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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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Is Consent Order not worth paper its written on?

  • LifesTooShort
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29 Jun 12 #339977 by LifesTooShort
Topic started by LifesTooShort
Hi. I am divorced with a Consent Order that states I will get 20k equity after the sale of house regardless of the selling price achieved. As house has been reduced four times already, this is the only equity left.
My question is, if my ex lets house get reposessed (even though he earns in excess of 100K,) Will I be able to claim the 20K from him?

Can provide more details if anyone thinks they might be able to offer advice?

Thankyou.

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29 Jun 12 #339982 by cookie2
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If the Consent Order says you will get £20k, then you will get £20k.

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29 Jun 12 #339997 by LifesTooShort
Reply from LifesTooShort
Thankyou for reply.

Another question if you can please.. Consent Order also says he has to take out life assurance for the whole of his life (to protect spousal maintenance) is life insurance against the present mortgage good enough? ie; is there a real difference between insurance and assurance?

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29 Jun 12 #340002 by dukey
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This should really be looked at by a solicitor, if the order says you get 20k from the sale of the property and it achieves 20k after deductions then 20k you will receive.

As for the life policy it needs to be whole life to capitalise the spousal maintenance not just a policy for the property, mortgage ect, maybe give the wiki line a call tomorrow or you could send the wording of the order redacted to me by private message, that said this is one for a solicitor maybe one of the wiki solicitors can assist.

  • LittleMrMike
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30 Jun 12 #340010 by LittleMrMike
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As Dukey says, this is a question that cannot be answered without seeing the exact terms of the order. Nothing else will suffice. I wouldn''t need to know the addresses, or the people involved, but it is important to know the exact precise terms.

I agree with dukey, it''s almost certain that it''s a life assurance policy designed to produce a lump sum on his death. I am pretty sure the Court has no power to order this, but the alternative from his point of view is that he could face a claim against his estate after death.

Anyway, I''ll soon be shooting off to Melton Mowbray for some pies - - - - -



LMM

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