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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.

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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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Final Salary Pension

  • Sank
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05 Mar 08 #15844 by Sank
Topic started by Sank
My husband has a Final Salary Pension with his company. What if any entitlement would I have to this?

  • dukey
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05 Mar 08 #15847 by dukey
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Hello Sank


The pension is one part of a larger issue and many factors are involved how long was the marrige what other assets are involved family home ecetera.

many people take a larger part of the equity of the family home by offseting the pension.

If you can post more details lenghth of marrige jiont finances then answers can be provided.

Dukey

  • longjohn
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05 Mar 08 #15848 by longjohn
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Sank,
I wud add to dukey's response from my own personal & very recent experience.
Have you a pension yourself? If not his pension is an asset to be broken up in the same percentage terms as all other assets. Length of marriage, children etc tends not to have to much of a bearing in my opinion.
If you have a pension the differential in fund values (ATV's) will be calculated and this will be broken up as above.
OPtions for you are 1/ A pension sharing Order or, 2/ trade the settlement value on the pension for a bigger proportion of the other assets (house & savings etc).
Dependant upon your and his earnings you may be able to make a claim under the "Ray Parlour" precedent - again I got done under this also!!
Longjohn

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05 Mar 08 #15849 by floswift
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you will need to get a CETV ( certificate of estimated transfer value) for his pension - then send that to a pension actuary who will work out how much you will be entitled to. I am in the first stages of this process and intend to offset my part of my husband's pension against his equity in the FMH

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05 Mar 08 #15850 by Sank
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Hi Dukey

We married in August 1995, he left in August 2007 and I am about to file for divorce.

There is approx 145K equity in our house (wouldn't buy a 1 bed flat in this area) I have a car £7695. My pensions total appx 42k (Transfer value). He is about to change to a lesser paid job of £63k. The last paperwork on his pension stated that he would be entitled to £30.3K annual pension or lump sum of £132.9K plus residual pension of £19.9k pa.

I currently earn just £80 per month. We have children of 4 and 8. I gave up my career job (Logistics Manager) early on in our relationship as he needed a lot of emotional support, later we agreed I would be a stay at home mum, that way he knew where I was and always on hand if he needed me.

Can I tell you anything else?

Sank

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05 Mar 08 #15855 by longjohn
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Sank,
You need to see a solicitor........ the Ray Parlour rules does apply.
In my case the earnings differential was similar in my case and x claimed £160k against me for future earnings.......... a big pill 4 me to swallow.
Longjohn

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06 Mar 08 #15933 by Peter@BDM
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The starting point of pension valuations is the Cash Equivalent Transfer Value (CETV), unless the pension is already in payment, in which case it is a Cash Equivalent Benefit (CEB). Both tend to significantly under value the pension, as the valuations are the pension equivalent of a “fire sale” valuation.

To get a fair valuation, you will need a report by an actuary. Be careful of non-actuarial reports they may not be acceptable to the court if it gets that far.

If you are contemplating a pension sharing order then you should get an actuarial report (but I would say that wouldn’t I!). In my defence, most of the legal practitioners who post here seem to share my view.

If you are looking to offset the pension against another asset, using the CETV could be to your disadvantage. You and your lawyer should get another valuation – by an actuary.

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