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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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What percentage is fair?

  • mustbejoking
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20 Jun 12 #337918 by mustbejoking
Topic started by mustbejoking
Hi,
Married 13 years.
Co-habited 2 months before wedding.
Both age 37.
2 children age 5 and 10.
Own our home £270,000 value.
No mortgage.
Hb moved out 4 weeks ago, now staying with his Mum. I stayed at home with kids. He has them at weekends.
We plan to sell house, and split money.
I need 3 bed house (around £160,000)
He needs 2/3 bed flat (around £120,000)
I am self-employed earning £3,000 per anum but no potential to earn more due to my (recent) disablities. I used to earn £27,000 per anum until 3 yrs ago when I became ill with a progressive disease.
He earns at least £22,000 per anum (self-employed,should be able to get a mortgage).
Now we are separated I have applied for council tax benefit. As a lone parent,
I get Child Tax Credit £5,000 per anum
and Working Tax Credit £4,000 per anum. I think these will stop when kids are 18.
I am disabled and get DLA.
We have no endowments, no pensions and no other assets.
What would be reasonable to ask for?
Thank you.

  • Lostboy67
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20 Jun 12 #337924 by Lostboy67
Reply from Lostboy67
Hi,
Set aside % for a moment as they don''t really help a great deal.
You both need a similar property each, given that you currently have a low income and I assume limited scope to increase this you will need to have something ideally mortgage free. You need to then work out how much you need to live, remember that you would get CSA payment for 20% of net income which will be for the next 13 years.
You might also need to concider pension for the future, but downsizing may be an option when the time comes

LB

  • mustbejoking
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20 Jun 12 #337931 by mustbejoking
Reply from mustbejoking
I mentioned percentages because the Separation Agreement form I have seen deals in percentage of proceeds from the sale of the house.

Can you do a Separation Agreement with set figures, even if you haven''t sold the house, and don''t know exactly what it will sell for?

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