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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


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pension

  • zozo
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13 Jan 08 #10556 by zozo
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My x pension is 28000 now. My sol. is saying it is a smal amount and he did not include it in our calculation for how much mony there is in the pot.Is that true?
Another thing also that is my x has an inheritance about 1.5 years befor starting the divorce and this inheritance is abroad in Sirilanka he gave his relative a paper giving him the write to demolish it and build a new asset on it.Can this inheritance e counted in the pot as well.

Many thanks

  • loobyloo
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13 Jan 08 #10559 by loobyloo
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zoro
dont quote me but i think money abroad needs a seperate rule....i to have an x2b with international connections and any money gone to hk dont think ill see!!
looby

  • Elle
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13 Jan 08 #10560 by Elle
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Zozo,
My experience is that no 2 solicitors say the same thing, those acting for you as well as opposing! My divorce was held up with Appeals re hidden pensions even although I didnt care/want a share of them...and the Appeals were led by the x2b's sol who hid them!....in addition my sol had me agree a reduction of 50k cash today whilst insisting i got a share of a 20k pension i would receive in 20 yrs time! All this took place of course when I was confused and vulnerable...which I still am however not as much.
Regards 28000 being a small amount....are you a millionaire...lol....my x2b is using a lot of the public purse disputing expenses of 2500 as awarded by a Lord/SP...thus it seems that values are dependant on attitude and not reality
My understanding is that all RELEVANT pensions go in the pot for calculation...i therefore disagree with your sol....
Elle

  • Peter@BDM
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13 Jan 08 #10562 by Peter@BDM
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My understanding is that you are personally responsible for the financial declarations, often made on form E and are obliged to disclose all. Incidentally, this includes SERPS/S2P, which can be worth a lot less than the sums mentioned here.

Zozo says that her ex’s pension is 28,000 now; Elle refers to a share of a 20k pension. These are significant sums in themselves, but are the amounts the annual pension that is likely to be payable or the current cash value? An annual pension of £20k could be worth between £250,000 and £500,000 in cash terms, not many people could afford to ignore such a valuable asset.

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13 Jan 08 #10570 by zozo
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Hi Peter,

I think that the 28000 are the value of all the pension x has because he started it two years ago.If this is the case what do you think.

Many thanks

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13 Jan 08 #10576 by Peter@BDM
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Hi Zozo

On the pension only (I have no knowledge on the other aspects) £28k still seem to me like a large asset to ignore. Split 50/50 you could possibly be entitled to £14k. If it were cash in the bank, would you ignore it?

One of the problems with pensions, apart from the fact that they are so boring, is that they are not like cash in that you cannot easily get your hands on them. There are three options on how to re-distribute pension in a divorce, making either a pension sharing or attachment order, or what is called offsetting.

pension sharing and attachment orders are both quite expensive to do and the cost would make a sizable dent in the value of the pension; so in your case they are probably not a good idea. This may be why your lawyer is suggesting that the pension is ignored. The third option is less expensive and may be worth considering IF, there are other substantial assets (and this may be another reason why your lawyer is suggesting that the pension is ignored). offsetting is where one party keeps an asset of a particular value (your ex’s pension) and you keep another asset of similar value. There are all sorts of issues here about comparing apples and pears because as I said earlier, you cannot “cash-in” a pension in the same way as you can money in a bank account, so in that respect it may be appropriate for you to offset at less than the £14k. There are ways of working out what the real number should be, but in your case, the cost of doing so would be disproportionate. You may take the view that anything is better than nothing, and of course, the more you and your ex argue about the value, the more it will be eroded by your legal costs!

I hope that this helps.

Peter.

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13 Jan 08 #10580 by zozo
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Peter,
You were of a great help.Can I aske you about a rough estimation of how much mony shall I aske for to ofset my x pension.

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