Divorce - financial settlement
Discussion
My mate is getting a divorce, his wife decided she just doesn’t love him anymore and has been spending more and more time away.
The situation is that he entered the marriage with a lot of assets like a house with no mortgage (which she moved into) and a fair bit of cash and shares. She had a bit of debt which she has since cleared and has contributed to the household bills through a joint account. She also owns a flat which she rented out after moving into my mate’s house.
Now the divorce was proceeding fairly amicably, but she is struggling for money and has been demanding some money. His lawyer reckons she could claim up to £20,000 in a financial settlement. Now they had been married for just over 2 years, there are no kids and they both have jobs paying about the same, so I don’t understand how he owes her anything. She even mentioned to him that she might have a claim on his pension!
How can this be?
The situation is that he entered the marriage with a lot of assets like a house with no mortgage (which she moved into) and a fair bit of cash and shares. She had a bit of debt which she has since cleared and has contributed to the household bills through a joint account. She also owns a flat which she rented out after moving into my mate’s house.
Now the divorce was proceeding fairly amicably, but she is struggling for money and has been demanding some money. His lawyer reckons she could claim up to £20,000 in a financial settlement. Now they had been married for just over 2 years, there are no kids and they both have jobs paying about the same, so I don’t understand how he owes her anything. She even mentioned to him that she might have a claim on his pension!
How can this be?
LeoSayer said:
My mate is getting a divorce, his wife decided she just doesn’t love him anymore and has been spending more and more time away.
The situation is that he entered the marriage with a lot of assets like a house with no mortgage (which she moved into) and a fair bit of cash and shares. She had a bit of debt which she has since cleared and has contributed to the household bills through a joint account. She also owns a flat which she rented out after moving into my mate’s house.
Now the divorce was proceeding fairly amicably, but she is struggling for money and has been demanding some money. His lawyer reckons she could claim up to £20,000 in a financial settlement. Now they had been married for just over 2 years, there are no kids and they both have jobs paying about the same, so I don’t understand how he owes her anything. She even mentioned to him that she might have a claim on his pension!
How can this be?
She gets HALF of everything.The situation is that he entered the marriage with a lot of assets like a house with no mortgage (which she moved into) and a fair bit of cash and shares. She had a bit of debt which she has since cleared and has contributed to the household bills through a joint account. She also owns a flat which she rented out after moving into my mate’s house.
Now the divorce was proceeding fairly amicably, but she is struggling for money and has been demanding some money. His lawyer reckons she could claim up to £20,000 in a financial settlement. Now they had been married for just over 2 years, there are no kids and they both have jobs paying about the same, so I don’t understand how he owes her anything. She even mentioned to him that she might have a claim on his pension!
How can this be?
"Everything I have, I share with you."
Your mate needs to be prepared to get fooked here. Sorry.
Edited by Vesuvius 996 on Wednesday 17th September 13:37
Vesuvius 996 said:
LeoSayer said:
My mate is getting a divorce, his wife decided she just doesn’t love him anymore and has been spending more and more time away.
The situation is that he entered the marriage with a lot of assets like a house with no mortgage (which she moved into) and a fair bit of cash and shares. She had a bit of debt which she has since cleared and has contributed to the household bills through a joint account. She also owns a flat which she rented out after moving into my mate’s house.
Now the divorce was proceeding fairly amicably, but she is struggling for money and has been demanding some money. His lawyer reckons she could claim up to £20,000 in a financial settlement. Now they had been married for just over 2 years, there are no kids and they both have jobs paying about the same, so I don’t understand how he owes her anything. She even mentioned to him that she might have a claim on his pension!
How can this be?
She gets HALF of everything.The situation is that he entered the marriage with a lot of assets like a house with no mortgage (which she moved into) and a fair bit of cash and shares. She had a bit of debt which she has since cleared and has contributed to the household bills through a joint account. She also owns a flat which she rented out after moving into my mate’s house.
Now the divorce was proceeding fairly amicably, but she is struggling for money and has been demanding some money. His lawyer reckons she could claim up to £20,000 in a financial settlement. Now they had been married for just over 2 years, there are no kids and they both have jobs paying about the same, so I don’t understand how he owes her anything. She even mentioned to him that she might have a claim on his pension!
How can this be?
"Everything I have, I share with you."
Your mate needs to be prepared to get fooked here. Sorry.
Edited by Vesuvius 996 on Wednesday 17th September 13:37
"Everything I have, I share with you (appart from my pub)."???
Then if she takes everything at least I will have somewhere where I can drown my sorrows.
I'm not sure she's entitled to half actually.
From memory (when I got stuffed by my ex), it depends on how long you have been married. 2 years would be seen by the court as a very short marriage, in which case you basically both walk away with whatever you brought into the marriage. Over 5 years and the courts tend to look at things differently and you'll be splitting everything 50/50 whether you like it or not. Could be wrong, but that's what I was told when I got divorced 5 years ago.
From memory (when I got stuffed by my ex), it depends on how long you have been married. 2 years would be seen by the court as a very short marriage, in which case you basically both walk away with whatever you brought into the marriage. Over 5 years and the courts tend to look at things differently and you'll be splitting everything 50/50 whether you like it or not. Could be wrong, but that's what I was told when I got divorced 5 years ago.
t car (to start a family)
Vesuvius 996 said:
She gets HALF of everything.
"Everything I have, I share with you."
Your mate needs to be prepared to get fooked here. Sorry.
His assets are worth a damn sight more than £20,000, yet this is the maximum extent of his liability (not including solicitor fees) according to his solicitor."Everything I have, I share with you."
Your mate needs to be prepared to get fooked here. Sorry.
He is screwed no matter what - trust me I am going through this - prior to marriage I developed several properties making a tidy sum whilst maintaining a fairly high paid job and running my own business, I got married and ploughed every penny into the marital home, my ex contributed nothing, never paid a bill and ran up huge debts behind my back many of which were subsequently paid off by me, she then leaves for someone else after 7 years, I file for divorce and discover she is entitled to exactly half of anything I have including ISAs & endownments etc which I have had on the go since I was 18 yrs old (we married at 30yrs old), there are no kids involved.
After much discussion we reach our own settlement figure even though her solicitor tried like mad to push her into fighting for more and although she deserves nothing it is a very handsome sum however leaves me very slightly better off than her - here is the unbeleivable bit - the financial consent order is presented to the court and the judge decides I am not giving her enough !!!! WTF - how can it be that 2 people want a divorce and agree on settlement and the judge has the right to over rule it and make one party pay more than that which all are agreed upon.
As already stated by someone else - the best bit of advice is make sure whatever settlement he comes to the agreement is stated as "Clean Break" otherwise if he or she for that matter happened to come into money in the future the other party could still lay claim to it.
The Law is indeed an Ass
After much discussion we reach our own settlement figure even though her solicitor tried like mad to push her into fighting for more and although she deserves nothing it is a very handsome sum however leaves me very slightly better off than her - here is the unbeleivable bit - the financial consent order is presented to the court and the judge decides I am not giving her enough !!!! WTF - how can it be that 2 people want a divorce and agree on settlement and the judge has the right to over rule it and make one party pay more than that which all are agreed upon.
As already stated by someone else - the best bit of advice is make sure whatever settlement he comes to the agreement is stated as "Clean Break" otherwise if he or she for that matter happened to come into money in the future the other party could still lay claim to it.
The Law is indeed an Ass
carsarecool said:
wildoliver said:
If he can get out of it with a 20k payment I suggest he snaps her hand off up to the shoulder.
Yep, totally agree.Just been through this myself and believe me, this would be a right result
If he can get away with that, do it, and put it down to experience.
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