Hi Spousal Maintenance is primarily due to budgets, and household budgets. Each scenario can be different ofcourse and length of new relationship is a factor. There is more on spousal maintenance here: www.mediateuk.co.uk/guide-to-spousal-maintenance/ - Best wishes for your future.
Re Pension, how does a CETV for example 500,000 compare to a property at 500,000. If one party takes the property and the other the pension that would appear unfair as the pension cannot be cashed in for that CETV amount and it would not be possible to cover a mortgage with just that pension income to purchase a property valued 500,000. A property can be sold to raise cash but not a pension ? Hopefully that makes sense,
Hello. Assets that are realisable, such as a property are usually treated separately to those that are not realisable, such as a pension. There is no fixed rule, but to get an accurate assessment of the offset value of a property against a pension valuation, who would need to use a Pension on Divorce Expert (PODE) or an actuary. Unfortunately they will charge for this. Remember to focus on both parties meeting need and if you can reach an agreement and meet needs then that is the way forward. Best of luck in reaching an agreement.
A really well put together video. Thank you. One question, if i may, is that if one partner has racked up significant debt in the form of credit cards and loans without the other persons knowledge, and these loans were for things like teeth implants, hair transplants and botox can this be classed as non matrimonial debts and how do the court ascertain this. TIA
Thank you 😊 The debts would need to be disclosed as part of the process. Then, in the division of assets and debts they would need to be discussed. The use of the debt and whether it was accrued as a matrimonial debt would be on a case by case basis. You would both have to make your cases for and against, which may sometimes be easier for one party to do than the other. Hope that helps a little.
Legally, is this process only valid if divorce proceedings are started, i.e. decree nisi/application, etc? Is it also right that once a decree absolute is granted, that this is final in terms of finances (providing there are no issues re disclosure, etc?)
Hello. A legally binding agreement would require a consent order. A clean break consent order would ensure finality once your final divorce order has been granted. You can book a Free consultation here if it helps. www.mediateuk.co.uk/book-a-free-15-minute-call-now/
My husband and I were a couple for 23 years before we got married (but the relationship was over after 4 months of marriage 49:00 ). We also had a son after 2 years together. My husband made sure his assets bought during our time together were in his name only (house in England and apartment in Cyprus). Yet for about 13 years he lived in my house without paying any bills while collecting rent from people staying in his place. Would any of that be taken into consideration when determining settlement? Thanks.
You would still need to do a full financial disclosure each on everything in yor own and joint names. Then the correct way to agree a settlement would be based on your future needs. I hope that helps.
If my husband and I agree on several accounts not to disclose the amounts on them , but still state what type and the account numbers are in the financial disclosure…can we do that? We agreed to just disclose the large amount accounts to split up. How do we deal with this type of agreement?
There is a thing called 'working' bank accounts - the accounts where money goes in and out. You can agree not to disclose the amounts in these if it changes throughout the month. Hope this helps and best of luck in resolving your finances together :)
How is it fair that husband who built-up the assets of 22 years and paid for everything, suddenly has to divide for spouse who isn't working and didn't pay.
Hi Simon. Under family law, the roles played in the marriage are treated as equal when looking at division of assets. We wish you best of luck in your future.
Is there ANYWHERE I can get free advice? I have a legal aid solicitor but I don't believe she's giving me the best advice. My ex husband has stolen £320k off of me, and they're forcing me to accept a clean break. I dont think this is the right thing for me. I'm on UC with 3 kids and limited money. He's a director on £100k a year. I'm so frustrated and ehat I find online is contradictory to ehat my solicitor says.
Hello - sorry to hear you are not happy with your solicitor's advice. You should never be forced into accepting something. You can find legal aid advisors using this link find-legal-advice.justice.gov.uk - we wish you all the best in resolving this situation.
Do you have to include any property and assets held in trust?
How does Sposal maintenance play if your Wife is now living with another partner?
