Separation Agreement Information
Full Question -
My wife & I are in the middle of attempting a financial settlement between the two of us. We have two children, aged 20 & 22. I have as a goodwill gesture agreed not to contest any of the furniture / assets. We are selling the house. My wife believes that she is entitled to 65% of the value as a clean break settlement, for reasons that escape me. I am prepared to be reasonable, but I am curious on the legal position. is there a formula for calculating this?
I think if the children are grown up, and you both work then a 50% split would be appropriate unless she can how she has a greater need for capital than you because her mortgage raising ability is less for instance.
I am writing to initially inquire about legal separation requirements.
My wife and I have been separated since February 2002. However, we do not have any documents drawn up to that affect. We both agree with this separation and we both know that it is irreversible. I would very much to know the procedure for legalising the separation, i.e:
a) Would the fact that we both agree, and the circumstances could prove our separation, be considered sufficient and legal.
b) Does a legal separation require an application to a court in order to be recognised.
c) Would a private agreement signed by both parties be sufficient and legally binding.
I would very much appreciate your help in clarifying the required steps.
The best way to make sure your agreed terms are dealt with is by way of a formally drafted separation agreement.
This document sets out how your finances will be dealt with, any children arrangements and gives a timetable for the divorce, usually after 2 years separation. You can document the separation date so you can proceed with the divorce 2 years after the date given. If you try and rely on a self drafted agreement, it is very likely that a competent lawyer would be able to unravel it very quickly if there was a dispute. A Solicitor drafted agreement will contain the latest precedents and court approved wording.
Married 1993, 2 children (7, 4.5). Agreed to separate 12/2000, sold house, divided proceeds. Wife now lives with children in new house, I am about to purchase new house. All financial details have been worked out and verbally agreed, visitation also.
I've been advised, however, that in order to prevent any risk of my new property being subject to a claim that my wife and I should sign a Deed of Separation as soon as possible. Is this correct, or if it is not, how can I ensure my new house is not at risk?
Yes, a deed of separation would give you some protection until you are able to file for the divorce after the 2 years is up.
The court can in some circumstances overturn parts of the agreement if they think it fit to do so, but where the parties have come to an agreement with full disclosure of assets having been given this is unlikely to happen. In reality a separation agreement is the best insurance policy you can get until you apply for the divorce and have an order made which is then binding thereafter.
After separating in Dec 2012, my wife now wants to try again - whilst I am willing to consider this option I want to ensure that I have financial security. We had previously agreed in principle a financial separation that we both happy with. before we 'try again' I would like to pay her off financially so that if after a couple of months we decide that it is not working. I wont have to renegotiate a financial settlement. During the next few months we will just start seeing each other as friends and see where we go. Any suggestions as to what would be the best way forward for me
It would be advisable to have a separation deed drawn up which will deal with the financial aspects of the matter and give you some security and also will allow you to divorce after 2 years.
If in the meantime you cohabit for more than 6 months the terms of the deed would be fairly irrelevant.
Full question -
After 14 years of marriage my wife has decided she wants to call it a day. I suggested talking to someone but she's not interested. She hasn't yet told her sons (from her first mistake rather then her current one) who live locally or most of her relatives. We have a 12 year old daughter who I need to ensure is looked after. Because of this I have said that my wife can have any proceeds from the sale of the house and endowment policies. I have taken a big (£13.5K) loan from the bank in lieu of what she would be entitled to from my pension etc. which I have given to her to spend as she needs. I have made no condition on what she spends it on although I know it has all gone on a house. In total about £85K, on top of which I have said I will pay £100 a month for 'running' expenses for my daughter.
I've got a few pieces of furniture and the overdraft from hell. Sale of the house is due to be completed Wednesday at which time we will move to separate towns, 30 mile apart. We have an informal agreement that we would both be happy to put our signatures to but I wonder where I go from here. There are no third parties involved but at the same time no way back from this position. I have met all agreed points so far in making the money available and, as far as they went, so has my wife with access to my daughter agreed as unlimited with joint care and control. I'd like this sorted ASAP. Do we have to wait 2 years?
As I mentioned earlier the breakup was because my wife decided that was what she wanted and I don't want to go back now. No-one else has been involved in this. Is it worth while drawing up a separation agreement to formalise our position? My wife has never been in employment and was in receipt of benefit with the two boys, then aged 3 and 5 when I met her. There is agreement to divorce and neither of us would contest it. Who should start proceedings and will I get stuck with all the costs?
It is as always very important to take independent legal advice. If you are dividing up assets and sharing out the money you absolutely should have a formal agreement. Either one of you should be able to divorce the other on the grounds of unreasonable behaviour which means that you don't have to wait two years. It would also mean that you can formalise and finalise the financial agreement so that it is all over once and for all. Take legal advice and make sure its done properly. And yes you could end up being stuck with the costs especially if it isn't done properly. The sooner you deal with this the sooner it will be over.