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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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Additional property - what should I offer??

  • listen
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16 May 12 #330801 by listen
Topic started by listen
Hi All

I would appreciate estimates on how you think a financial settlement would end up given I own a property. I would like to make an offer asap, so speedy replies appreciated, thanks in advance. I am H, further details below:

• Ages H:45 W: 39
• Length of marriage 7 years
• Children 7 and 5, boy and girl, currently 1 night with me as ex won''t allow further but I intend to change this.
• Incomes – H: £80000/annum, W: £31000/annum including CSA payments
• Value of the FMH £385000
• Outstanding mortgage on FMH £185000
• Pensions CETV H: £42000 W: £31000
• Savings H: £27000 W: £9000
• Value of any other assets in sole or joint names – H: property in my name £250000, outstanding mortgage £33000, bought before marriage.
• Outstanding debts: joint loan from my parents of £30000 accrued 6 years ago. No paperwork around this unfortunately.

Further, I have been off work long term sick, now back but at risk of redundancy end of year. Worried re: Clean Break or maintenance as I may not get another job so could need capital now.

What would be a fair offer and offer me most protection if I cannot find work next year?

Thanks again for replies :)

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16 May 12 #330876 by cookie2
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When there are 2 properties, it is often very simple. One each. It would seem to make sense that you keep your property and your wife keeps the FMH. The scores on the doors are then that you have £220k equity and she has £200k, so it''s likely she''ll get the savings as a sweetener.

Pensions are not all that uneven and probably not worth the cost and hassle of splitting.

If you can wrangle a Clean Break then you''ll have done very well. You have a high income and it''s likely you''ll have to pay spousal maintenance in some form. I guess that would depend on her expenditures, I imagine she works full time and therefore has some kind of childcare bills as well as the mortgage and bills to pay - so I would imagine you''d be paying at least £500 a month SM if not more.

Forget about the loan from parents, this won''t be considered at all. As for job security next year, this will not be considered either. Courts work on facts. Not what might or might not happen in the future.

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16 May 12 #330883 by listen
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Thanks for the reply cookie2. My ex works part-time so no childcare and is renting so high housing benefit as I live in FMH. So, in summary you''re saying the property is evenly shared even though I brought it into the marriage. So get a Clean Break and take my chances even though I know I''ll be redundant end of year and may struggle to get a mortgage myself? Ideally I''d like to keep enough capital to get a mortgage on a new property and not sell my existing property. I forgot to mention there would be capital gains tax to pay on my property too if sold. Thanks again.

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16 May 12 #330887 by cookie2
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listen wrote:

you''re saying the property is evenly shared even though I brought it into the marriage.

The marriage is 7 years long. You have 2 young children. You earn significantly more than your wife. If you can get an even share then you''ve done better than 99% of husbands.

What you''re suggesting is that you keep both properties and your wife can rent with the children? Sorry buddy, this is planet Earth we live on!!! This is NOT how it''s going to go down! Your wife would be incredibly stupid or generous to agree to this, and even then a court would reject it. "Suitable provision is not made for the wife and children"

So get a Clean Break and take my chances even though I know I''ll be redundant end of year and may struggle to get a mortgage myself?

If you can get a Clean Break then you should be jumping for joy. The alternative is that you have to pay say £500-1000 spousal maintenance per month, and then even if you do lose your job, you STILL Have to pay this amount every month until you go through the long and expensive court process to get a variation.

Is that Clean Break looking a bit more attractive now? Well, I wouldn''t hold your breath. It''s pretty unlikely in these circumstances that your wife would agree to one.

Ideally I''d like to keep enough capital to get a mortgage on a new property and not sell my existing property.

Good luck with that!!! You might as well wish to win the lottery, there is more chance!

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16 May 12 #330898 by listen
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Hi cookie2, sorry you misunderstood me. Of course I understand ex and kids need to be taken care of, in fact I''ve overpaid CSA amount by £7K to ensure this so far. I was suggesting give my ex vast majority of FMH, some equity to me so I can put deposit down for new property. This allows me not to sell existing property I hold in own name. I didn''t know SM would still be so high given she would have no mortgage as she could buy a property where we live with that equity. And that SM continues even if I''m out of work. My thinking was my ex would be set up with new home without mortgage, I would be able to get new home with mortgage, and SM would vary til I got a new job. A Clean Break giving away all capital would not allow me to do this, but as you suggest it may just be we keep one property each.

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16 May 12 #330916 by cookie2
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Yes, when there are 2 properties, it is almost always simplest (and therefore cheapest) to keep one each.

Chances that you can keep all the equity in your other property AND get enough from the FMH to re-house, are next to zero. I think if your wife took proper legal advice you would be right up the creek. Your best plan is probably to flash some pound signs in front of her eyes and hope she accepts without looking into it too hard.

As an initial offer to her, I would suggest as my first post, that you get your property, she gets the FMH and savings, you each keep your pensions, and there is a Clean Break. If she accepts this and you can get it signed and sealed by a court then you should throw a party because you''ve got off very lightly. Anything extra you then want to give in child or spousal maintenance, you can.

  • soulruler
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16 May 12 #330930 by soulruler
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The fact that I sympathise with you despite being female is maybe not the point.

However, what is the point is the marital causes act which is supposed to be the law and should overide prededent.

Marital Causes states that things are dependent apon the length of the marriage the ages of both parties what each party bought into the marriage nad the contribution each party is able to contribute in the future to the benefit of the children (amongst other factors0.#

I can see that you are sore and I can see why. You are an example of how the law breaches the decent father and how it advantages the indecent mother.

That is how I see it and I am female.

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