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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.

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60/40 - Where did it come from? How does it work?

  • undervalued
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10 Jun 08 #25726 by undervalued
Topic started by undervalued
Just curious about the 60/40 split that seems common, i.e. parent with children gets 60% of matrimonial assets, house equity etc.

What happens if the kids are with one parent 4 nights and the other 3? Does the 60/40 split now become 55/45 (for instance). Does the maintenance reduce too?

I'm really interested in the science behind this figure. Any thoughts?

  • redoctober
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11 Jun 08 #25783 by redoctober
Reply from redoctober
Hiya undervalued,

Good question !

I think it is not so much a science as a down-to-earth approach : how much do the two parties NEED to live ?
The courts are very hot on the children being provided for first and foremost and are looking at the actual money in the pot.
The parent with primary responsibility will usually ( except in big money cases where 'need' is not an issue ) get a higher percentage of the assets.
It could be argued that if both parents have an almost equal share in the care of the children, the percentage should be 55/45 as you mention, but I am sure you are aware that many other factors are taken into account money wise i.e. pensions, earning capacity, length of marriage and so on.

Hope this has helped.
Red XX

  • mike62
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11 Jun 08 #25785 by mike62
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Just to add to red's comments, it is very difficult to say what the split should be on a universal basis, as every family's circumstances and dynamics are quite different. One size does NOT fit all.

Another thing to bear in mind is that typically you are taking a reasonably balanced family budget for housing, food, utilities, etc and suddenly introducing a massive increase in costs into the equation. The budget is no longer balanced. How much of an inbalance there is depends on so many different factors.

child maintenance is adjusted by 1/7 for every night of the week that a child spends regularly with the non-resident parent, so yes, there is some fluidity.

Likewise with the asset split. Can be 90:10 down to 50:50. Everyone is different.

What it is important to remember is that BOTH parties need to rebuild their lives post divorce and it costs money. Because no 2 families are the same, it is impossible to apply a universal rule for all.

As red points out, the key to it all is about need. And the provisions of the Matrimonial Causes act section 25.

You can't get two pints out of a pint pot. Compromise is needed by all parties. No magic wands here!

Mike

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16 Jun 08 #26594 by Kevin01
Reply from Kevin01
Before my mediation started I asked my solicitor what I should expect so that I would now where I was negotiating from and she said that there wasn't a set figure.
Imagine how gutted I was when as soon as we sat down in mediation the mediator blurted out splitting the equity in the house 60:40. Of couse with that figure set in her mind my wife wouldn't budge.
What happened to the negotiation bit.

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