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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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divvying up of assets

  • busy bee
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09 Oct 12 #360010 by busy bee
Topic started by busy bee
Hi All
Question for you all...

Married couple own a house and they decide to separate and decide to increase the mortgage on FMH to buy another house for the husband to live in plus get a further mortgage to cover the additional.

Original house is worth £275k now with a £120k mortgage.
Second house is worth £260k with £80k mortgage on it.

Divorce proceedings start over approx 2 years later and financial hearing is due in a couple of weeks.

Wife wants husband to pay off ''her'' mortgage (£120k) as she is living in the FMH and then split all the other assets 50:50

We are trying to work out if that is a reasonable assumption on her behalf or not? This would mean that she would be mortgage free and that he would have to pay for his house entirely and then split the other assets... My partner believes that she should keep her mortgage, he keeps his and then they split the rest of the assets (with a little bit of jiggling to balance it all out). These houses were bought during the marriage and not after DA which is where we are getting confused.

We would appreciate your help.

Many thanks!

  • maisymoos
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09 Oct 12 #360011 by maisymoos
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Hi For anyone to help more information would be needed.

Length of marriage including cohabition
Ages and Number of any dependent children and who they live with.
All assets including savings/shares etc
Debts
Respective incomes including benefits
Respective pensions

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09 Oct 12 #360013 by busy bee
Reply from busy bee
Hi Maisymoos

Thanks for your post.
Length of marriage including cohabition - 17 years
Ages and Number of any dependent children and who they live with - 5 children 14-3 years old. 2 nights a week with dad plus every other Sat and sun during the day and numerous school drops and collections
All assets including savings/shares etc - there are an additional 3 houses which are in the asset pot
Debts - none except the mortgages mentioned
Respective incomes including benefits - about £40k each and she gets all the benefits
Respective pensions - not sure but for the benefit of this assume £120k (his) and £60 (hers)

  • maisymoos
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09 Oct 12 #360014 by maisymoos
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Hi

More information on assets is needed

You say there are 3 additional houses in pot, what is the equity in these. Are these on top of the two houses you have already mentioned?

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09 Oct 12 #360015 by busy bee
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Hi MM

Sorry, I just can;t answer this question as I don''t know finer details. The question was really not about the splitting of assets but her assertion about my partner paying off her mortgage as she sees it as his debt and not a joint one...

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09 Oct 12 #360018 by maisymoos
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As to whether her partner paying off her mortgage and the rest of assets split 50/50 is fair would depend on many factors and considerations outlined in S25 of the Matrimonial Causes Act.

In theory this would give her more than 50% But without figures it is impossible to know how much more. You really cannot look at assets alone but also need to consider alongside pensions, incomes and respective needs.

  • soulruler
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09 Oct 12 #360020 by soulruler
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if their incomes are similar then it does not seem equitable that the husband pays off the wifes mortgage on the face of what you have said.

The children spend time with both parents.

Are the other houses held in joint or sole names or in the name of a limited company or partnership?

Are the benefits the wife receives on top of a similar income or do they make up an equivilent income and do both parties work or do both parties live on the rental income in the three other properties?

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