Divorce division?/ consent order

[Lilly239]

Anyone got any experience regarding how assets / divorce division works?

Wife : 32
Husband : 40
1 Child : 6

Wife : income £20k per year
Husband in come: £36k per year

Wife : full time carer of child (husband does not see child or take part in care but pays now CMS)

Husband wife married for 5 years , cohabit 6 years

House equity : £10k

Savings: no savings

Any Assets over £500 : motorbike £2,000

Wife : no pension
Husband has 4 pensions : 3 smaller ones occurred during the marriage totalling £11,000
Another 1 (huge) £170,000 however that was paid in from 2007 - 2017 (so on marriage/cohabit would it be 2 years of that I would be entitled to?)

It is agreed because there isn’t enough equity in the house that I will remain in the house with child.

How does this work with regards to above situation in terms of 50/50 split in this case? And what about the pensions and future division of equity if the house was sold for example 50/50?

Appreciate!

Or I’m i outdoing myself I’m entitled to more percent because of child? Should I get more division? - I only ask to seek what’s best situation but fair towards everyone but more so to my child too

The marital assets should be split in half, including pensions (from both of you). I'm not sure how the big pension would work out if not all of it was paid during the marriage, you should seek legal advice.

As for your child, their care arrangements would not be part of a divorce financial order you will need to get done, but would be managed separately through the CMS. If his dad is already paying maintenance then that should continue but won't be part of your financial assets division.

I hope this helps x

There’s no automatic division at 50%

It’s quite possible you wouldn’t get 50% of the pension as it Was largely accrued pre marriage however a huddle could decide it need to be split and it will certainly form part of the pot for consideration so will need cetv for that

Can you afford to take on the mortgage? Will a lender lend you the money ?

Have you got a solicitor?

I’ve been offered

50/50 equity on sale on child turning 18

Don’t claim pensions totalling 190k (11k occurred in marriage and the big 170k pension only 1 year of that occurred during marriage.

I have to pay costs of mortgage

Cms payment in place £215 per month

He sold an expensive asset during all this without my knowledge but it’s been done and I believe he has done it to just push down the assets ...

His earnings £35,500

My income £20,000

He won’t split the other bike that’s worth 2k

He sold another bike for 5k during the court disclosure and I never knew about it

He has said like I don’t take it he can either go bankrupt or get the court to order the sale as there will be hardly anything left in equity (mortgage in his name) so I’ve taken this threat quite seriously that he goes bankrupt then i loose everything anyway... and I’m just best agree?

No don't agree get a solicitor even if you have to put it in a credit card it's money well invested.
They will then advise you what is fair don't agree to anything until you have got advice.
Men have a disgusting habit of coming up with a settlement in their own heads that only benefits themselves

I mean he wants 50/50 on the child turning 18 but you have to pay the mortgage?! How is that fair

It doesn’t seem fair to me that I’m lower earning capacity or have help with childcare and he wants me to pay full mortgage and still get 50:50 or he will go bankrupt and no one gets nothing so I’m under duress I don’t know what to do x

@ivegotthisyeah

I mean he wants 50/50 on the child turning 18 but you have to pay the mortgage?! How is that fair

This is pretty standard - for the next 12 years he has to remain on the mortgage of the former marital home, which prevents him from taking out a mortgage of his own and means he throws money away on rent. A share based on future value reflects that sacrifice.

OP, you need a solicitor. There’s no one size fits all when it comes to divorce settlements. He can’t “get the court to order a sale”, a sale would only be ordered if a judge agreed that was the best course of action for everyone involved. Likewise, he can’t just go bankrupt unless he meets the criteria, so it’s an empty threat unless you know he had significant debt. You may be entitled to a share of pension, and it may be worth more to you to pursue that than to try to hold onto the house until your child is 18.

No there is no significant large debt , but if he agreed a Mesher and then try to give up his job and go bankrupt because the family mortgage in his sole name - if I had a Mesher and that happened but I was paying the mortgage could I be in a position were he could force a sale anyway? X

This is awful feel like I’m under threat :( which it is x

Men who threaten to give up their job / go bankrupt if you don’t play along with what they want are almost always bluffing. Once divorced, if he gives up his job and racks up debt and goes bankrupt, it’s going to impact him far more than you. But yes - if he becomes bankrupt then his interest in the house become the property of the trustees in bankruptcy, and they can apply to the court for an order for sale. The normal rule is that the interests of the creditors take priority save in exceptional circumstances, so although the court does have some discreition as to whether or not they make an order for sale it is likely that they would do so.

The drawback of a Mesher order is that you’re never fully in charge of your own home, which is why you need a solicitor who can advise properly and give you options based on figures. You may find that keeping the house, which only temporary alleviates your problem and can mean that you’re left stuck when it comes time to sell up and give your ex his share of the equity, is not the most financially advantageous option as opposed to selling up now, being awarded a larger share of what equity there is, and then being free to take control of your own finances.

@ComtesseDeSpair unfortunately I’m in one of those positions were at moment not able to raise a mortgage alone or have the money or credit score to get rental etc would rather any way to stay own home / try to boost my earning capacity than wasting it on dead money in rent for example. But I’m being threaten about the bankruptcy thing - what if I had a deferred sale had 50 percent equity court ordered but then ex applied for bankruptcy would my 50 percent be protected as that is mine? Or could I get something written in the settlement consent court order to say if my ex did go bankrupt my 50 percent is protected that I still get my half if a sale forced from his ‘bankruptcy’
I’m just considering everything - yes I’ll go see a lawyer too