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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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FMH

  • ozzywiz
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21 Sep 12 #357091 by ozzywiz
Topic started by ozzywiz
I am about to complete "form A" for finances.

Im in rented accomodation with 5 kids I have full residence for with her having a defined contact order.

The FMH has 45,000 mortgage and 20.000 secured loan. . value at around 60,000 .

She is currently living in property with boyfriend (not declared) and is pregnant.

We been split for 2 and half years.

I wish for the house to be sold as only asset but in neg equity.

the secured loan not been paid in 3 years and mortgage is 6,000 in arrears . .

Any advise appreciated as I dont want this hanging over me forever and debt is growing.

  • maisymoos
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21 Sep 12 #357128 by maisymoos
Reply from maisymoos
For anyone to advise you will need to provide more details

How long was the marriage?
What are your ages?
How old are the children?
Are there any assets shares, savings etc?
Are there any debts?
What are your respective incomes including benefits?
Are there pensions and what are their values?

Can you also clarify if the value of the FMH is £60k? Whose name is the property in? Whose name is the mortgage in?

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23 Sep 12 #357525 by ozzywiz
Reply from ozzywiz
Thanks Maisy,

the marriage was for 13 years.

I am 38 and she is 33.

the children are, 3, 6, 7, 9 and 12.

no other assets or interests.

No other debts known apart from mortgage and secured loan.

both on benifits, her being jobseekers but i dont know what she gets.

Myself on family tax credits, income support and child benifit for 5 kids.

no pensions.

value of FMH is estimated at 60k the property and mortgage is in joint names.

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24 Sep 12 #357563 by maisymoos
Reply from maisymoos
It would be interesting to see what others think, but if she cannot afford to make mortgage payments there seems little option but to sell the property, surely repossession would occur anyway? The debts of marriage are treated in the same way as assets and their division would need to be based on the factors in S25 of the Matrimonial Causes Act.

If she is refusing to sell, I think your only option is to get the Form A in and get these debts resolved asap.

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