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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.

financial agreement prior to house sale

  • Eva18
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  • Junior Member
10 May 12 #329843 by Eva18
Topic started by Eva18
Hi, can anyone help or advise me from your own experiences, I just want to make sure all angles are covered before I put the marital home up for sale, understand we have to agree finances first so equity can be split upon a house sale.

I''ve been holding off from divorce because of the cost and as we are now only 6 mths away from 2 yrs separation for grounds.

I''m in agreement to sell house and downsize, as there should be enough equity for us both to move on and get separate mortgages on other properties.

We have attempted to discuss finances between us to try and come to an agreement ourselves, and Im thinking of doing the wikivorce Separation Agreement which then will mean the house can go up for sale.

However, can we agree an actual set amount or does it have to be a percentage to each? and can anyone advise me if the proposal my ex has come up with is fair to me before I go ahead with the separation agreement (75k to me 40k to him based on what equity we think there will be left)??

I have to re house our 3 yr old and my elder daughter 13 from previous marriage. I put down 75k and he 47k. Married 3 years lived together for about a year before that. Max mortgage I can now get is 70k I will need my 75k back to get a basic small property to keep children in their schools and near my work. I have to work round childcare therefore 29hpw, therefore smaller earning capacity than ex.

He''s been paying mortgage, however Ive been paying equivalent in nursery fees and all costs for our child, I have the house maintenance and repairs and as he''s paying mtg I havent claimed CM, our ages are 41 (me) and 49. Our child resides with me and through court order he has her 2/5 weekends and a day on other weekends to work around his shifts. Apart from marital home no other assets to speak of, am thinking short marriage keep own pensions would cost more in solicitors fighting for them I think.

From his proposal (75k me 40k him if equity = 120k) or (72,500k me 42,500k him if equity = 115k) and share costs, is this fair to me and what if house doesnt sell for a while and more mtg is paid off by him does that then all go to him and I just get my 75k back that I put in ?

So sorry this is long winded, but I really have been going round in circles Im going mad and feeling ill with it all now, Ive made it sound like it''s all pretty well organised etc but it really hasnt been I''ve been to hell and back with my situation DV, courts etc.

I appreciate any help you have to offer, this forum has been a bit of a lifeline for me since I found it, thanks you guys.

  • Action
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10 May 12 #329868 by Action
Reply from Action
I can''t answer all your questions but can share how my Consent Order has been worded. I refused to put the house on the market until we had come to a financial settlement. This was done through mediation and quite thorough financial disclosure, taking all assets and earning potential, pension etc. into account.

The split of the equity of the house has been done in percentage terms - it would not be fair if the housing market took a nose-dive and you still insisted on having £x otherwise. It has been included in the order what happens about the payment of the mortgage in the interim, so that I''m not expected to coveer it all myself.

I felt it would be dangerous to sell the house while still fighting over money as I think the cash, upon sale, can be held by solicitors until an agreement is made - not much help to either of us.

My settlement is more straight forward than yours though as there are no dependent children. Hopefully someone on Wiki can give a more expert opinion on whether this is a fair deal for both of you.

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