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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.


negative equity

  • Zirus
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19 Apr 12 #325110 by Zirus
Topic started by Zirus
Hiya,
Ive prepared form E, ready for exchange next week.our matrimonial is in negative equity by around 15k.
I also own 11 other properties which are collectively worth -74k.
in this situation what can the courts do with regards to a settlement.
I would very much appreciate some comments so please let me have your views
thank you
Zirus

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19 Apr 12 #325158 by WYSPECIAL
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Is that -£74k?

If so basically it equates to an £89k liability.

Are you hoping to split the debt? Whose name is it in?

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20 Apr 12 #325246 by Zirus
Reply from Zirus
Hi
Thanks for your reply. The 15k debt is against the matrimonial home. The 74 k debt is on my other properties that are solely in my name.

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20 Apr 12 #325249 by cookie2
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I assume the 11 properties are rented out and the income from this constitutes or supplements your salary? I think these properties would be regarded in the same way as a small business, rather than a debt/asset they would be an earning vehicle. If that is the case then you would simply keep them and the rent would form your income.

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20 Apr 12 #325348 by Zirus
Reply from Zirus
Thank you very much, I really appreciate your views. Is it okay to ask further questions regards my divorce?

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20 Apr 12 #325391 by WYSPECIAL
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You can ask allsorts on here and someone will know the answer.

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21 Apr 12 #325499 by Zirus
Reply from Zirus
Hi
In a situation where there is negative equity in the matrimonial home which is jointly owned. My pension which is not cash able but pays monthly at just under £200 which I use for living expenses together with a small income of 5k net per year.
Basically my assets are - 30k
My annual income is 5k net
My wife''s income is around 15k with no assets other than the joint liability for the family home which has a negative equity of -15k.
In this case what do you think the courts will decide in the respect of financial orders
Please give me your opinions
Thank you

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