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What are we each entitled to in our divorce settlement?

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division of equity %???

  • wierdfish
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26 Sep 12 #358016 by wierdfish
Topic started by wierdfish
Seeking advice on what percentage of the FMH to ask for. Have attended mediation with ex, and at a standstill. He says 55/45 % in my favour, I''ve asked initially for 65/35 % in my favour.

Married : 12 years
Separated : 18 months
Children : 8 yrs & 10 yrs

I live in FMH with children, ex rents nearby. We share mortgage, I pay all bills,and child related costs. He pays 20% of his salary to me in CM.

I took career break 10 yrs ago (was earning same salary as ex at the time) to be home with young children. I changed career and returned to work 4 years ago on a significantly reduced wage. Ex now earns x5 my earnings.

There is a significant pension pot (mainly accumulated without my knowledge by ex) value approx half of the equity!

My age : 42
Ex age: 45

Any help much appreciated as Im just outside threshold for legal aid now I work 30 hours per week.

Many thanks!

  • WYSPECIAL
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26 Sep 12 #358019 by WYSPECIAL
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Sticking point would appear to be 10% of the equity that you are arguing about? What does that equate to in terms of £''s?

Also what are your respective salaries and are you seeking SM?

How much is pension pot and how is that being divided?

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26 Sep 12 #358028 by wierdfish
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Hi, 10% equity = £30K, my salary = £10k, ex''s = £50K, Pension pot = £182K, as yet undecided how to divide this, but being used as leverage currently as both of us would prefer the equity! Ex is offering 50/50 of the pension to avoid paying me as much of the equity, I said I''d settle for a third if he agrees to giving me 65% equity.

There''s a few policies too, a joint one which we have agreed to split, and 2 others due to mature next year, started by him 24 years ago, though we were together 18 years (married 12) so I reckon we''ve both contributed in the grand scheme of things.

Your thoughts appreciated!

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26 Sep 12 #358031 by wierdfish
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re spousal maintenance, Ive been advised to ask for £1 per year to ''keep the door open''. Though my argument is strengthened by my willingness to begin a degree course to further my earnings etc etc...?

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27 Sep 12 #358108 by WYSPECIAL
Reply from WYSPECIAL
So there is £300k equity in the house? How far would this go to rehouse you? Could you afford current mortgage on your own?

Priority will be housing the children who are with you. How is he expecting you to raise £135k on top of whatever your current mortgage is to buy him out?

At the end of the day you can''t live in a pension so you''d be better off having all or most of the equity rather than the pension.

Even based on your offer of giving him 35% of the equity can you raise £105k to do this?

  • WhiteRose
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27 Sep 12 #358127 by WhiteRose
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If the sticking point is £30k - avoid Court.

It may cost you this (each) in legal fees to get to FH (maybe more)

Have each of you researched appropriate properties in the area and worked out what mortgage you could each manage?

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27 Sep 12 #358224 by wierdfish
Reply from wierdfish
I can''t afford the current mortgage on my own as my earnings are low (teaching assistant 30 hrs per week). It has been suggested he remain a ''sleeping partner'' until I can afford to buy him out or the children reach 18, whichever soonest. However, I want to agree % now so we can divorce, with house sale / buy out pending in future.. I intend to retrain so will stand a better chance of being able to buy him out.

Even if I had 100% equity it would not get me a 3 bed in my local area. Kids and I would have to move further from school / school friends etc.

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