Hi Spousal Maintenance is primarily due to budgets, and household budgets. Each scenario can be different ofcourse and length of new relationship is a factor. There is more on spousal maintenance here: www.mediateuk.co.uk/guide-to-spousal-maintenance/ - Best wishes for your future.
Re Pension, how does a CETV for example 500,000 compare to a property at 500,000. If one party takes the property and the other the pension that would appear unfair as the pension cannot be cashed in for that CETV amount and it would not be possible to cover a mortgage with just that pension income to purchase a property valued 500,000. A property can be sold to raise cash but not a pension ?
Hopefully that makes sense,
Hello. Assets that are realisable, such as a property are usually treated separately to those that are not realisable, such as a pension. There is no fixed rule, but to get an accurate assessment of the offset value of a property against a pension valuation, who would need to use a Pension on Divorce Expert (PODE) or an actuary. Unfortunately they will charge for this. Remember to focus on both parties meeting need and if you can reach an agreement and meet needs then that is the way forward. Best of luck in reaching an agreement.
A really well put together video. Thank you. One question, if i may, is that if one partner has racked up significant debt in the form of credit cards and loans without the other persons knowledge, and these loans were for things like teeth implants, hair transplants and botox can this be classed as non matrimonial debts and how do the court ascertain this. TIA
Thank you 😊 The debts would need to be disclosed as part of the process. Then, in the division of assets and debts they would need to be discussed. The use of the debt and whether it was accrued as a matrimonial debt would be on a case by case basis. You would both have to make your cases for and against, which may sometimes be easier for one party to do than the other. Hope that helps a little.
Legally, is this process only valid if divorce proceedings are started, i.e. decree nisi/application, etc? Is it also right that once a decree absolute is granted, that this is final in terms of finances (providing there are no issues re disclosure, etc?)
Hello. A legally binding agreement would require a consent order. A clean break consent order would ensure finality once your final divorce order has been granted. You can book a Free consultation here if it helps. www.mediateuk.co.uk/book-a-free-15-minute-call-now/
My husband and I were a couple for 23 years before we got married (but the relationship was over after 4 months of marriage 49:00 ). We also had a son after 2 years together. My husband made sure his assets bought during our time together were in his name only (house in England and apartment in Cyprus). Yet for about 13 years he lived in my house without paying any bills while collecting rent from people staying in his place. Would any of that be taken into consideration when determining settlement? Thanks.
You would still need to do a full financial disclosure each on everything in yor own and joint names. Then the correct way to agree a settlement would be based on your future needs. I hope that helps.
If my husband and I agree on several accounts not to disclose the amounts on them , but still state what type and the account numbers are in the financial disclosure…can we do that? We agreed to just disclose the large amount accounts to split up. How do we deal with this type of agreement?
There is a thing called 'working' bank accounts - the accounts where money goes in and out. You can agree not to disclose the amounts in these if it changes throughout the month. Hope this helps and best of luck in resolving your finances together :)
There's the free £500 government funded mediation voucher for divorcing/seperating couples.
That's correct - but remember it's only for issues on parenting / child arrangements and not on finances.
Thank you very much
You are welcome
How is it fair that husband who built-up the assets of 22 years and paid for everything, suddenly has to divide for spouse who isn't working and didn't pay.
She is called home-maker, I believe.
Hi Simon. Under family law, the roles played in the marriage are treated as equal when looking at division of assets. We wish you best of luck in your future.
School run holds immense weighting!
Simon, you sound like a peach. Good luck to your ex wife.
@@ginag8723he’s right
Is there ANYWHERE I can get free advice? I have a legal aid solicitor but I don't believe she's giving me the best advice. My ex husband has stolen £320k off of me, and they're forcing me to accept a clean break. I dont think this is the right thing for me. I'm on UC with 3 kids and limited money. He's a director on £100k a year. I'm so frustrated and ehat I find online is contradictory to ehat my solicitor says.
Hello - sorry to hear you are not happy with your solicitor's advice. You should never be forced into accepting something. You can find legal aid advisors using this link find-legal-advice.justice.gov.uk - we wish you all the best in resolving this situation.
Are wills taken into consideration at all