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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.


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  • Georgie123
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08 May 12 #329163 by Georgie123
Topic started by Georgie123
I do not want to give up the family home. I have 2 daughters and a 4 bed house but also my parents live in an annexe and provide full free on site childcare. Moving presents me with huge issues. Will I be forced to as there is a fair amount of equity in the home. Married 24 years,children 10 and 5. Similar incomes, both work full time. I can not however afford the mortgage alone but possibly with a level of CM

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08 May 12 #329169 by maisymoos
Reply from maisymoos
For someone to help further more information would be needed.

Respective ages
Length of Marriage including cohabitation
Equity in House
Other Assets
Debts
Pensions
Respective incomes including benefits

Do your parents contribute financially for their accommodation?
Also how much would childcare cost if they were not helping to care for your children?

You would be entitled to CM at 20% of your stbx income, less overnight stay deductions if he has the children overnight at any time.

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08 May 12 #329171 by Georgie123
Reply from Georgie123
H 47 W44
Marriage 24 years
Equity £300000
No assets
Debts £51000Pensions equal
Income H net £2400 p/m W £2400 p/m
No contribution from parents
Childcare would cost £625 p/m based on breakfast and after school club plus holiday club

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08 May 12 #329181 by maisymoos
Reply from maisymoos
This is a difficult one. The courts would look at what is fair and what your respective needs are, the priority would be the children but your stbx also needs a roof over his head. You also have a large debt which in theory reduces the overall pot.

How much would a 3 bed house cost in your area, if your stbx has the children to stay he would need a suitable property. I doubt he would be able to afford a mortgage at the level necessary.

How is that level of debt going to paid back?

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08 May 12 #329198 by cookie2
Reply from cookie2
House equity £300000?

I think it would be very different, if the house is worth £1m with a £700k mortgage, or the house is worth £350k with a £50k mortgage?

What were the £51k debts for? Whose name?

Parents living in the house, unless they are dependent on you, are considered as separate adults and will not affect a house sale.

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