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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.


Property and kids, etc.

  • arsenal68
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27 Apr 12 #326812 by arsenal68
Topic started by arsenal68
Trying to find some form of guide, so I know what I''m potentially facing. Separating after 13 years, we own our property outright, have no loans or debts and I have sizeable pensions. We are both self employed with meagre income, I actually have none and now having to look for work. We have 4 children

Question - any guidance on what would be deemed by legal profession and/or court as a fair split, etc of the current assets. I''ve been looking and finding all different views, etc.

Welcome some help

Thank you

  • rubytuesday
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27 Apr 12 #326820 by rubytuesday
Reply from rubytuesday
Welcome to Wikivorce.

The court has to consider section 25 of the Matrimonial Causes Act 1973 in order to make a decision as to how to divide your assets, incomes and liabilities.

The court considers all the circumstances of the case, giving first consideration to the welfare of any children of the family under the age of 18. The court then has regard to the following matters:

(a) The income, earning capacity, property and other financial resources which each spouse has or is likely to have in the foreseeable future including, in the case of earning capacity, any increase in that capacity which it would be, in the opinion of the court, reasonable to expect a person to take steps to acquire.

(b) The financial needs, obligations and responsibilities which each spouse has or is likely to have in the foreseeable future.

(c) The standard of living enjoyed by the family before the breakdown of the marriage.

(d) The ages of each spouse and the duration of the marriage.

(e) Any physical or mental disability of each spouse.

(f) The contributions which each spouse has made or is likely to make in the foreseeable future to the welfare of the family, including any contribution by looking after the home or caring for the family.

(g) The conduct of each spouse, if that conduct is such that it would in the opinion of the Court be inequitable to disregard.

(h) The value to each spouse of any benefit which one spouse because of the divorce will lose the chance of acquiring (most usually pension provision).


If you would like advice from wiki peeps as to what the likely outcome of a financial case on the dissolution of a marriage is going to be you need to post the following information:

Your respective ages;

The number of children you have and their ages;

How many nights the children spend with each parent;

The length of your marriage and any period of pre marriage cohabitation;

Your respective incomes;

Your respective outgoings;

Your assets - both soley held and joint;

Your liabilities.

  • Fiona
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27 Apr 12 #326828 by Fiona
Reply from Fiona
The value of any assets(including pensions) held in joint and sole assets forms the pot. As Ruby says this is shared according to the s25 MCA 1973 and the "needs " of the parties, in particular for housing, often comes at the top or near the top of the list.

A good starting point is to consider how everyone is to be housed and research local property prices and both parties mortgage raising capabilities. If your wife is the parent who cares for the children most of time she will require adequate housing and then you will need somewhere where the children can stay with you.

When the former matrimonial home is bigger than required it may need to be sold to release equity to enable both parties to rehouse.
If your wife''s income is less than yours she won''t be able to raise the same amount of mortgage as you and may require a larger share of capital to house herself and the children. The aim is to try and leave both parties on a similar footing, although not necessarily sharing assets 50:50, to start independent lives.

  • arsenal68
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01 May 12 #327630 by arsenal68
Reply from arsenal68
Thank you to everyone''s responses it is greatly appreciated. To respond to the questions, please see below.

We are both still living in the matrimonial home.

Your respective ages;

Me: 44
Wife: 37

The number of children you have and their ages;

4 Children (3 mine, 1 step)

My three ages: 4, 8, 11
Step: 15

How many nights the children spend with each parent;

To be decided, as no agreements have been made, etc, still at early stages of separation.

The length of your marriage and any period of pre marriage cohabitation;

Married: 11 years
Pre: 2 years

Your respective incomes;

Mine: self employed - 11/12 tax year only £1K, looking for full time employment. Historically (3 years ago) was highly paid sales exec but in specialised field, which is nigh on non-existent in UK.

Wife: Self Employed £3K 11/12 tax year

Other income is benefits.

Childtax credit - £845
Working tax credit - £345
Child benefit - £242
CSA (for step daughter) - £88

Obviously if separated all benefits will go to wife.

Your respective outgoings;

Living costs and utils for house

est: £1400

House

Your assets - both soley held and joint;

Joint: £280K House
Savings: £15K
Pensions (My name): £100K

Your liabilities.

None right now, as I''m still resident at matrimonial home. Which would change if forced to leave.

I hope this helps?

Thanks

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