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Read our latest Financial Settlements guide (2021)

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.

Declaration of trust and inheritance

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Worriedone
Posted by
New Member

11 Feb 24 #522557 by Worriedone

Topic started by Worriedone

I paid 18K for house deposit (with a signed Declaration of Trust that I would get this back)and married 3 years later. Married for 7 years and my parents gave me 30K to pay off our outstanding mortgage using money after my grandads estate was sorted. The agreemement we had when we separated was I get the 48K back then the rest of the house value then split 50/50. I earn 16K, my STBX earns 80K. We have 2 children 7 and 4 who live with me and ex pays via CMS. Does this agreement sound fair ?

hadenoughnow
Moderator

12 Feb 24 #522561 by hadenoughnow

Reply from hadenoughnow

Financial settlement on divorce is based on needs. Any deed of trust can be overturned on a needs basis.

What you have to work out is how much it will cost to house each of you and the children - with the maximum reasonable mortgage you can obtain. Your ex will clearly have a much greater mortgage capacity than you. This will likely mean you should get a greater share of the equity anyway.

Contributions are only relevant if there's more than enough in the pot to meet needs.

You need also to consider savings and pensions as part of any settlement.

Full financial disclosure really is the first step.

Have a good look at the information on this site before agreeing to anything.

Hadenoughnow

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Moderators: wikivorce team, rubytuesday, dukey, hadenoughnow, Tets, Shezi, Linda Sheridan, Forseti, Mitchum, WhiteRose, Lostboy67, WYSPECIAL, Bubblegum11

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