A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Help me compose an offer

  • redwine47
  • redwine47's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
23 Jul 12 #344859 by redwine47
Topic started by redwine47
Hi have posted before re finances but have to make a decision asap for court and dont know what to do.

Details: Me 49 him 50
Married 23 years cohabit 1year. Two Children one 22 at uni other 13 (both living with me)

Him: Salary 52K
Me: Umemployed Receive 199 Tax cred, 87 CB & 380 CM per month

Pensions: Him 325k
Me 39K

Joint savings 55K
Endownments matured 58K

Home: 195K (no mortgage)
Him: Renting flat 350 pm

Outgoings: Me £2400 per month including outstanding debts, household bills, but mainly children/school fees, dogs etc

Outgoings Him: not sure not provided most of his discovery.

Barrister has asked me to formulate a proposal even though spouse not provided full discovery and missing funds but says if not provided will be mentioning this to Judge. BTW Husband has previously offered 50% house to him and 60% of rest to him.

As I wish to keep the house and also believe some form of sm should be included. He also does not wish his pension to be touched.

Can someone advise on a fair settlement please.

PS Im on Legal Aid so will also have stat charge to pay!

  • maisymoos
  • maisymoos's Avatar
  • Platinum Member
  • Platinum Member
More
23 Jul 12 #344885 by maisymoos
Reply from maisymoos
How big is the house? In theory your housing need is for a 2 bed house, your 22 year old will not count as a dependant.

Assets total £308k
If you were to keep house and he keeps savings and endowments. This would give you 63% of the assets. Perhaps you could even this up a little by suggesting a pension share of less that half total fund.

On a salary of £52k, I also think you have a justified case for Spousal support at least until your youngest is 18. Work out your reasonable living costs what is your shortfall.

Are you planning to look for work?

  • redwine47
  • redwine47's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
23 Jul 12 #344891 by redwine47
Reply from redwine47
Yes I am looking for work. Temp contract for a couple of weeks coming up soon, not much avail, small town.

He does not wish to share his pension at all with me.??

  • MrsMathsisfun
  • MrsMathsisfun's Avatar
  • Platinum Member
  • Platinum Member
More
23 Jul 12 #344909 by MrsMathsisfun
Reply from MrsMathsisfun
What type of pension does he have and what type do you have?

The difference between pension might not be so great if yours is final salary and his is money purchase. However if they are both final salary then i think a 50/50share providing your the same age would be fair.

Sorry cant remember what is the situation regarding the FMH. is there a mortgage, would you be able to afford to continue to live there?

Possible some sm would be needed short term.

  • redwine47
  • redwine47's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
23 Jul 12 #344912 by redwine47
Reply from redwine47
Both final salary pensions and are acurrate amounts. He has stated he does not wish to share his pension with me therefore I thought this could be made up elsewhere.

Mortgage free house.
?

  • MrsMathsisfun
  • MrsMathsisfun's Avatar
  • Platinum Member
  • Platinum Member
More
23 Jul 12 #344914 by MrsMathsisfun
Reply from MrsMathsisfun
He might not want to share but thats tough!!

Difficult to suggest how to offset final salary pension against a mortgage.

What is the value of house compared to the difference between the pensions?

If you managed to get a job, would it mean you would be able to continue to contribute to your current pension?

  • redwine47
  • redwine47's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
23 Jul 12 #344923 by redwine47
Reply from redwine47
His pension is 325k house is 195K.

My legal team suggest 35% of his pension to offset against house. I thought perhaps 40% as it is a good pension and he will receive a lump sum of 56K in 10 years.

If I get work it will be most likely temping approx 600 gross pm. So will not be contributing to any further pension.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11