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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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when we sell the house

  • dazp65
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22 Apr 12 #325674 by dazp65
Topic started by dazp65
my divorce is almost finalised and i am due to move into a rented house soon.
we have both agreed the children will stay with my wife and all is amicable,or so it seems on the surface.
we are drawing up a mutual agreement that we will both sign agreeing i will continue to pay the mortgage but my wife will take over the household bills.
when we sell the house,which we have agreed will be done when our youngest child who is eleven at the moment,leaves school or at any time one/or both of our children express a wish to come and live with me,we will split the equity on a 50/50 basis.
i have paid the mortgage and all the household bills,including money towards her car and the running of,all of the main/expensive birthday/christmas presents/school trips for over 14 years now,my wife paying only for the food and telephone.
i worry that when i have moved out,even after we both sign this agreement that when the house is sold my wife will get more than i see is her fare share of 50 percent ?.
,also my wife has chosen to do the divorce through a solicitor and i do not have one,we are arranging the rest on a amicable level,could you please let me know if i will still receive an equal share under these circumstances,thank you.

  • LittleMrMike
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22 Apr 12 #325678 by LittleMrMike
Reply from LittleMrMike
On the face of it,you are both approaching the matter in a mature and sensible way, and the proposed settlement doesn''t seem at all unreasonable.

The general advice, and I see no reason to depart from it, is that it is best to get your agreement rubber stamped by the Court, so that it has the status of a Court order. Technically it is called a Consent Order because the parties have agreed on the terms of the order which the Court is being asked to make. An agreement like you propose, though there is a strong probability that it would survive a legal challenge later, is not completely waterproof.

What is more there are certain practical matters which can occur and the time to consider them is now.

An order of this nature needs to be drafted fairly precisely to state who is to be responsible for repairs and insurance when your wife is living there and you aren''t. In my view, legal advice should be sought ; do not attempt to deal with this by yourself. As stated, the possibility of your wife moving house needs to be considered also.
It is usually worthwhile putting in a clause giving the occupying spouse the right to buy out the other’s share.
The next question that has to be considered is how the net proceeds of sale are to be divided up when the house is eventually sold. If you are agreed, then fine ; the proportion , with a Consent Order,is fixed at the time of the order and cannot normally be changed later except in very very rate circumstances.

I just mention this because there is rather more to it than some people might think.

LMM

  • dazp65
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22 Apr 12 #325690 by dazp65
Reply from dazp65
thank you for your reply,it was very helpful

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