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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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Police pension advice Pleaseeeee

  • montana
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18 Jan 08 #11066 by montana
Topic started by montana
Hello All,
I am a newby. I have been on this site all morning and found it facinating and am amazed by all the wonderful advice and support everyone offers each other.
I would be very grateful if someone out there can help.
I am currently happily separated. Two girls, 8,12. They live a week with stbx and a week with me which I find hard. (I have been told he has said he is doing this for the financial settlement so we shall see what happens after that, but hey thats another story) We have sold the marital home and the money is held with solicitor. I only want what is fair there is only so much in the kitty.In the kitty he reckons there is 290k from sale of house endowments and savings. We were married for 18 yrs. He is suggesting he gets 115k and I get 175k and then not touch his pension. My pension CETV is 65k and his 170k. I have worked hard all my life and have earned more than him cashed in pensions in our early life to finance home purchase,but have changed jobs to be be there for the children and am now on 3 days a week and loving it. He is 44yrs, me 43yrs.
I have asked him to agree to an actuary but he refuses. I just felt once we know whats on the table we can split it and move on. He reties in 6 yrs, will get a lump sum and a pension of 16k a year.And free to seek further employment.
Can anyone advise does this offer sound fair or should I go down the road of an actuary and going to court and let a judge decide? My worry is what some of you have said, different day, differnt judge , different result! I would like to do it as cheaply as possible and as fairly to both of us as possible.
Also does the child maintenance get split 50:50 if the children spend equal amounts of time with both parents, because I spend so much more on them doing things together, buying clothes etc...
I look forward and welcome any advice you can offer me.
I am sorry this ended up as long as war and peace but going on what I have read so far many have said they need more info...
Many Thanks...montana :)

  • Peter@BDM
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18 Jan 08 #11091 by Peter@BDM
Reply from Peter@BDM
Montana

Please take great care how you deal with the pension issues. CETVs are not appropriate values for use in divorce. For technical reasons those for the uniformed services tend to significantly under value the pension, a factor of over two is not unusual.

Your CETV may also undervalue the pension, but that depends on what type of pension it is and what the scheme is. The difference is unlikely to be as significant for your pension as it is for your husbands. Obtaining fair valuations of the pensions need not be very expensive. It is possible to obtain appropriate actuarial valuations for £50 + VAT per pension scheme.

If you want to do some research, have a look at the excellent www.sharingpensions.co.uk we also have information about CETVs and why they are not appropriate valuations on our blog www.ancillaryactuary.co.uk (please excuse the shameless plug!).

Peter.

  • montana
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18 Jan 08 #11098 by montana
Reply from montana
Oh Thanyou for your advice, I shall research the sites you gave me..... I genuinely only want whats fair but understandably I do not want to lose out and have to consider my future and my children untimately..That is what is important.. Cheers Montana

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18 Jan 08 #11101 by montana
Reply from montana
Hi Peter

Thankyou very much for your response
May I ask what does a factor of over two is not unusual.
x2 mean?

Cheers
Montana

  • attilladahun
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18 Jan 08 #11110 by attilladahun
Reply from attilladahun
You MUST in my view get an acturies report

You will live longer than H

In Police Pensions CETV is not appropriate as it makes assumptions which are not always relevant

After the report both you and H's advisors will have the proper inf to decide

The Court will likely order it (Most large Courts insist) before a Pen Sharing Order is made - If ordered the costs will be a JOINT costs -don't fall for H solr suggesting you can get a report if you pay for it as the report cannot be relied upon without leave (Permisson) of the Court

In one case I did there was £300K each to invest and W (my client) had to take an external transfer as she couldn't be a member of H's pension scheme
H for £300K would get £30K inc from pension and for £300K W could only get £18900 pa!!!!
Court after the report gave us near 60% of H's pension...
In that case a layperson could have believed 50% of CETV was fair!!!

Police Pension are complex and need some careful understanding!

Best of luck

  • Peter@BDM
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19 Jan 08 #11134 by Peter@BDM
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Montana

Sorry, my reference to a factor of two wasn’t very clear was it! It was part of my bungled attempt to avoid advertising through the forum.

Let me try again. Our firm provides actuarial reports (hence my reticence), in our experience appropriate valuations of police pensions frequently produce valuations which are double the value given by the scheme through the CETV.

Peter

  • montana
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19 Jan 08 #11142 by montana
Reply from montana
Hi Peter and Atilla

Thankyou very much for your incredably useful advice. It has helped enormously and has made up my mind.

Cheers
Montana:P

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