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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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Division of house - I put most in

  • kittenhat
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24 Sep 12 #357584 by kittenhat
Topic started by kittenhat
Hallo, any advice would be appreciated here

My husband and I have been married six years. When we bought our house I put £300k in, he put in £50k. The mortgage is £150k which I couldn''t cover on my own

I have a tiny pension, he has none

We have two children - 6 and 2, who would live probably 50/50 between us

I know I need legal advice, but what is the most likely outcome here? Would my having put in the majority of the deposit make much difference?

  • maisymoos
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24 Sep 12 #357588 by maisymoos
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No it wouldn''t. The fact that you have children really negates the short marriage principal of what you put in you take out. You can also not look at house equity alone, but consider it alongside all other assets, debts and also respective incomes. This is about trying to find a fair way of leaving each party on an equal footing.

The home is a marital asset and it will be considered as a resource to be divided.

The division of all assets will be based on the S25 criteria of the Matrimonial Causes Act. You both ideally require 3 bedroom homes if you are looking after children 50/50.

If you provide more details more help may be able to be given.
i.e -length of marriage including cohabitation
-your ages
-Respective Incomes including benefits
-all assets including equity, shares, savings
-all debts
-respective pensions

  • hasski
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24 Sep 12 #357589 by hasski
Reply from hasski
In short, yes. For such a short marriage, where the matrimonial assets originated from will be taken more into account than after a 20 year marriage
That only thing that trumps that is residence; if you''re the primary carer and he''s the secondary, you will be given enough money to rehouse. If the reverse, then your initial contribution will matter much less
Good luck and I''m sorry to hear about your divorce

  • maisymoos
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24 Sep 12 #357591 by maisymoos
Reply from maisymoos
Hasski

I think you may find if there are children of the marriage even if short it won''t make alot of difference to who paid the bigger deposit. If its a needs case, respective housing needs will be the primary consideration.

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24 Sep 12 #357592 by hasski
Reply from hasski
Maisymoos, you''re right, of course. I''m in that position having given up the vast bulk of assets despite contributing >90% of assets at marriage). My marriage was even shorter than the OP''s

The reason I said the short answer is yes was because she mentioned they will have equal custody, and while a judge may consider there are too few assets to redress the balance now, he/she may still make a chargeback order

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24 Sep 12 #357594 by kittenhat
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in terms of other assets

we are 41 (me) and 46 (him)

I earn £23 000 pa (work three days a week)
He earns £44 ooo pa

No debts
No other assets, shares etc

I have a work pension that would currently be worth about £4k pa on retirement

  • Elphie
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24 Sep 12 #357613 by Elphie
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Would you be able to increase your income either by increasing your working hours (to fit in around the 50-50 childcare) or by claiming child & working tax credits & child benefits? It would be worth using a benefit calculator to see what you get claiming as a single person (eg entitledto.org)as this income will be considered in addition to your employment income. Then, if your husband we''re to give you cm, despite having 50-.50 residence I recon this could just about level out your incomes. So with fairly equal incomes, 50-50 child residence then the starting point to split the house would be 50 - 50.

So, I''m working on the assumption you still have 350k equity in the house, that would be 175k each. Can you buy a modest 3 bed house with 175k + 80k mortgage in your area? Tbh, I''m assuming yes as I live in London and my house is 3 bed and under 255k so if that is a reasonable amount the house would probably go 50-50. However, he does have a slightly higher mortgage raising capacity, in which case you could argue you ought to get a slightly higher amount of the equity.

The key is that you look at what you each need to be able to rehouse

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