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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.


who will get the house?

  • cockers6
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30 Jul 12 #346158 by cockers6
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Can you advise me on what my chances are of keeping the house in the financial settlement please? I am in the FMH with our 2 children ages 4 and 5. My husband wants to sell the house to get his equity out but i want to stay in the house.

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30 Jul 12 #346160 by cookie2
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We need a lot more information to answer that question.

1. Your respective ages
2. Your respective incomes including any benefits
3. House value and outstanding mortgage amount, and where you each live currently
4. Your respective pensions CETV
5. Any other assets such as savings, shares, cars etc
6. Any debts and liabilities such as credit cards, loans, whose name are they in and what were they for

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30 Jul 12 #346162 by cockers6
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i am 40
husband is 38

my income £8424 p.a.
plus tax credits £860 every 4 weeks
child benefit £135 every 4 weeks

not sure of his exact income as he has just got a new job but suspect it is around £30k p.a. but could be more!

house value £225k
oustanding mortgage £132k

my pension fund £4k
his pension fund is worth aruond £50k

no other assets

my credit card debt in my name £3k
not sure of his but suspect is around £8k in his name only

  • hawaythelads
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30 Jul 12 #346168 by hawaythelads
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Strong probability.
All the best
HRH xx

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30 Jul 12 #346178 by cookie2
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Can you afford to live in the house, paying all mortgage and bills, yourself? Remember you will get child maintenance whatever happens so that is 20% of £30k, about £350-400 a month.

If so then I would tell him that if he gives you the house, you will not chase him for spousal maintenance or a pension share, and you each keep your debts. If he has any sense he''ll say yes to that offer, I doubt he''ll get a better one.

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31 Jul 12 #346320 by cockers6
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Thanks for your replies. Yes i am currently paying all of the bills and £125 of the mortgage. he is paying £440 of the mortgage which is effectively the child maintenance that he''s been told he needs to pay. So he''s probably on more than £30k p.a. if it''s 20% of net income. My solicitor has advised that we can use the pension as a bargaining tool as you suggest, plus the spousal maintenance.

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31 Jul 12 #346335 by happyagain
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Cockers, I''m afraid I disagree with the above. Your net monthly income, once your cm and tax credits are included, will be in the region of £2k. Your husbands, once he has paid cm, will probably be slightly less than£1500 net. There is no way he would be expected to pay sm in those circumstances and that is what his sol will be advising him. Given your ages, pensions will not hold as much importance as you might think either as there is still lots of time to build them up.
However, I do think you will get to stay in the house if you can manage the payments and it is not larger than you need. But I would expect this to be a case of you having to buy out your ex''s share or taking on a mesher order (where you promise to pay him his share once the children reach 18), or you get the house but take on his debt.
As you have a fairly healthy income, I cannot see you getting the house and him getting nothing except debt and a pension that is some 28 years away as a fair outcome.

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