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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My wife told me she wants a divorce I have been told i need

Resolved Question:

Hi
My wife told me she wants a divorce
I have been told i need to get a financial split agreement approved by a solicitor.
I have given her the contents of all our joint accounts and half our life savings.
Given her our car and told her i only want 20% of the profit from the sale of our house.
We have agreed on maintenance payments for our 3 children (2 still at school)
(via the gov.uk cya calculator)
I also have a number of pensions 5 in my name 1 in hers and I'm currently getting values in writing from each company.
Is there anything else i need to do ?
regards Chris
Submitted: 11 months ago.
Category: Law
Expert:  Clare replied 11 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

What income do you each have?

Customer: replied 11 months ago.
She currently does not work.I earn £64500 PA plus un guranteed overtime and on call.
Expert:  Clare replied 11 months ago.

What do you propose to do with the pensions?

Customer: replied 11 months ago.
I'm getting their current values and from what i read she's entitled to 50% of their value
Customer: replied 11 months ago.
I'm hoping my 80/20 split on the sale of the house will more than cover what i will owe her
Customer: replied 11 months ago.
thats 80/20 split of profit.i already have a settlement figure for the mortgage of £220,900house is on market for £450,000
Customer: replied 11 months ago.
her mother is going to give her £150,000 to go with her share so she can buy her own place
Customer: replied 11 months ago.
she will be mortgage free
Customer: replied 11 months ago.
she's also just got herself a job so she can support herselfbut she has not started yet.
Expert:  Clare replied 11 months ago.

What income can she earn

How long has she lived together and how old are the children?

Customer: replied 11 months ago.
she predicts she will earn 20K PAWe have been together for 23 years.My Children are 12, 15 and 17 (eldest is not in education any longer)
Expert:  Clare replied 11 months ago.

You are correct - the starting point for the division of all the assets is 50/50 - including the pensions - considering the length of your relationship.

You have used the Child Maintenance calculator, which only leaves the issue of spouse maintenance.

The considerable difference in your income (and income capacity) means that she has a claim for spouse maintenance - it is based on her "reasonable needs" - a hard one to assess - but the extra capital you are offering certainly releases you from that risk - but you may still need to offer a Pension Sharing Order.

Once you have a greed it you need to ensure that it is turned either into a separation agreement - or (better) a consent order within Divorce Proceedings

Please ask if you need further details

Customer: replied 11 months ago.
Thank you
Expert:  Clare replied 11 months ago.

You are welcome - I hope all goes well

Clare and other Law Specialists are ready to help you