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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.

 

Consent order D81 / Form A dates

  • Markh63
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05 Jan 24 - 05 Jan 24 #522223 by Markh63
Topic started by Markh63
Financial Consent Order form A D81 details
M60, F60No shared Children, M has 2 grown Children 30+, F has one grown child 30+. One shared dog.
Neither has a new partner or co habits since separation.
12 years married, separation after 10 years IRO 2 years ago.M income IRO £45k, F same prior to early retirement 6 months ago.Outgoings were IRO £1.5k PCM each.
Property shared was FMH @ £500k, FMH Mortgage was £100k, FMH now sold with a 40/60 split to F so she could buy a new property she wished for @ £400k, F now has £180k mortgage on her new property.
M CC debt none, F CC debt probably £10k.
Pensions: M IRO £40k as £300k SIPP has failed, F IRO >£500k.
Others, M has a Rental property @£220k and IRO £250k trust fund loan to be repaid.
M has an interest in a small family business held for 25 years, income IRO £5k pa.Cars – Both M and F had cars of IRO£15k at separation.

My question regards getting a financial consent order and the figures to use:-
Background, when we separated my wife had a good job and we both enjoyed a good lifestyle.When we separated, she begged me to let her have more than 50/50 of the FMH funds when we sold and I agreed if we decided on a Clean Break, keep our paws off each other’s pensions and my inheritance trust fund and small business interest from 20 years prior to our marriage that I wish to pass onto my children.
She has since taken early retirement, spent her lump sum on her son and CC debt (I hope!), had an inheritance which I expect she has squandered and therefore she now has a much lower income than when we separated.
IMO the financial data we enter on a Form A / financial details form should be either (A) at the date we separated,(B) the date our FMH house was sold and the proceeds split?Not (C) ‘now’, and not at some arbitrary point in the future should she drag her heels over the financial order details (D?).
She has decided to take early retirement, she had decided to spend money on her son, house, vehicles, gambling, and holidays – that’s her money to squander as she wishes.I don’t see why she may now be able to make a claim on myself for spousal maintenance in the future just because I’m careful with money and live within my means.
As you may guess her financial ways were the main reason for our separation – I got fed up with bailing her out and her always being very aggressive when I asked her to sit down and put our finances down on a spreadsheet etc so we could plan for our future.I am planning to use a solicitor to write up our consent order but the first stumbling block I come to when looking at Form A or any similar document D81 etc is its asking about incomes and assets etc – when? This is a very movable feast IMO.

Is there a hard rule regarding the data on a From A?
Should it be the date we split up or not?

I know her debts, CC and Cars etc are hers alone - but I dont want her pleading poverty in the future just because she's bailled her son out again.

Regards all and sorry for the length of the above - but I'm one for getting all the facts out on the table!
Last edit: 05 Jan 24 by Markh63.

  • hadenoughnow
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06 Jan 24 - 06 Jan 24 #522229 by hadenoughnow
Reply from hadenoughnow
Any settlement should be based on full financial disclosure of the assets, incomes etc as they are now. However things like dissipation of assets can be taken into account, especially if there are more than sufficient funds to meet your respective needs.
In a later life shortish marriage it is not unreasonable to exclude prematrimonial assets from the pot, especially if needs can be met without them.
I would strongly suggest you seek full financial disclosure and take legal advice before finalising any agreement.

Hadenoughnow
Last edit: 06 Jan 24 by hadenoughnow.

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