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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.


Inheritance within property equity

  • JFKPKLONDON
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05 Sep 21 #517623 by JFKPKLONDON
Topic started by JFKPKLONDON
My wife and I have agreed to divorce and I understand that despite her not contributing to the mortgage of the property in our 20+ years of marriage (as I have always been the main provider and she has been a great mother with minimal income), she is likely to be entitled to up to 50% of the property value or equity. I get that despite how unfair this is.

However, as part of the purchase of our latest home, I used my inheritance money to contribute to the purchase, my question is can the value of this inheritance be subcontracted from the equity value as my siblings are in uproar that my wife who is divorcing me will get half this inheritance value and it is not what my father (RIP) would have wanted.

Thanks

J

  • WYSPECIAL
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05 Sep 21 #517634 by WYSPECIAL
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Why do you feel that it is unfair that your spouse of 20+ years is entitled to a share of the marital pot?

You need to post details of ages, incomes, children, length of marriage plus prior cohabitation and all assets?

How long ago did you inherit and how long has that money been in the former matrimonial home?

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07 Sep 21 - 07 Sep 21 #517660 by JFKPKLONDON
Reply from JFKPKLONDON
Thanks, I believe it is unfair because it is not what my father and family would have wanted for the cash he spent his whole life accumulating.

Kids ages are 17 and 11, marriage before date considered separated was 20 years. House is worth 900k with 400k mortgage on it, 225k of the 500k equity was the inheritance which was purchased just under 5 years ago, separated 18 months now so 3.5 years in matrimonial home. Only other assets are the cars less then 30k

Thanks

J
Last edit: 07 Sep 21 by JFKPKLONDON. Reason: Typo

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07 Sep 21 #517661 by JFKPKLONDON
Reply from JFKPKLONDON
My income £140k

Hers, less then 20k

  • hadenoughnow
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09 Sep 21 #517672 by hadenoughnow
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I am afraid you need a bit of a reality check.
Contributions are counted as equal, especially when they are children are involved. It is not all about who paid the bills.

Inheritance received during the marriage that has been mingled with the family finances is part of the matrimonial pot.

Financial settlement on divorce is about needs first - for housing and income, now and in the future. Security and stability for the children until they can be independent is a priority.

This is a long marriage with a big disparity in incomes. You don't mention pensions but they too are part of the pot for division.

The start point is 50:50 but there can be a departure from that if needs demand. The cost of suitable alternative housing and how much mortgage you can each raise will be key. Depending on this and her reasonable living costs plus income and earning capacity, spousal maintenance may also be considered as an option.

If you do manage to agree a 50:50 settlement with no or limited SM, that would be the best outcome you could get IMO.

You will just need to explain matrimonial law to your siblings.

It may be helpful for you to talk to a solicitor. You can book a fixed price consultation via this site.

Hadenoughnow

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