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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.


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help! pension cetv

  • TMax
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08 Dec 07 #8682 by TMax
Reply from TMax
Thanks for reply peter :-)No unfortunately as in one of my previous posts yes X signed to say all was agreed and didnt want part of pension but, due to it never reaching court because of Xs disapearences 3 years later comes back now insisting on her share. with lots of lies. most of which I have got proof of as Xs sig is there also, heheheh then the story changed to other things and said due to her dependancy she must of forgotten what was done, the smaller lies I cant prove. so it will depend on the judge.

  • suemcwhinnie
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15 Jan 08 #10732 by suemcwhinnie
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Saw you item and wondered if you can help, I am currently in divorce proceedings and trying to reach a financial settlement. Sticking point is pensions, I am 63 and in receipt of a nhs pension worth about E465 pmth having previously received 17k lump sum. My ex husband is in receipt of an annuity paying £750 pmth and has received a lump sum payment of about £34K. What is the best way of going about reaching a settlement on these issues, do we really have to use a pension actuary which I understand costs £1000K or do you know any other way. Your advice would be very welcome.

Thank you:)

  • Peter@BDM
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16 Jan 08 #10792 by Peter@BDM
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Sue

I need to be careful how I answer your question as I can risk running foul of the sites rules on advertising. So, I shall start by declaring an interest, which is that our firm provides the sort of valuations to which you refer.

The figure of £1,000 is about right for the sort of detailed actuarial report that you seem to need, however there are other options. Our firm offers an affordable valuation service at a fraction of the cost of a conventional report. However, we do not offer this service direct to the public, because it is important that the differences between it and a conventional report are properly understood. We therefore only accept instructions for this sort of work from lawyers and other professional advisors. If this is of interest to you, please post again and I will send you a personal message with our contact details.

Another option is to value the two pensions by establishing what it would cost to replace them by purchasing “new” pensions at the amounts you mention in the insurance market. There are various issues with going this route and you (and your lawyers) may need the assistance of an independent financial advisor to do this work (although annuity rates are available to the public on the web). An IFA is unlikely to do this work without charging, so it may not actually be the cheapest option. The values will not be technically perfect either.

If I may, I would like to offer a few final comments that you should take into account.

You – and your ex husband - should have in mind what you may do with the valuation information once you have it. In terms of the monthly pension payments, your ex husband’s pension is clearly bigger than yours. That does not necessarily translate into a greater lump sum value (I won’t bore you with the reasons at this stage). It is very unlikely that the pensions will both be worth the same amount; one is almost certainly worth more than the other. Do you know how you will redress this inequality once you have the values? Technically, there are three options open to you; offsetting, pension sharing or attachment. The last two are likely to be costly to implement. If the difference in values is relatively small, the cost of sharing or attachment could be disproportionate. Offsetting could be attractive to you if there are other assets that could be re-distributed to make up the difference. Finally, the current health of you and your ex-husband are relevant when valuing the pensions. If either of you are in poor health, that could have an impact on the value of the pensions – and the decisions that you take.

I hope that this helps.

Regards,

Peter.

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