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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.


What on earth do i propose for consent order?HELP!

  • missguided
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17 May 12 #331086 by missguided
Topic started by missguided
Can anyone please help me with my Consent Order, as I don’t have a clue what I would be entitled to, I also have to bear in mind that I perhaps need to ask for more in my offer first as I know that no matter what I put he will try to knock me down just because the sky is blue!

Apologies that it’s a little long winded….but please bear with me!

Married 5 years, co-habited 2 years prior to marriage. Me 32, he is 42
We have a 4yr old and he has 2 other children 13,10 (living with their mother).

The FMH is valued at £340K with approx £100K equity – the mortgage is in his sole name
We have another house that was his previous FMH (with ex wife) valued approx £240k with £50K equity in it - also in his sole name (he had approx 35K equity when I moved in, but it was then valued at £280k). I moved in literally the day the ex wife was paid off (their divorce took a long time)!
I have always worked (short of maternity leave) and always contributed to bills.
He has a pension CETV £95K
Im not sure of my pension figures, but given I only started it 6 months ago, can only imagine its somewhere close to zero!
My net per month is £1500 (although in September this will drop due to reducing hours to work around school runs, am I best do to drop them now so my reduced wage is taken into account)?
I also get child benefit of £80
His net per month is £4200.
As I have just moved back into our FMH with him (after renting somewhere for 6 months and tenancy ending) I am currently not paying anything towards living there as I am trying to clear some debts so I don’t have to include them in the divorce.
Therefore my outgoings currently are very low, however, this is obviously unrealistic as going forward I will have a mortgage, bills to pay. Also my husband now refuses to commit to sending our child to private school (where he currently attends nursery) so I have said that I will also (for at least a year until everything settled) commit to paying this.
His outgoings currently are
Mortgage £1.5K
Child Maintenace (to ex wife) £550
Bills approx £400
Lifestyle (sky, gym) £125
Food £400
Approx £1225 left per month
Obviously we would need to add CM to me (he is considering going from a court order with ex wife to CSA, which I assume all 3 kids would then have to be ruled under)?

If I had to guess at my outgoings going forward it would be
Mortgage £600
Bills £300
Food £400
School fees £600
Childcare fees - £200
Approx -£520 (I would find this £520 deficit per month by child maintenance and keeping back some of lump sum to cover school fees- for at least first year).

He is currently proposing that he keeps our 2nd house, and we sell the FMH and we split equity of both houses. However, I know that his outgoings would be reduced if he did this as the mortgage is only £1k per month and the bills would be approx £300 instead.

Can someone please please tell me what on earth I should be thinking about (the wikivorce advice line mentioned that due to difference in salaries I should consider SM), also if it is taken into our account what our outgoings will be realistically as a result of this order (ie my outgoings right now are none, but obviously cant be going forward when I have my own house to pay for etc)

Thanks to all that read down this far!
Miss guided

  • maisymoos
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17 May 12 #331094 by maisymoos
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Its a short marriage but you have a child together which will make a big difference. A fair financial settlement will need to consider your respective needs and affordability.

Yes you will need to look at future costs when you will be living separately you will also require a 2 bed property.

As your daughter has not yet started school I think you realistically need to consider if a fee paying school is affordable?

I would not reduce your hours until you need to this would not look good, factor in childcare costs for after school for now.

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17 May 12 #331108 by cookie2
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missguided wrote:

He is currently proposing that he keeps our 2nd house, and we sell the FMH and we split equity of both houses.

I would counter-propose that he gets the 2nd house, and you get the FMH. That is approx 66/33 split of equity. He would probably be quite foolish to argue against that.

Is the FMH suitable accommodation for you and the child, or would downsizing be an option? £340k is quite a high value house especially with a £240k mortgage, how much could that be reduced by downsizing?

He has a very good income and you will most likely get spousal maintenance to allow you to cover your mortgage. In addition to child maintenance, he would also be expected to contribute to school fees if there is a history of attending a fee-paying school. If it''s only an option at the moment then you''d have to discuss it with him.

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17 May 12 #331110 by missguided
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Hi Cookie

Thanks for your reply.

The issue i have with me keeping either house is that i wouldnt be able to get a mortgage to cover either on my own and he is not going to want to keep both mortgages in his name (with me living in one of them).
Also the FMH is a 5 bedroom house which i feel me and my child would rattle around in some what! So we would end up selling it any how.
Thanks

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17 May 12 #331125 by cookie2
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missguided wrote:

he is not going to want to keep both mortgages in his name (with me living in one of them).

Well, that might just he hard cheese for him. He will not necessarily get what he wants in this case. It is very common for the wife to get the FMH and the husband to remain on the mortgage.

Also the FMH is a 5 bedroom house which i feel me and my child would rattle around in some what! So we would end up selling it any how.

OK, it would probably make sense to find out how much a more suitable house would cost. If you keep the equity from the FMH, you have £100k and your wages I guestimate are around £23k. That would allow you to get a mortgage of £80k, and so you should be able to afford a £180k house on your own. Is this realistic?

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17 May 12 #331134 by missguided
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Hi Cookie

Interesting that you write that he could be forced to remain on the mortgage, this was one of the reasons i had dismissed going for our 2nd home (which is a 3 bed house so better size for us size wise).

In my head i had kind of figured the same, that maybe to look at around £100k equity and an £80K, this would buy me a nice 3 bed house in my area.

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17 May 12 #331136 by cookie2
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Is it realistic for you to have the other property? Is it in the same area for school etc? If so, then this may be the best solution. There''s only £50k equity in it so you would most likely get more from your ex or from the sale of the FMH. In fact the original proposal he made to you, would be much more realistic in reverse!

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