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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.

 

Financial settlement discussions. Does this sound fair?

  • Silentbob
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22 Dec 23 #522195 by Silentbob
Topic started by Silentbob
Me and my ex have kicked off the divorce process (married 12 years) and we're currently discussing the financial settlement. She has suggested the following, does it sound like a fair split?

For context I'm 41, she's 35. We have 2 kids in primary school. We plan for them to be at hers 4 nights a week and at mine for 3. There's no childminding costs. I earn £40k, she's on £20k. We're mortgage free on our £400k house. But £125k of that was paid for via gifts from her parents a couple of years ago. We have about £10k of savings but some of that will be going towards the divorce costs. Each of our pensions and cars are worth about the same.

She's wanting to keep the house and remortgage it to give me a lump sum of £80k (the max she can borrow including the child maintenance). Then split whatever savings we have left 50/50. I will then pay her £450 per month child maintenance (this is about the cost of her mortgage repayments) until the kids are 18 (another 10 years). She also wants to keep the majority of the furniture and white goods (about £10k), only giving me a few items which she doesn't need. She is unwilling to take the £125k gift into consideration as she thinks it's morally wrong that it should be included in any settlement. We both want to keep things amicable for the kids. I feel if I push for more it will sour what relationship we have left and affect the kids wellbeing.

I have found a local property but I'm £15k short on the deposit for it to be affordable. My parents have agreed to gift me £20k. This would give me some money to go towards furniture. Neither of us want to move away from the local area and she'll recoup very little selling the house and downsizing. Based on these sums both me and my ex will have about the same amount of money left at the end of each month.

  • WYSPECIAL
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26 Dec 23 #522196 by WYSPECIAL
Reply from WYSPECIAL
Are you happy with it or is it a complete no from you?

How do you feel about the £125k being ring fenced in her favour?

Would it be acceptable for you if you got £15k more.

Have you checked CMS rates to see what would be payable?

How old are the children?

Current income looks like she is working part time? Does it include benefits she will be entitled to? When does. she plan to start working full time to maximise her income?

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11

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