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financial settlement(15 Posts)
Just wondering if anyone has gone through this relating to divorce?
I have a baby and wondering what percentage other mothers or fathers with the child were awarded?
also we have a joint loan for my car he is not paying atm! I sold my car and bought his and then got mine as we both needed 5 dr cars for the arrival of our baby. I wonder what would also happen to this loan? This is a personal loan not linked to any car companies.
Do you both work? Do you own a home? Do you have any financial assets?
There are so many variables as some have been suggested above, but also pension, child arrangements. Even with two identical sets of circumstances you would still get different agreements as everyone is different over what they compromise.
There will be compromises. Legal advice is your best bet.
You need to see a solicitor who specialises in family law. They will be able to give you proper advice. There is no simple formula for working out how much you will get.
Yes we both work earn the same and have equity in our house. Solictor said to aim for 75 percent of equity. Jusy wondering if anyone had any first hand experience?
the loan for the car....I bet illchave to take it on with me using the dam thing!
If the loan is in joint names you are both jointly and severally liable. This means that the lender will come after you for the full payment if he doesn't pay. The same applies to a mortgage.
There are lots of things you need to look at. Can you afford to stay in the home and buy him out? If not, how much would a suitable smaller property cost and what mortgage capacity do you have?
Why is your solicitor suggesting 75% of the equity? Does he think that 75% is realistic and fair?
I would have thought 50% of the equity was fair and an equal split of other assets and a mutual agreement to clear joint debts equally. If he is working you will be entitled to child support from your husband (if you are having majority custody).
I am definitely entot to at least 65 percent as he has left me with a small child I now can not work full time and thus can only lend x amount from a bank and woukd be unabke to buy again unless I had a little bI more. Thats standard when you have a child.
im.pushing for more. He left me pregnant for another woman the twat deserves nothing.
Mutual agreement? Hes left me financially ruined. Gloves are off
Divorce settlements are just a number crunching exercise and letting emotions get in the way just hurts the wallet. There is no standard, each case depends on the particular facts so it isn't possible to make comparisons with the outcomes of other settlements. Although the welfare of children is the priority, in particular meeting their need for housing, there are other factors in the s25 Matrimonial Causes Act 1973 checklist of factors that are taken into account.
That means there is no automatic "entitlement" to a higher percentage or indeed to live in a privately owned home. In our case for example although the children lived with me and the assets were split 67:33 in favour of my ex-husband after a long marriage. There are cases where mothers with children have received 25% of the matrimonial assets and in other cases when the value of assets hasn't been that much 100%.
IF your solicitor was in possession of all the relevant facts (value of any assets including pensions and liabilities held in joint and sole names, your respective incomes and ages, the duration of the marriage + any cohabitation before, the number of children, their ages and the number of overnights they spend with each parent) you should be guided by them.
However there is usually a wide spectrum of possible outcomes and 75% may be on the high side so there is room to negotiate and compromise. Conversely your husband may be advised at the lower end. You need to be prepared to revise the position particularly if your solicitor was giving general advice and there is more information comes to light as matters progress.
Starting negotiations from fixed positions isn’t particularly efficient or constructive. As negotiations advance the parties become more and more committed to their positions, continually restating and defending them. The more extreme the opening positions are the longer it will take and the more expensive it will be to reach a settlement. Sadly this adversarial “you v me” approach often results in a mechanical split of assets which leaves both parties dissatisfied.
From the legal POV a "fair" settlement is one that complies with the law. Equality in divorce settlements is leaving both parties living a similar standard of living to start independent lives rather than a mathematical 50:50 split. Someone who is going to be responsible for housing a child and paying for child care for many years to come may need a larger share of assets to keep a roof over the heads of children.
Yes this is me guided by my solicitor with ALL the info....
im not after compariaons im just asking what has happened to others
It's all about needs America1. If for example there was £5m equity, you'd possibly be more likely to get 50% because your needs would be amply met by that.
For reference, I am a SAHM to two small children (although hoping to get back to the workplace because I want to and need to) and am divorcing someone after 4 yrs marriage but a total of 10 yrs co-habitation. The offer I put forward at our FDR amounted to something like 75% of the equity but with a moderate claim for spousal maintenance. The judge said that my proposal was a "little high" in terms of the asset split BUT that he considered my claim for spousal was low and did offset that.
As STIDW says you need to leave emotions out of it. What he did to you will not be taken into consideration. It's impossible for people on here to give you specific advice because it will depend on how much equity we're talking about and what your needs are where you live.
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