Matrimonial assets

Discussion in 'Finance, Property, Law' started by cunning_stunt, May 5, 2009.

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  1. Dear All,

    I a trying to help a friend out with a "budget divorce". I know you will say I need to get professional legal advice &c but really and honestly, she can't afford to pay the £19.50 for every 6minutes she has been quoted. (As a dentist, I'm not complaining about the charges, I think that's quite fair!). So the consent order needs filling in (fixed price: you give us the info, we do the order but don't ask us any questions was the brief).

    1: We are stuck on "matrimonial assets". Clearly the house is one, what about the car (worth about 4k) and the furniture inside the house (about 6k)? There are two ISA's which I assume are both included, what about salaries and pensions?

    2: Same again with "matrimonial liabilities". Is this mortgage and monthly bills? Just mortgage? Everything?

    Your help is most appreciated. I accept everything with the caveat of requiring proper legal advice.
  2. Assets - anything with a value. Car, house, pension, ISAs, art, shares, furniture, jewellery, etc. Where possible, both parties should agree on the value of an asset and to whom it will belong in the future. This is where solicitors make their money!

    Liabilities - any debts. Mortgage, credit cards, loans. I wouldn't include monthly outgoings like the telephone/gas/electricity bill because they will still be there afterwards, although that might be part of the settlement (X pays Y maintenance to cover all outgoings for Z years).

    I don't know about salaries.

    The pension is another matter because you will need professional advice on how to both value and separate it. Most people undervalue pensions which, invariably, impacts unduly on women.

  3. Why doesn't your friend apply for legal aid? I know my firm does divorce under the legal aid scheme so sure they will be quite a few other firms who could help her for free.

    If you call Community Legal Advice Line on 0845 345 4345 then they should be able to give you names of family solicitors who are part of the legal aid scheme.
  4. Not eligible for legal aid unfortunately! I think "he" probably needs a pension valuation. Ho hum...more time and money!