Divorce costs, joint accounts etc. cost?
Discussion
Hi,
I've looked online, but there is a lot of conflicting advice.
If anyone has been in the position, what sort of costs are there for...
1) Divorce. She's leaving me as she doesn't love me anymore, no fights. Should be straightforward.
2) All in, fees of selling a house that will go for around 225k?
3) Changing joint account? Also, Will I lose the tax that is paid by dd for one of my cars? And have to set up a new one?
4) no kids, but can you think of anymore fees we are likely to incur?
Thanks in advance.
I've looked online, but there is a lot of conflicting advice.
If anyone has been in the position, what sort of costs are there for...
1) Divorce. She's leaving me as she doesn't love me anymore, no fights. Should be straightforward.
2) All in, fees of selling a house that will go for around 225k?
3) Changing joint account? Also, Will I lose the tax that is paid by dd for one of my cars? And have to set up a new one?
4) no kids, but can you think of anymore fees we are likely to incur?
Thanks in advance.
Fees for cash equiv transfer values, actuarial report etc relating to a pension sharing order, especially if you are in a defined benefit/public sector pension. Costs vary, a couple in one each could spend £1000 (combined) quite easily. A bog standard defined contribution pension should be a lot, lot cheaper.
There are lots of legislative changes relating to pension sharing and divorces going through at the moment.
There are lots of legislative changes relating to pension sharing and divorces going through at the moment.
The divorce costs are relatively modest, probably £1000 for the petition costs and getting a solicitor to draft it if you don't want to/can't do it yourself. The petition cost is about £400.
Costs of sale of the house are usually between 2 and 3 per cent including estate agents and solicitors costs.
If you are just agreeing to split the assets yourselves without lawyers getting involved it's obviously free. If one or both of you are going to fight as to how to split the assets with solicitors on both sides expect 5k to 10k each in legal costs even if it settles. Expect more like 8k to 20k depending on the issues if it fights properly in front of a Judge.
These are obviously rough figures. Do your very best to settle the finances between you amicably or you will probably both end up worse off.
Costs of sale of the house are usually between 2 and 3 per cent including estate agents and solicitors costs.
If you are just agreeing to split the assets yourselves without lawyers getting involved it's obviously free. If one or both of you are going to fight as to how to split the assets with solicitors on both sides expect 5k to 10k each in legal costs even if it settles. Expect more like 8k to 20k depending on the issues if it fights properly in front of a Judge.
These are obviously rough figures. Do your very best to settle the finances between you amicably or you will probably both end up worse off.
Go into WHSmith and buy yourself a Divorce pack (in the same section as DIY Wills etc). I kid you not, actually really useful as a starting point at least.
My personal experience was pretty different to yours - we were both young, no dependants, rented house, no real assets per se so it was fairly straightforward. It helped massively that it was amicable, so try not to get the claws out if you don't need to.
Chin up, it gets better. Promise
My personal experience was pretty different to yours - we were both young, no dependants, rented house, no real assets per se so it was fairly straightforward. It helped massively that it was amicable, so try not to get the claws out if you don't need to.
Chin up, it gets better. Promise
Divorce - cost me £1500
House sale on £175k property - £3600 - taken from proceeds then split equity 50:50
Fairly amicable split really but we have two boys so tried to keep it sweet and as painless as possible for them.
We both decided we wouldn't touch each others pensions but not sure wht that would entail anyways.
I'm sure your solicitor will tell you to get a final court order for financial settlement, just so neither of you can make a claim on either's future pots/possible windfalls. (it happens).
House sale on £175k property - £3600 - taken from proceeds then split equity 50:50
Fairly amicable split really but we have two boys so tried to keep it sweet and as painless as possible for them.
We both decided we wouldn't touch each others pensions but not sure wht that would entail anyways.
I'm sure your solicitor will tell you to get a final court order for financial settlement, just so neither of you can make a claim on either's future pots/possible windfalls. (it happens).
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