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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 no kids

  • Uptotheeyeballs
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04 Jan 24 #522219 by Uptotheeyeballs
Topic started by Uptotheeyeballs
Hi everyone, I am new here & after browsing for a while thought I would ask for some advice please.
I split with my wife after 24 years of marriage (2020) We own a house which is mortgage free, she lives there on her own. I am now living with my new partner in rented accommodation. I have been trying for the past 3 years to come to a financial settlement, every offer she is refusing.
we are going to court next month for the FDR. She wants to keep the house, which I am happy with, all I want is a single payment of money as she cleared our joint bank account when we split and has since "spent it" proof being withdrawing large amounts of cash. Since our split she has been harassing myself and my partner. She has a doctors note stating she has depressin and therefore cannot work full time , she has no lending capacity so cannot afford a mortgage and also cannot afford to rent. She is on benefits 300pcm and earns approx 400pcm . I work full time but was made redundant in November last year. I became self employed in December and now own a vehicle for work worth 10,000.
just curious if anyone has anything similar and what the outcome was? Thanks in advance

  • hadenoughnow
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05 Jan 24 #522224 by hadenoughnow
Reply from hadenoughnow
We need a bit more information please.
How big is the FMH? How much equity is there?
Does she have any funds apart from the equity?
What would a modest 1-2 bed property cost to buy?
Are there any pensions to consider? What is the CETV?
What is your income?
You say you are going to FDR. Have you exchanged Forms E and had the first hearing?

Financial settlement is based on needs first. If the FMH is too big for her needs/unaffordable to run, it may be that it has to be sold to release funds.

If there's a pension fund between you, it should be shared to equalise incomes in retirement although some offset against equity may be appropriate.

Do you know what was done with the cash? What are your suspicions? Have you raised questions about it? How much are you talking about??

Hadenoughnow

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06 Jan 24 #522234 by Uptotheeyeballs
Reply from Uptotheeyeballs
Thanks for the reply. Carrying on from last time as I pressed submit before I'd finished replying!
First hearing done and form E complete and exchanged.
the cash she took was 24000, a proportion of it was used to pay off the mortgage and the rest she has just withdrawn as cash. Some was spent on home inprovements & bought a pet also. I think she must have another bank account that she has not disclosed or stashing it away. Yes the question was raised and that's how I know its been withdrawn as cash.
I am worried its going to go more her way, i just hope we get an even split. She didnt even bother doing any house particulars for me as she put my housing needs are already met.

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06 Jan 24 #522235 by Uptotheeyeballs
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The FMH is a 2 bed house worth 135,000. Don't know about the equity. She did have a car worth 5500 but I think she may have sold that now. 1 bed property is around 75000 but a lot smaller than the FMH is. She submitted property's of around 110,000 for herself. She has state pension. I have 2 private pensions and not sure how pension works now I'm self employed tbh. No shared pension though.

  • WYSPECIAL
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07 Jan 24 #522236 by WYSPECIAL
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The pensions will be part of the pot to be split which is why we need to know the values. They could well be worth more than the house.

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22 Feb 24 #522617 by Uptotheeyeballs
Reply from Uptotheeyeballs
Hello, so sorry, have been stressed to the max. My pension is very small, my solicitor says it is like a drop in the ocean, so it's worth £3,780 & the other one is just the state pension.

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22 Feb 24 #522618 by Uptotheeyeballs
Reply from Uptotheeyeballs
So since I started the thread some things have now changed and I am feeling a bit more positive but still worried about the outcome in court.
I am self employed meaning I have no borrowing capacity whatsoever, so the same as the ex. I am currently living in a one bed flat while she is still in the family home. (2bed house). Her housing needs are 2bed houses, no idea why she needs 2 bed worth in the region of 100,000. I put my needs & her needs as 1 bed flat/apartment at 50,000. She has low income of around 700 per month, altho this is higher than it was before. She has a car at 6k & i have a works van at 10k. From bank statement she always has money left over at the end of he month so she's certainly not skint and in fact, she ends up with more than me at the end of the month after bills & living costs.
any ideas as to how the outcome may go?

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