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Marital home - options

  • WYSPECIAL
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01 Jun 19 #507815 by WYSPECIAL
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Priority will be housing the children.

From what you say selling the FMH and purchasing a 3 bed house would be a waste of money and eat into the equity. You can afford the running costs of the FMH from your own resources.

He may well feel he is "entitled" to £90k and you need to pay it to him yesterday but if this isn't possible then he will get a reality check at some stage.

Realistically if you get a mortgage for £245k you could pay him £35k now which is a sizeable deposit.

You need to find out pension details so you can look at the whole pot but remember, housing the children will always be a courts first priority.

  • swordy74@yahoo.co.uk
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15 Aug 19 #509073 by swordy74@yahoo.co.uk
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Might be worth trying a different area , failing that just manage living together, turn house into partitions

  • happydaysahead
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06 Sep 19 #509539 by happydaysahead
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Update on this...

My pension is worth more than his - mainly because I have been paying into mine for 29 years. He has been paying into his for 15. We have been married for 14 years.

His proposal has come in and he wants a pension sharing order that I give him £150K of my pension. He also wants 65% equity of the house.

My solicitor has just come back to me to say "let me know what your response is". I was hoping they may have given me some guidance on whether this is realistic in terms of what the court would order or not, but they haven't given any advice.

As I am primary carer and have the children 80% of the time, does this proposal sound likely to be something a judge would enforce? The parent who has children 1/2 nights per week gets 65% of the equity?

Any advice useful because I don't seem to be getting any from my solicitor.

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06 Sep 19 #509544 by WYSPECIAL
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Sounds ridiculous.

What are values of pensions?

  • happydaysahead
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09 Sep 19 #509560 by happydaysahead
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From the point when we married (14 years ago) mine is worth £80K more than his.

My whole pension vs his is way more, because I have paid into it for 29 years and he has only paid into his for 15.

My pension from before we were married is worth £280K.

He wants £150K of my pension and 65% of the house equity.

I have the children (2 of them) 80% of the time.

  • hadenoughnow
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09 Sep 19 #509564 by hadenoughnow
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I would say that it is perfectly reasonable for pension accrued prior to narruage/cohabitation to be excluded given the number of years of contributions involved.

One thing is your respective ages and when you may be able to access funds from the pension.

It may be that you will need an actuary to look at how the pensions should be treated. Police pensions are pretty valuable. Your final salary scheme may also be very good but possibly not as good in terms of benefits.

As you have pension assets and are able to shake out 35k through a maximum mortgage now, it may be worth looking at offsettung some of your pension against equity. So maybe it is an 80:20 split of equity but he is compensated with a chunk of your pension that could be transferred into a scheme that would allow him to cash it in at 55?
This allows for the children's housing needs to be met, if he can get a mortgage with that amount of deposit, he could hopefully buy a suitable place, if he has a big mortgage he can pay a chunk off at 55, you wouldnt feel the pain of the pension share so badly as you keep the premarital pension, and you can have a Clean Break which is what the courts prefer.

Hadenoughnow

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