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.


Pension sharing decision at time of divorce

  • quintain
  • quintain's Avatar Posted by
  • New Member
  • New Member
More
30 Jan 08 #12336 by quintain
Topic started by quintain
I am having to decide my most beneficial pension type settlement at time of divorce, and would welcome advice on this matter.
In initial reading I understand I can elect (try) to obtain a "Sharing order" or "Earmarking" or "offsetting".
I understand sharing means I get a figure which is based on his pension pot at the date of divorce.
Earmarking means I get the (part) value of when when he retires, but if he dies or I remarry all would be lost.
offsetting is something in the place of pension payment.
Sharing & Earmarking I have to wait until I am 65 yrs old before I receive any of the payments.

My circumstances are as follows:
I am 50 yrs old with 54 yr old husband who wishes to divorce me after 30 yrs of marriage. I have now commenced divorce proceedings via a solicitor for unreasonable behavior and detailing his adultery.
We have two grown up children the youngest completing her last year at University.
We jointly own our home with minimal debts covered by an endowment.
I work part time (decision taken jointly) when we started our family and subsequently have low income and little/no work pension.
My husband (doesn't feel like it these days) has £40k salary with 'final salary scheme' work pension.
There are no out of the ordinary debts, just normal run of the mill household stuff.
My husband in mid 2007 took out a mortgage on a £180k new property in his name only, he tells me with funds for deposit from a legacy from 'his' side of the family.

  • maggie
  • maggie's Avatar
  • Platinum Member
  • Platinum Member
More
30 Jan 08 #12354 by maggie
Reply from maggie
My immediate cynical response having gone through final salary pension sharing is - take any other form of marital capital you can get - but first make sure you know what the pension pot/CETV is really worth - my advice is when you know that add about 40% and go for that amount in any other form of capital - property is always very acceptable.I think the second house is in the marital pot ....
However you have to find out what the deal would be if you shared - especially you must know what benefits you would get as an ex-spouse member of the final salary scheme.
Remember the deal you get may not/almost certainly will not be the deal he gets from the scheme.
Assuming you will petition for divorce and claim Ancillary Relief you'll get the CETV in form E - that's the starting point - you should then think seriously about asking an actuary to do a report to maximise the CETV.You'll need that whichever way you choose with the pension.
My solicitor cost c£600 on the day my pension share was negotiated/trashed at FDR - I also had a barrister - given the choice again I would get an actuary's report on the pension and ditch the solicitor.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11