A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Situation - any advice

  • Billie12
  • Billie12's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
28 Sep 08 #51980 by Billie12
Topic started by Billie12
Married 10 years
Living together 15 years
1 daughter 13 years

Mortgage £25,000 - 7 years left on it.
House worth £180,000 -ish. - £25,000 mortgage.
Equity £155,000 ish -
Would like my deposit of £9,000 back.
£146,000.

Husband has a royal mail pension which I do not know worth
His salary £28,000
Mine £14,000 (part time)

He has offered me buy him out at £35,000 (which he says is less than 30% equity) for a Clean Break - no other claim either way and £225 CM - no spouse maintenance. Will halifax let me increase mortgage from 25,000 to 60,000 ? The mortgage calculator says yes but surely not on my salary?????


Does this sound like a good deal ? Should I grab and run
or not? Don't want to then end up with less - if I hold out for more.

thanks Carrie

  • mrsnomore
  • mrsnomore's Avatar
  • Elite Member
  • Elite Member
More
28 Sep 08 #52008 by mrsnomore
Reply from mrsnomore
Carrie - Once you have had some legal advice - be careful about mortgage calculators as getting a mortgage now is much harder than its been for years. Speak to a financial advisor or bank about a realistic mortgage offer that you can get - and then compare that with the advice you get on a settlement.

I would think that 30% and no pension sounds unfair, but I am sure that someone will come along with more sound advice than me!

  • Billie12
  • Billie12's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
28 Sep 08 #52018 by Billie12
Reply from Billie12
just to be clear I give him £35,000 and am left with the rest of the equity about £120,000. So he will have less than 30% equity and I will have about 70% equity

Thanks Carrie

  • Sun 13
  • Sun 13's Avatar
  • Platinum Member
  • Platinum Member
More
28 Sep 08 #52019 by Sun 13
Reply from Sun 13
THat sounds ok on the surface, but take some legal advice first.

A £60,000 mortgave would be a lot to handle on your own I think

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11