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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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Value of FMH

  • pixy
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11 Jul 12 #342442 by pixy
Topic started by pixy
I have almost got a Consent Order - well a draft anyway. The draft includes a clause that the FMH will be sold for £x or more.

Now given that the property market is stagnant and that my house has been up for sale for 6 months and has attracted viewers but no offers, I am worried that by putting £x in the Consent Order I prevent a sale for less without returning to court. Am I right?

I think the price of the house would be realistic in a normal market; in fact I think anyone buying it would make an immediate gain once the market settles. But it is a very big house and even small ones aren''t selling in our area.

I can''t afford to buy him out unless he''d accept way below the asking price. And even if he did it would involve me getting a huge mortgage and working till I''m 70 to pay it off. Not really an option. I''d like to enjoy myself instead ... So as far as I''m concerned I want to be able to consider any offer.

  • maisymoos
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11 Jul 12 #342443 by maisymoos
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Who is getting the equity in the house?

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11 Jul 12 #342444 by rubytuesday
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Pixy, my personal thoughts that ii there is an exact figure stated, it could make selling the house at that figure difficult. I would have thought that it would have been more sensible to suggest that the parties will accept a "reasonable offer" on the house, rather than tie yourself into something that may not be able to be realised.

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11 Jul 12 #342448 by pixy
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Thanks Ruby - that sort of confirms what I thought.

Maisy - we are splitting it equally after deduction of costs and mortgage redemption; he''ll end up with more that 50% in the end because of the way we''re splitting other assets like insurances. This is one of those reverse stereotype caes where I have a job and he doesn''t. The house is our major asset and is practically all equity - I was rather looking forward to paying off the last knockings of the mortgage and retirement when the bomb dropped.:angry:

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11 Jul 12 #342450 by maisymoos
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If you are splitting the equity you are basically splitting any loss too if the house sells for less.

I agree Ruby''s wording leaves more scope. Is is a joint conduct of sale? if so you would have to agree a marketing price and also accepting an offer would need to be a mutual decision.

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11 Jul 12 #342467 by pixy
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I think I''ll have to fight the ''what is a reasonable offer'' battle as and when we get one!

Trouble is that having moved out I''ve reduced my stress levels at the cost of leaving him dealing with estate agents.

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11 Jul 12 #342468 by cookie2
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pixy wrote:

I am worried that by putting £x in the Consent Order I prevent a sale for less without returning to court. Am I right?

Yes, you are totally correct. Judging by the number of threads on this exact issue lately, it is a very real worry. If the Consent Order says £X then your ex can simply refuse any offer below that figure.

In this housing market it is sensible to make contingency plans for what happens if it doesn''t sell. For example if the asking price is £200k:


- The house will be put on the market for £200k. Offers of £190k or above will be accepted.

- If it has not sold after 3 months, the price will be lowered to £190k and offers of £180k or above will be accepted.

- If it has still not sold in 3 months then estate agent XXX''s advice regarding sale price will be followed and any price they consider to be a reasonable offer, will be accepted.

- At any time, if one party wishes to buy the other out then they can do so by paying them the same sum of money that they would receive by a sale at the current market price.

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