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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.


Is it safe to buy a home

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30 May 12 #334161 by zippy123456
Topic started by zippy123456
We are separated. I don''t want a divorce but she does and I am trying to get on with life.

I have seen a property in an area that I like. Unfortunately it is for sale and not for rent.

There is a martimonial home without a mortgage but I will need a high percentage mortgage to buy the new property.

I have been told that one should not buy any assets until the divorce is complete. Is this true?

Thanks for your continued help!!!

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31 May 12 #334274 by cookie2
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Yes it is true. If you buy a house with a high percentage mortgage (ie. very little equity) then your housing needs will be met. Your ex''s housing needs will be met (FMH). She will say this, and it will be difficult for you to get any equity at all from the FMH. You will have effectively walked away with nothing.

If you divorce first then you can say you need an amount from the FMH in order to re-house. The amount would depend on the figures, maybe 25%, 50%, it depends. But most likely you will get a much better deal this way.

It does however depend on the circumstances. Lets say for example the house is worth £150k and you have a savings account in the Bahamas with £100k in it. In these circumstances you might as well buy the house since you''re unlikely to get any of the FMH equity anyway.

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31 Jul 12 #346524 by zippy123456
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>>>If you divorce first then you can say you need an amount from the FMH in order to re-house. The amount would depend on the figures, maybe 25%, 50%, it depends. But most likely you will get a much better deal this way


Does this apply to renting as well? Can she say as i am renting i have accommodation?

Thanks

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01 Aug 12 #346539 by cookie2
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Yes she can say that. Whether saying that does her any good or not, again depends on the figures.

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