A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Financial Settlement

  • nicolajw1
  • nicolajw1's Avatar Posted by
  • New Member
  • New Member
More
21 Jul 12 #344532 by nicolajw1
Topic started by nicolajw1
Hi

I was wondering if anyone could help me. My husband and I have been separated since February this year and I''m still living in the FMH. We had been married for 6 1/2 years when he left and had lived together for 10 years. There are no children.

The house has been valued at £170,000 and the mortgage remaining is £103,000 - so the equity is £67,000. My ex has told me that he will accept £30,000 from me and he doesn''t want anything from the property (he''s already taken a few small items which we agreed on). We both work, he earns more than I do but we are both able to support ourselves independently.

I''ve spoken to the mortgage lender and they are able to remove him from the mortgage as I am able to cover it on my own.

Bearing in mind there are no children and he house is the only joint asset we hold, does this sound like a good deal for me? We haven''t discussed divorce yet but he is keen to buy a new property so would like the house sorting asap.

We are quite amicable at the moment so are doing our best to keep costs down.

  • Lostboy67
  • Lostboy67's Avatar
  • Moderator
  • Moderator
More
21 Jul 12 #344535 by Lostboy67
Reply from Lostboy67
Hi Nicola,
Welcome to wiki, but sorry you find yourself here.
It sounds reasonable.
If you are happy with this, and since he is suggesting it, I assume he is, then there really doesn''t seem to be a lot of point in complicating things.
If you can aggree on everything, then its worth using a fixed price service (like the one wiki can provide) to keep costs down as low as possible.

With specific regard to the equity in the property, technically you should be looking at the net equity which is value - mortgage - notianal cost of sale. But don''t get too hung up on this as you still end up with a fair settlment.

The one thing you don''t mention is the value of pensions you respectivly hold which may tilt things one way or another.

Keeping solicitors out of things will mean more money for the both of you.

The best plan would probably be to sit down with your ex and descide who is going to divorce who, Unreasonable Behaviour would be the most straigtforward way forward, then press forward with the pettition and concent order as quickly as possible.

LB

  • nicolajw1
  • nicolajw1's Avatar Posted by
  • New Member
  • New Member
More
23 Jul 12 #344933 by nicolajw1
Reply from nicolajw1
Hi LB

Thankyou so much for your reply, it''s helped a lot.

Take Care

Nicola

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11