advice for divorce/settlement
Comments
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The overriding aim is to come up with a settlement fair to both parties, taking into account their needs, financial resources (income and earning capacity etc)
It's usual to start at 50/50 and the make whatever adjustment is necessary to ensure that the outcome is fair.
Given the ages of the children,both parties will have broadly similar needs (somewhere to live, suitable for them and for children to visit) and it's reasonable to assume that both will work full time (not clear if W currently works full time or not)
However, as she has a lower income and presumably couldn't walk into a £70K p.a job to match H's pay,(or even a £50K one, if the £4K is gross) W's needs will be greater - she will have a much lower mortgage capacity, less disposable income to build savings etc, so assuming other things are broadly equal, it's likely that she would be entitled to a higher share of the assets.
She/they will need to look at what the costs of buying a property are, what mortgage capacity each has and so on.
It may well be that it would be reasonable for W to have 60-70% of the available assets, although things such as both parties ages will also be relevant.
It would be possible for W to ask for spousal maintenance but it is much more common to try to have a clean break, rather than ongoing maintenance
If the 18 year old is in secondary level education then it may be reasonable to delay sale of the house until they have completed that. If they are at University but living at home then it is less likely to be reasonable.
hi and thanks for the advice,
the wife works full time and the daughter is at college full time for the next couple of years.
the husband wants no contact with the kids anymore for whatever reason and they are devistated , prior to this they got on great more like mates the son and dad, did evering together footy gigs you name it . so i geuss needing a suitable place for them to stay isnt in the hat.
she has offered to arrange a mediation session for them both to sort out differences and kids ect but hes not interested.
anyway back to the coalface . wife has been looking at the cost of simular houses in or near to the area also cost of renting and will be also seing how much she can borrow. either way its not good .
thanks again0 -
I've not long gone through a divorce and the starting point for a split of assets would be 50/50.
Debts are taken into account so this would generally be deducted from the total before deciding the split.
Spousal maintenance is rare although the wife may get a slightly bigger share of the assets to compensate for lost earnings but from another point of view she's also entitled to 50% of a pension/s at the point of divorce from someone who earns a lot more than her.
If the wife hadn't given up work would she realistically be earning 4k per month now?0 -
just to be clear,
wife is not gold digging or using her daughter at home as leverage. she never even mentioned it to me. it was be who gave the details of the situation just aid the advice thats been given.
main thing is they are frightend for their future and want to see some hope . as i cant do anything im not a legal eagle or have been divorced
so please stick to the origional questions asked . thanks0 -
Jamiehelsinki wrote: »I've not long gone through a divorce and the starting point for a split of assets would be 50/50.
Debts are taken into account so this would generally be deducted from the total before deciding the split.
Spousal maintenance is rare although the wife may get a slightly bigger share of the assets to compensate for lost earnings but from another point of view she's also entitled to 50% of a pension/s at the point of divorce from someone who earns a lot more than her.
If the wife hadn't given up work would she realistically be earning 4k per month now?
thanks for the first hand info , at least i can tell my freind what to expect as a ball park outcome . i know everyones situation is different . thanks again0 -
Has she any idea of the value of the pensions? They could be worth quite a bit. If they are final salary pensions make sure they are valued correctly. My husbands exs solicitor got his valued at a ridiculously low value. His ex wife had never worked, lazy person, she did get maintenance of £200 a month until my husband was 65 but she got it as a lump sum.
Your friend is still young, she still has a very good life ahead of her.0 -
Has she any idea of the value of the pensions? They could be worth quite a bit. If they are final salary pensions make sure they are valued correctly. My husbands exs solicitor got his valued at a ridiculously low value. His ex wife had never worked, lazy person, she did get maintenance of £200 a month until my husband was 65 but she got it as a lump sum.
Your friend is still young, she still has a very good life ahead of her.
hi ,
yes , she dose know the value of the pensions i think but i will pass on what you have said , again top advice and thanks0 -
That's the same old chestnut, the poor wife who was forced to give up what would have been a smashing career for her husband because he insisted that she stayed at home to look after the children against her will...sounds to me like the wife made some sacrifices to support the husband with his job , old fashiond male bread winner and wife looks after kids and home etc but now she is left without a pot to you know what in after all those years of support to the huband ect.
Maybe the case if we are talking about someone who graduated with a medicine or law degree, and the husband job meant that they moved every few years, but otherwise, I think it has very much become an excuse for wives who never really started a career and were happy to be SAHM or working PT.
Is she likely to get 50% of everything yes? Is the issue that wants more?0 -
That's the same old chestnut, the poor wife who was forced to give up what would have been a smashing career for her husband because he insisted that she stayed at home to look after the children against her will...
Maybe the case if we are talking about someone who graduated with a medicine or law degree, and the husband job meant that they moved every few years, but otherwise, I think it has very much become an excuse for wives who never really started a career and were happy to be SAHM or working PT.
Is she likely to get 50% of everything yes? Is the issue that wants more?
hi and thanks,
as ive stated severall time now,
its not a money thing i was asking about ,nore is she a gold digger . the question was regaurding what to expect as an outcome or possible outcomes of the final settlement agreement as i geuss this is where this case is heading and thats it . i gave the details as i see them and how the family or husband and wife did things . for all i know she could of been a rocket scientist but we will never know that , what we do know is the current facts as ive stated.i saw it as an old fashioned wife at home taking care of family whilst hubby is out working , just my perseption and my words.
put it this way if you wer !!!! upon in a big way would take it on the chin ??? or would you stand up for yourself ?? . if you cant stand up for yourself you seek advice wouldnt you?? well this is all im doing seeking constructive advice for a freind who is still reeling from the end of the relationship.i have advised seeking legal help which she of course is doing its nice to have a heads up and no nasty supprises. i havent taken sides in this and havent slated either party concerned . i am very gratefull for all the advice aswell but sometimes people just dive straight in lol. thanks again0 -
As said, she can pretty much bank on 50%, what she needs to decide is whether she thinks she should be entitled to more, and what argument she plans on putting forward to justify it.
At 48, it's not too late to look for promotions.0 -
motor_bike wrote: »as far as i know the wife has no savings and very little joint debt.
husband has a fare bit of debt , his own doing.
How his debt came about won't matter, in the same way how the savings came about won't matter. They occurred during the marriage so they're all split equally.0
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