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Worth paying extra £500 for financials in uncontested divorce

(4 Posts)
Bessiebigpants Thu 20-Nov-14 18:53:29

I don t know what to do I don t intend to claim exes pension he is signing the house over to me in lue of shared debts which I am paying.Is it worth scraping together an extra £500 I've already paid £1000 for supported package.Am I missing something vital? Any advice great fully received.

Cabrinha Thu 20-Nov-14 23:06:47

Everyone's situation is so different, there's nothing to go on in your post.
One thing strikes me - you get the house but no pension share - yet you also get the debt.
If the debt is £1K, the house has £100K equity and the pension is £50K, you'd possibly got a good deal.

Question for you: do you know what his pension CETV is?
If you don't know what I'm asking, then the £500 will be money well spent.

The pension is often the single biggest asset and too often ignored because it can't be spent there and then.

Bessiebigpants Sat 22-Nov-14 09:43:03

It's teachers pension plus a small amount of additional contributions.I have my own equivalent pension in my own right which frankly is going to be better in the end (nhs paid in for 45 years by the time I retire)
The house vs debt is tricky,I don t want to sell because it's the family home lovely area close to the children's schools etc.Its probably got 70000 equity.Debt is combined 50000 When ex left was sold sale fell through and I did nt have it in me to go thru selling again.
Debt was put into debt management plan as ex just left me high and dry with 3 children and I suddenly had to change jobs for a year struggled to get (CSA minimum when he feels like it) I've paid morgage since he left. Plus debt management plan.It feels sorted and I've assumed that fifty fifty asset divide was the norm.Actually writing this down makes me realise that I've probably been a bit of a walkover.

STIDW Sat 22-Nov-14 12:29:04

It's worth paying for legal advice. First of all in England & Wales equality in divorce settlements isn't a mathematical split of 50:50, it's about leaving both spouses living a similar standard to start independent lives. If there are more than enough assets to meet the needs of both parties and no exceptional contribution from one party assets may be shared 50:50 but frequently there aren't enough assets so sharing is in different proportions.

Even if you can reach an agreement between yourselves it isn't legally binding unless it turned into a consent order and either party can make claims against the other in the future. If the agreement isn't drafted well the court may decline to turn it into a consent order or their may be problems later. When you compare the costs of the average wedding the cost of drafting a consent order on divorce is peanuts and the money is well spent to do it properly for the peace of mind and your future financial security.

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