
The only area I am unsure of is whether upon one of the ''Consent Order'' triggers comes into effect whether my percentage should be at the current market value or that of the value in the future upon the trigger.

Can anyone give me any advice?

Thank you...

  • .Charles
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20 Mar 12 #319153 by .Charles
Reply from .Charles
A percentage is meant to vary otherwise it may as well be a fixed amount. Your agreement should be based on the percentage of the sale price at the time of the sale or agreed valuation of the property if your ex intends to buy out your interest.

Usually, the figure is % of the net proceeds which takes into account the estate agent fees and legal fees to complete the transaction and to discharge the mortgage.

Using a percentage spreads the risk between both parties. If the property doubles in value, you benefit and if the property halves in value your ex benefits as she doesn''t have to pay you so much.

It would be useful to build in a couple of other scenarios such as your ex being able to buy you out. In that case, would you still deduct the costs of sale when calculating your entitlement or leave them in on the basis that no sale has occurred?

Charles

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