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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 TO DO

  • langley13
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13 Jun 12 #336511 by langley13
Topic started by langley13
I have divorced my ex but am now at the financial stages and I have been hit with a big bomb and am looking for advice please.
I met and moved in with me ex and his 3 children in 2001 he had divorced his 1st wife in 1999, her name was still on mortgage and deeds until 2007 as me and my ex remortgaged to pay her £50,000. He would never put me on mortgage or utilities which was one of the grounds for my divorce. My ex is saying that she and him are both going to fight me for finances as they say I am not entitled to any of the equity from the house and he is offering me £15,000 even though the equity comes to £128,000. Fair enough we did not marry until May 2007 but I had lived with him from Nov 2001 and helped raise his children as their Mum had run off with her Daughters 16 year old boyfriend in 1998, she paid nothing into the house and I paid with the proof I have over £51,000. My Solicitor is not clear on what I should do for the best and I really need some sound advice because I am struggling here. I look forward to whatever advice you can give.

  • hadenoughnow
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13 Jun 12 #336516 by hadenoughnow
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Is his ex remarried?
Did they have a consent or court order to sort out their finances??
If they did not and she is not remarried then I guess she could still go for a financial settlement from their marriage.
Now where that leaves you would be tricky.

Do you know what the increase in the value of the house was during your relationship?
What was it worth when she was paid off in 2007? What paperwork do you have to prove the payment was made?

Is the 51k you mention, a lump sum or is it monthly payments towards bills etc?

Does he still have children under 18 to house?

Sorry for all the questions - just trying to get the full picture.

Hadenoughnow

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13 Jun 12 #336522 by langley13
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His ex remarried 6 years ago and all I know is that when they divorced it was agreed that he sell the house when the youngest was 18 which is next april and they split equity, but we bought her out in £2007 for £50,000 so the house became soley his and I am not sure of paperwork etc I hope he is just bluffing but how can I know? . The £51,000 I paid was each month towards the upkeep of the house as well as me totally running it.

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13 Jun 12 #336530 by hadenoughnow
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You need to know if there is a court order re: the finances.

If there was a charge against the property I am pretty sure it would be registered with the Land Registry. You could check with them.

Even if there was an order, buying her out would have been fine. Did you have a solicitor involved in the transaction?

In your shoes I would not believe anything he says until you can see hard evidence. I would suggest that you each fill in form E ... and as part of the financial disclosure process he submits documentary proof of what he is claiming.

You certainly cannot agree to anything without financial disclosure.

Your relationship sounds like it went seamlessly from cohabitation to marriage - so the whole length of time you lived together should be taken into account. Otherwise you are looking at a fairly short marriage where the rule of thumb would be that you take out what you put in (lump sums).

When were they actually divorced???

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14 Jun 12 #336696 by langley13
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Hi thank you so much for advice. They divorced in 1998 and she has never paid into the house, she stopped paying maintainace for her son who was 12 in 2007 in agreement with my ex but with my financial input I guess they were both laughing.

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14 Jun 12 #336699 by hadenoughnow
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Langley,

The important thing here is not the actual divorce but whether or not there was a legally binding financial settlement and what the terms of it were. You need to have sight of that order if there is one.

If the house is in his sole name and there is no charge registered against it, then I cannot see how she has a claim - especially if there is proof that she was paid £50k some 8 years after the actual divorce. You need to check with the Land Registry.

You also need to make sure you have registered matrimonial home rights with the Land Registry to protect your position.He will not be able to sell until you are divorced if this is in place.

I am at a loss to see how this is anything but a case where your respective housing needs would be considered. Needs come first ... and only if there is more than enough to meet those would contributions be a consideration.

To work out what is fair in terms of division, we would need a fuller financial picture.

Ages
Length of marriage (inc cohab)
Incomes (inc any benefits)
Children - ages
Value of FMH
Outstanding mortgage on FMH
Pensions (CETVs if possible)
Other assets - savings, endowments etc
Debts in sole or joint names.

It would also be helpful to know how much a 1-2 bed property would cost you to buy.

Hadenoughnow

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14 Jun 12 #336720 by langley13
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Length of relationship 6 year co-habit and 4 years married.

Him £1777 per month + £250 rent from his 22 year old son.

Me £947.

children 22 yrs and 17yrs.

Value of home £289,000

Mortgage £146,000

Him pension £151,000

Me none as work for nhs and only had pension 2yrs.

No other assets

Debts him apart from mortgage he owes £6,000 credit cards etc

Me £3,360

It would cost £125,000 for me to buy a flat and I could only get mortgage of £30,000.

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