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 share as loan

  • Wenwoo
  • Wenwoo's Avatar Posted by
  • Junior Member
  • Junior Member
More
29 May 12 #333771 by Wenwoo
Topic started by Wenwoo
I am in process of getting divorced and trying to agree Consent Order. My husband has CETV pension of £225,100 and I have Cetv pension of £37,525. We had agreed to split 50/50 which meant he owed me approximately £93K. I was going to take half in pension sharing which he has now complained about so it is about £25,000 which equates to 11% of his pension. The rest was to be reduced by 25% for liquid value and paid to me over a number of years. This was adjusted to £38,400 with 2% interest p.a.He re-negtiated the value after reducing the pension sharing) What I don''t understand is that he is using '' present value'' for the loan so it doesn''t actually acrue 2% in addition ontop of the £38400. Is this how it should be done - I assumed on compound interest. He is an actuary so thinks he knows everything.

  • hadenoughnow
  • hadenoughnow's Avatar
  • Moderator
  • Moderator
More
29 May 12 #333816 by hadenoughnow
Reply from hadenoughnow
wenwoo

Welcome to wiki. This sounds complicated. Why do you need a loan instead of waiting to have the pension on retirement?

If you cannot afford to live then this should be addressed in the way the assets of the marriage are divided .. equity share, spousal maintenance etc.

How long have you been married? Are there children? A property?

I certainly would not be agreeing to anything I could not understand ...

Hadenoughnow

  • Wenwoo
  • Wenwoo's Avatar Posted by
  • Junior Member
  • Junior Member
More
29 May 12 #333887 by Wenwoo
Reply from Wenwoo
I''ve been married for 15 years and have three children aged 3, 5 and 7. I do need the additional monthly income because I''m trying to return to my profession after time out with having children for 6 years. I was lead to believe that spousal maintenance was something that was not as popular from a judges point of view although I have a safety net suggested in the Consent Order. I''ve tried to be fair and not be completely ''greedy'' so haven''t made a claim from his new pension which began at our separation or on his dividends as income. The loan was his way of keeping more of his final salary pension but as I understand it, if he paid it to me tomorrow then it should be £38400 however he''s paying it over 8 years which means he should add interest as the value of the money decreases.

  • Wenwoo
  • Wenwoo's Avatar Posted by
  • Junior Member
  • Junior Member
More
29 May 12 #333889 by Wenwoo
Reply from Wenwoo
I have managed to secure the equity in the property. He wanted to be released from the mortgage on our larger house and I sold it and moved to a smaller house last december with him writing a letter that stated the house equity was mine. I also surrendered the endowments which helped me to move and have kept some as emergency funds.

He earns over 100k a year with substantial bonus etc. This does mean that although I''ve taken a lot of the liquid assets he is in a good position financially to move on. He also holds about 10k worth of shares.

  • Wenwoo
  • Wenwoo's Avatar Posted by
  • Junior Member
  • Junior Member
More
29 May 12 #333892 by Wenwoo
Reply from Wenwoo
I''m also considering going through CMEC for child maintenance. He''s saying that he''s reaching the limit for the CSA - which we are using as a guide for a private agreement between us. However the CMEC system has a upper limit on 3k per week from Gross salary.

Sorry I''ve rambled - but really had enough of all of this now.

  • hadenoughnow
  • hadenoughnow's Avatar
  • Moderator
  • Moderator
More
29 May 12 #333893 by hadenoughnow
Reply from hadenoughnow
Wenwoo,

There are ways that you can have use of the lion''s share of equity now and he gets his share later if that is what is needed to house you as parent with care and the children.

If you need extra financial support while you are training then this is a clear case for term limited SM in my view. I think a judge would agree. It does not seem appropriate that you should be, in effect, cashing in a future pension share and being penalised for making yourself employable so you can support your children.

Have you had legal advice?

Hadenoughnow

  • Wenwoo
  • Wenwoo's Avatar Posted by
  • Junior Member
  • Junior Member
More
29 May 12 #333900 by Wenwoo
Reply from Wenwoo
I have a solicitor and my husband and I have been able to negotiate for the last year but it has broken down now. He hasn''t had a solicitor but just add hoc advice. I''ve managed to get a job as a classroom assistant as a means to return to teaching but my salary is very low and the sort of job I could get working around childcare is not the sort of job that comes up that often.

I want to be less reliant on the benefits system.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11