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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.

 

Divorce process and fairness of split

  • littlethings
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20 Nov 23 - 20 Nov 23 #522086 by littlethings
Topic started by littlethings
Hello,
My wife is divorcing me. (she strayed). These are our details

She;
Aged 38
3 kids, 5,11,14
Newly qualified nurse
£29000 PA + Estimate £800 p/m maintenance + Child benefit, + minor income as forces reservist

Me;
Aged 45
Earn £60,000 on temporary work until end of March. (could be out of work during the thick of this).
Apart from house equity, i only have a small DB pension pot worth a measly £40k
My ability to earn money and gain employment has also been seriously curtailed by a police caution i picked up due to a spurious allegation by another family member which is a massive worry to me. (is this relevant to the court?)

She has said she is happy to split house equity 50/50, but her belief is that when it comes to the the Consent Order down the line, the court will say its not fair and i must give her more.
I've read things that say shes right and things that say women with kids always getting say 65% or 70% is a myth.

From my point of view, i'm nearer retirement and she will benefit from a final salary pension and my future income is uncertain. In my previous contract role, i earned half what i do now. I too want to be able to have a three bed house, so i can at least rent a room out to give me financial security of my own and have space for my kids if they are staying over say once or twice a month. Her income with my maintenance, will also be above mine and will be above the income that i've had to support us with for most of the past 5 years on a monthly basis. So she wont be broke! She has this fanciful idea that she's entitled to spousal maintenance too.

Is 50/50 fair in this respect, or should i be prepared to loose more?
We are putting the house on the market in December and my aim was to start buying somewhere else asap as i want to live under my own roof again and not with family. However, i gather i could end up in a situation where i have bought a house prior to the consent order being rubber stamped - which i gather is a risk? - What could happen in that situation - could i agree to give her the difference ordered amount by within say 5 years as a practical resolution? are my arguments and approach reasonable?

Sorry, lots of questions here.
Last edit: 20 Nov 23 by littlethings. Reason: make clearer

  • hadenoughnow
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02 Dec 23 #522122 by hadenoughnow
Reply from hadenoughnow
Financial settlement on divorce is based on needs. Equal shares ie 50:5O does not = equality or equity. It is not uncommon for the party with the majority of care for children and lower income, perhaps connected with child responsibilities, to end up with a greater share of the assets on divorce.

Although the other party may have less capital, if they have a greater income and borrowing capacity they can be housed appropriately. Where renting is the only option for one party a Mesher type order may be considered so they get a share of the equity in future.

In terms of income, despite the redundancy, your earning capacity would be seen as the same as it has been.

Pensions are shared equally ( based on capital value or income in retirement) although you can agree to leave them out of the equation if they are small and if the other party has had a bigger share of the equity (offset against pension entitlement).

Hadenoughnow

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