Divorce - fair split of assets

greenoak

My ex and i have been seperated for 2 years and about to start a simple non contested divorce

We are trying to sort out a fair split of assets without employing solicitors that just costs hundreds of pounds to cause disagreements.

All i want is what is my fair share of a very small pot of assets

Both employing sols to bicker over a few thousands of future equity and pension split seems pointless.

or is be going to a solicotor the only way. There must be a better cheaper way in finding a fair settlement, with a small asset pool.

Mediation is not the answer as they only get you to work it out yourselves, we can do that, we just need guidance on what is really fair.

clearingout

try www.wikivorce.com as there are a lot of experienced people there who can help you work it out.

Fair is a very subjective thing! All depends on how long you've been together, number and ages of children, who is main carer for the children, earning power of each spouse, debts which need to be paid, etc.etc.

You do need to be aware that you will both need independent legal advice before getting this all signed off by the courts. A judge probably won't sign off an agreement where legal advice hasn't been sought.

Mediation is helpful - and a mediator will have experience in what is/isn't 'fair'. Far cheaper than legal fees to argue it out, although you obviously will still incur a cost. Have you had a look at Form E? That's the form that would need to be submitted if you ended up in court - it will give you an idea of what needs to be taken into consideration if nothing else.

ford_prefect_3

The starting point is White vs White which is 50/50 split.

The basic calculation is that each party adds up asset values and from that deducts any debts, this leaves a net asset figure.

Its the individual net asset figure that goes forward for balancing with the other side, for example is his asset value is £100 and yours is £50 he would give you £25 to balance the levels.

Pensions are more complex, if you both have pensions then you both have to split and share, sometimes its best to exclude pensions if they are of similar value as the splitting and transfer of pension pots can end up costing more than any gain.

Do remember that your both still married and the asset split is on current assets so if you or he have gone on to purchase another property then that is also an asset of the marriage and needs to be included, the same with bank accounts, investments etc etc.

mackemdave

It also depends on how long you were married,if it less than 5 yrs then this is classed as a short marriage and courts would look to put both parties back to the position before they were married...