I am the applicant in a divorce of 20 years where the respondent has built up a considerable pension whilst I was home building. All children now adults and we have been separated for 10 years. I wish to buy out the former matriominal home but have been advised today that the respondent "does not want any offsetting of his pension". I may find myself short of the valuation by 30 - 40k and would want to use off setting to enable me to buy the FMH. Who gets to decide whether or not off setting can be used?
If he does not want to offset his pension, what is he suggesting instead? The alternative would be a pension share, entirety possibly of around 50:50.
I think we need to know a bit more to advise you better.
Ages, respective incomes, value of FMH, outstanding mortgage, pension cetvs, savings, endowments etc.
Also how big is the FMH? You say you have been separated for 10 years. Have you been living in the fmh? Did you pay the mortgage? Did/does the mortgage repayment include capital as well as interest?
Hi - thanks FMH value approx 300k mortgage 127k - although of this additional 25k taken by ex 4 years ago. His pension approx 499k - mine approx 126k. My age 57 his age 58. I have not resided in fmh for 10 years but paid for my own rented accommodation. He has resided in for 6 years, last 4 has worked overseas and property occupied by 2 grown up children (28 and 24). His income 35k mine 21k. He has mortgage on repayment system changed to his name only when I left in 2002. My new partner is able to raise £150k towards buy out and I was hoping that my share plus some offsetting would mean a buy out is possible. Now I have been advised that ex is stating he will not have any offsetting which may mean the buy out can''t happen and the FMH needs to be sold. 1 son (24) still in residence - ex now renting elsewhere due to employment. Does this info help?
I guess the bottom line is the judge gets to descide.
You made an offer which yuor ex does not find acceptable and that''s all there is to that one you can''t ''force'' him to accept it. To some extent I can understand why your ex would not be keen on assisting you in buying out the FMH, afterall it appears that you have not lived there for 10 years and he has, (although working abroard I assume it was his UK base).
Actually I am not sure why you would want to move back in after so long out of the FMH
I am a bit of a loss to understand how much you are offering to pay for the FMH.
OK he has paid mortgage ... but you have paid rent.
At a push he could claim the capital repayment since 2002 ... how much would that be?
As far as pensions go .. the ten year separation does potentially complicate things .. but you are still married and I think there is a good chance that a 50:50 share of the pension pot (yours and his added together) may well be what a court would consider appropriate. This would mean him giving up nearly £200k''s worth of pension fund ...instead of a much smaller offset.
Your difficulty re offsetting may well be that the FMH is too large for your needs ... so a order for sale and a pension share may be a more likely outcome ...