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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.


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.


Need to appoint a solicitor

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17 Mar 08 #17087 by ByeByeLove
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Thanks Fiona. In addition to a solicitor is it advisable to consult with a financial advisor? Especially where the pension is concerned or are solicitors in general qualified to deal with all the financial implications such as taxes and the like. There maybe capital gains tax to be paod when transfering the matrimonial home to my wife's name.

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18 Mar 08 #17090 by Fiona
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Ah ha, as long as you transfer/sell the former marital home within three years of it no longer being your main residency there will be no CGT liability. See;

www.hmrc.gov.uk/helpsheets/IR281.pdf

Personally, I think it's better for sols to organise an actuary report for valuing pensions if necessary rather than using a financial advisor.

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18 Mar 08 #17091 by Fiona
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Sorry, I didn't really answer the question. Many sols are fairly knowledgeable about finances and will refer to other professionals such as accountants (taxes), surveyors, actuaries or if needed forensic accountants. Most family sols are not qualified to give financial advice but the qualifications (and in my experience, knowledge) of financial advisors are very variable and I think they are best bypassed. See;

www.which.co.uk/reports_and_campaigns/mo...ticle_557_122697.jsp

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21 Mar 08 #17326 by ByeByeLove
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Hmm, tried the web site got a free 30 minute consultation and have arranged 2 more free consultations. Very useful so far. Thanks very much. Slowly but surely I am demystifying this whole divorce thing.

Still, I wish I could snap my finger and this whole sordid affair would be over!!

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21 Mar 08 #17357 by ByeByeLove
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Thanks Fiona. You must be a solicitor yourself. Care to represent me?:)

But seriously, does it make sense to start looking in chambers for a band 1 or band 2 lawyer?

Some of the solicitors I have already contacted are not listed in Chambers. Does that mean they are less knowledgeable?

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21 Mar 08 #17363 by Fiona
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Just to clarify I'm not a lawyer and have no vested interest. I don't even live in England or Wales, I live in Scotland.

In our case assets were well into 7 figures and I negotiated through a band 2 legal firm that had offices in Edinburgh and Brussels which I dealt with for other matters and it was fine. An IP lawyer I knew in a similar financial situation divorced about the same time and used a top lawyer in London, but paid 7x what I did for an agreement that was thrashed out around the kitchen table.

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This legally binding agreement defines how assets (e.g. properties and pensions) are to be divided.


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