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Financial Settlement

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1 year 3 weeks ago #509511 by Wolfgirl
Financial Settlement was created by Wolfgirl
Hello - id be very grateful for some advice. I've been reading this site for 2 years now but this is my first post.
I am Litigant in person
STBXH left me almost 2 years ago - he is Petitioner
Ages - me 58, him 44
Both work, him self employed earns maybe £22000, me £38000.
Married 15 years
No children
1 house, no mortgage, value £200000
Minimal savings of £6000 in my name
Pension - me Civil Service CETV £290000
Him - not worth anything as he didnt bother paying into a pension fund really.
Attempted mediation - he pulled out.
I wrote to his Solicitors offering 60/40 split of the house in my favour due to my age and reduced earning and mortgage capabilities, and split the savings. (I still live in fmh, he moved into his dads house and is still there, suits him not to have to rent his own place etc.)
No sharing of my pension due to me being close to retirement and he can work for another 22 years and pay into his own pension fund.
My offer rejected and he proposed we get an actuary and he's looking for \"equality of capital value or equality of income\". Not really sure what this means but guess he's looking for a big chunk of my pension
I will not agree to this.
So I guess it'll go to court now.
Does anyone have any thoughts on whether he is likely to be awarded as share of my pension, given he can work and fund his own pension?
Thanks in advance

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1 year 3 weeks ago #509512 by WYSPECIAL
Replied by WYSPECIAL on topic Re:Financial Settlement
It would seem unlikely that after a long marriage you will be able to ring fence the biggest asset but presumably you have been paying into it for a lot longer than 15 years? If so you may be able to ring fence some of it.

The argument will be that the money your ex didn't pay a pension while you were together was available to be spent at the time.

In terms of the total pot what you have offered is an 83:17 split in your favour and you have a much higher income so it is understandable why it has been rejected.

In terms of housing how much would a one bed home cost in your area as that is your strict need?

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1 year 3 weeks ago #509514 by Wolfgirl
Replied by Wolfgirl on topic Re:Financial Settlement
Thanks for your reply.
He's never earnt that much so my salary paid for most things. I paid £23000 as a deposit for our house. House is mortgage free.
I work from home so need to buy somewhere otherwise my job is at risk.
Would ideally need a 2 bed place as my elderly mother needs to stay with me sometimes. I could probably get something for £120 - £130. But was told by mortgage broker my mortgage capabilities reduced due to my age.
After looking at the Matrimonial Causes Act etc I would have thought his and mine ages would sway things in my favour?
Please can you explain the 83/17 split you have set out - i cant work out where that comes from
Thanks

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1 year 3 weeks ago #509517 by WYSPECIAL
Replied by WYSPECIAL on topic Re:Financial Settlement
Wolfgirl wrote:

Thanks for your reply.
He's never earnt that much so my salary paid for most things. I paid £23000 as a deposit for our house. House is mortgage free.


All contributions to a marriage are seen as equal so it doesn't really matter who earned the most or who paid for what.

I work from home so need to buy somewhere otherwise my job is at risk.
Would ideally need a 2 bed place as my elderly mother needs to stay with me sometimes. I could probably get something for £120 - £130. But was told by mortgage broker my mortgage capabilities reduced due to my age.


Find out exactly what you can borrow then you can work out how much you each need of the equity but even if you split it 50:50 then you would only be looking at borrowing £20k-£30k. A bigger house for the benefit of your Mother isn't the responsibility of your ex so it is unlikely you will be able to use this as reason to get a greater share.

Your mortgage capacity may be restricted by age but his will also be restricted by his income which is much lower than yours.

After looking at the Matrimonial Causes Act etc I would have thought his and mine ages would sway things in my favour?
Please can you explain the 83/17 split you have set out - i cant work out where that comes from
Thanks


Assets you have listed:

House equity £200k
Savings £ 6k
Pension £290k

TOTAL £496k

Your offer was that you had 60% of the house equity (£120k) half the savings (£3k) and all the pension (£296k) which would give you £413k and your ex £83k.

That equates to 83.27% to you and 16.73% to your ex or roughly 83:17

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1 year 3 weeks ago #509527 by Wolfgirl
Replied by Wolfgirl on topic Re:Financial Settlement
Thank you for your reply. Do you have any thoughts on the difference in ages of the parties and what effect that might have should this go to court?

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1 year 3 weeks ago #509529 by WYSPECIAL
Replied by WYSPECIAL on topic Re:Financial Settlement
Departures from 50:50 are based upon need. You would need to try to justify why being older meant you needed more. Obviously having less time to pay off a mortgage could be one of these points as it would restrict how much a lender may give you.

Your ex will also point out why they need more. Earning less so needing a bigger deposit and not having any pension provision are the obvious points from what you have posted.

It is also possible for you to access your pension now whereas your ex will have to wait at least 11 years to do so.

How long have you been in the pension scheme? There will be a strong argument for only including the 15 years you were together in the pot.

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1 year 3 weeks ago #509538 by Wolfgirl
Replied by Wolfgirl on topic Re:Financial Settlement
Thanks once again. I had a letter yesterday from his solicitors and he now wants to settle without going for my pension so i guess we'll get the consent order written up and see what the Judge makes of it.

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