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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.

What steps can we take to reach a fair agreement?

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

What is a Consent Order and why do we need one?

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


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


ACTUARY REPORT

  • maggie
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14 Nov 07 #6608 by maggie
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Used to be able to get a SERPS/S2P forecast from DWP - but now only if you reach pension age before 2010.
She may have got a S2P Forecast for form E?
Recall reading a mag for lawyers warning them not to ignore SERPS for pension sharing.

  • TMax
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14 Nov 07 #6665 by TMax
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this may be of some use if not then bin it :-)

Extracted from www.moneyextra.com/guides/divorce-pension-rights-011437.html

Is it compulsory to share the pension?

No.

Pension provision is often the second largest capital asset of the marriage after the former matrimonial home so it is almost always looms large in a divorce settlement. However, you should be aware that there is no "automatic" entitlement to a spouse's pension. People may assume that because they have been married they are entitled to half of everything - including the pension. This is not the case.

It is up to the respective parties and their lawyers to agree on the most equitable way of dividing up all the matrimonial assets, not just the pension, and offsetting may still be appropriate in some cases, particularly where the pension fund is small.

  • Peter@BDM
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14 Nov 07 #6666 by Peter@BDM
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I couldn't agree more. pension sharing Orders can be very expensive to both draft and implement and there are numerous pitfalls for the unwary. offsetting shouldn’t be dismissed but make sure that the correct value is used or the outcome could be unfair.

  • howier
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14 Nov 07 #6673 by howier
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As maggie rightly pints out a massive amount of hits on this post so obvoulsy a very topical subject and a lot has been learned by me from users especially Peter@BDM and I am gratefull for the time of you all to post in response, I trust by the hits others will also be using this information for some time yet.

For my part I am agreeing to instruct actuary but sticking to the courts order 'to prepare a report in relation to the respondents Armed Forces Pension, its value, and the effect upon both parties of any pension sharing Order made in respect of it’ I will then let my sol & barrister earn thier huge fee in the court using SERPS/S2P, Disability etc to hopefully bring the percentage split to a more acceptable level!

Accepting a PSO has been hard to come to terms with but I am there now and happy x2b can have PSO (has to wait to 65 for it, Lol) and not a lump sum that no doubt hoping for so I am happier.

Thank you to everyone.

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15 Nov 07 #6703 by TMax
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Hi here some info for you didnt know SSAFA did this :-)www.ssafa.org.uk/Page_10_D_and_Fl_Consequences.html

already sent a message asking for clarification of pensions already in payment a couple of times Ive come to parts that talk about payments but it never goes into it very deeply or gives an adequate answer just that it rises problems Mmm Pass :-)

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27 Nov 07 #7793 by TMax
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Quick question. if woman dies first does the partner get that half of the pension back.

  • Peter@BDM
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27 Nov 07 #7815 by Peter@BDM
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SK_Max, No I'm afraid not.

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