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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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''''Fair'''' Split?

  • fitzilian19
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23 Aug 12 #351422 by fitzilian19
Topic started by fitzilian19
Hi,
Just a quick question as my solicitor is on holiday and didnt reply to my email before she left.

House has just sold stc leaving about £36,500 in equity once all the fees etc have been paid. (was repossessed so lots of fees!)

What would be deemed a ''fair'' split?

Info:

1 chid from marriage - 3 years old next week
He lives with me full time - contact with ex is infrequent (6 visits in last year)

Marriage total is almost 5 years. 18 months living together - 3 years 6 months spearated.

Income:
I am on Income Support and receive child tax credits and child benefit.
Also receive housing benefit & council tax benefit.
I am currently searching for a job circa 16+ hours so I can receive working tax credits.

Ex was a student but is now a NQT so should be working from September.

Outgoing:
Rent is £136 p/wk - currently covered by housing benefit
Bills £200 p/m plus food shop of £60 p/wk
Debts £80 p/m credit card

Assets:
Car - valued at £3000. I have been meeting all running costs since ex left. It is currently registered in his name.
House Equity - £36,500

Liabilities:
Credit Card - £3000 outstanding balance


Ex''s partner earns circa £50k p/a. She has a mortgaged 2 bed property in her name. They have two children - 2years and newborn.




My solicitor admits to being cheeky with first request that I keep all equity. His solicitor said that wouldnt be fair.

I have had sole financial responsibility for our son since he left, except for 11 months when he worked and paid child maintainence.
I had to purchase everything our son has needed.
I was solely responsible for the mortgage until ex got his wish and the house was repossessed. He paid £1 between 09/09 - Now.
My son and I were made homeless while we waited for a housing association to give us a home. We shared a hotel room for 7 weeks.
The housing association has made it clear I will never be able to purchase the house I am in. To buy a two bed house in this area (worst / cheapest area in town) would cost £170k.



What would a court decide is ''fair''?


I will be speaking to someone at my solicitors office to see what is happening currently but I would like to know what I should expect in terms of equity.

I had proposed 15% to ex to bump up his ''new home fund''. I know his parents are sitting on an inheritance for him, which will pay for the bigger house he feels he deserves - they just arent stupid enough to hand it over before the divorce is finalised!


Thanks for reading!

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23 Aug 12 #351430 by cookie2
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fitzilian19 wrote:

My solicitor admits to being cheeky with first request that I keep all equity. His solicitor said that wouldnt be fair.

I don''t think that was particularly cheeky at all. In fact that would be the first offer I would have made, too. His housing needs are met and he is being supported by a wealthy girlfriend. Your needs for the equity are far in excess of his.

My prediction of hos this will go:

He will say he wants a 50/50 split to which you will say no, and offer £5k. He will make a counter-offer of £15k and you''ll finally settle on £10k. Oh and the car that is effectively yours becomes actually yours, of course.

Bloke gets 25% it is haway''s law :)

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27 Sep 12 #358124 by fitzilian19
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So it''s been going back and forth (Slowly - if he gets a deadline he waits til the last minute to respond)

Latest offer is aparantly his full and final:

60/40 split and sell the car and split proceeds 50/50. Has stated they are prepared to go to litigation.


(Have had my costs breakdown and on legal aid my ligigation fees would take £8-10k... he does not qualify for legal aid so would be pointless him going down the litigation route...)


Have asked my solicitor if we can push it to 70/30 or 65/35 & I keep car.

I am keen to get it over and done with and I hadnt expected the house to sell anywhere near the asking price so any money is a bonus.
But my heart feels like he gains massively despite doing all he could to make our lives difficult - giving up work for 2 years so no child support, refusing to pay mortgage / agree to make changes so I could manage mortgage)



Ex is now working and has agreed to pay maintainence direct, which is one positive.

He has moved to a bigger property (same week myself and our son were made homeless)

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27 Sep 12 #358129 by WhiteRose
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Not an expert, but If you receive over £16k you''ll be no longer eligible for income support, which may in turn affect your housing benefit & council tax.

How are you currently paying your solicitor? You are aware of the Statutory charge - where you are required to pay back all or some of the costs from your financial gain?

The assets are small that litigation could swallow them up, you both could end up arguing over a ''pot'' that once the legal fees are paid would be empty.

WR

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27 Sep 12 #358141 by fitzilian19
Reply from fitzilian19
I''ve just been offered a job, thoughbit requires a lot of references and crb so not an immediate start - keen to get off income support now my rent is manageable (half what the mortgage would have cost)

Currently i have a balance of about £250 - i am in receipt of legal help

I have been told I can put some of the equity into an account for my son (which I would do anyway)... Havent looked into it all yet



I would accept this 60/40 split to avoid litigation but if there is some room to increase my split slightly I will try it - it all makes a difference in making life better for my son. Ex wont be contributing to clubs, driving lessons, uni costs - the more I can put aside for those the easier it will be for me to afford for him.to do what he wants in life (as it stands I have to rely on surrogate grandparents for things like shoes and coats)

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27 Sep 12 #358145 by WhiteRose
Reply from WhiteRose
Your legal aid may have to be paid back (in part or in full) - this is what is meant by ''Statutory Charge''.

I''m not an expert, but it my be worth asking your Sol about if you''ll need to pay any of your legal aid costs back from the financial gain.

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