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What are the factors in setting the division of assets?(9 Posts)
I am likely to be heading into divorce proceedings and splitting of assets in the new year. I’ve been told that the parameters on what each partner gets are pretty well set, but I’m not sure what these parameters are.
Main assets are around £100k worth of equity in the house, the proceeds from the sale of H’s business (£1m+ over a 3-year earnout), and my public sector pension (CETV £83k but I have 25 years left to work). He has significant personal debts which will be covered by the sale of his business.
We have both always worked full time and split child care 50/50. Our DS7 will have 50/50 split residence between the two of us. I will stay in the family home and plan to buy H out.
What’s the most likely outcome of a financial settlement? That everything will be split 50/50? Will my H’s future earning potential (which dwarfs mine) be a relevant factor in pushing for more?
We’re both early 40s. Married 10 years, together 15. I don’t expect the reason for the split is relevant, but FWIW he had an affair and left me.
The following links may give you a better idea of how the division of assets is decided,
The following is basically a more simple version of the above,
Many factors will be taken into account when assets are divided. Too many to list here. Even experienced family solicitors and barristers who have the facts in front of them will not be able to say with certainty how a Judge will rule.
If you are both upfront and complete Form E honestly and accurately then solicitors should be able to recommend a settlement that is fair to both. However, if one or both attempts to hide things or turns the Divorce into a contest then court involvement is likely to follow which guarantees two things
Lots of stress
Lots of costs
Start doing your homework. How much to rehouse you and the child e.g 2 bed house. What’s your mortgage capacity.
How much CM will he pay.
Are you eligible for tax credits
What will your monthly outgoings be.
All things to think about.
*How much CM will he pay.
Are you eligible for tax credits
What will your monthly outgoings be*
What’s your mortgage capacity
All this should be included in the OP's Form E.
I don’t expect the reason for the split is relevant, but FWIW he had an affair and left me
Won't make any difference to the division of assets.
We had to have a mortgage cqpacity report as ex had said he couldn't afford a mortgage on a salary of over £150000 a year. This isn't on the Form E.
If your stbx is honest and reasonable you can come to an agreement so that you can both house yourselves and afford to live. If he isn't you may well end up in court. Mine wasn't so we went to court - I got about £400,000 more in equity and pension than he was offering .... there are guarantees though ....
if your stbx is honest and reasonable you can come to an agreement so that you can both house yourselves and afford to live
This is critical to how the divorce goes and
If not you will end up in court. The split of assets depends largely on your housing needs. If you can house yourself (2 or 3 bed) with 50% split then that is likely. However this where it can get nasty, your Ex could say you only needs xyz amount and provide housing particulars and a judge could agree.
Also your Ex will need a pension provision perhaps equal to yours.
Yes his mortgability will be a factor but guess he won't have a job after business sold?
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