we are currently undergoing mediation - in fact our last meeting was meant to be the last meeting until a letter received on Friday.
our agreement was technically reached - just waiting to have the MOA issued by the mediation subject to him supplying a CETV that he was having problems obtaining. The pension was contributed to for 14 year b4 we married, and then for a further 4 years once we were married until the company he worked for was taken over. The pension then changed to a new one, meaning he has two pension schemes. The full ammount of the second one is taken into consideration, as he contributed into it the entire time of our marriage until redundancy.
Is it only the 4 years of the other one that will count, since that occurred during our marriage?
So he has supplied the CETV, and I was waiting for the mediator to calculate the 4 years of the CETV and add it into the pension pot, and issue the MOA. Instead they maintain we need another meeting, due to ''solicitors advice further discussion is required''. They are unable to give further details, and suggest an appointment. The only problem is that I have to travel 170 miles for the appointment as I have moved out of the area.
What could have changed? Is it my level of entitlement?
sorry its so vague - am still struggling with the house sale and finally getting some of my stuff - its all just a bit much...
The mediator is right after a long marriage you start off with half each and then look at respective needs, all the lot goes in the pot as it were, it doesn''t matter what you both had when you married, it''s all marital assets now.
Just to avoid any confusion, in England & Wales assets are shared according to a number of factors set out in the s25 Matrimonial Causes Act 1973. One of those factors is the duration of the marriage.
When a marriage is short and childless there is a precedent that each party takes away what they brought to the marriage. Where assets originated from becomes less important with the passing of time. After a long marriage like this case the value of all the assets held in joint or sole names is shared.
It is possible to offset one asset against another. For example a wife might offset a larger share of equity against the value of a pension. When this happens there may be some discounting of the pension because pensions are long term investments. The nearer to retirement the less the discounting. offsetting may not be a good idea if you are nearing retirement and need income.
Depending on the pension and both parties aspirations it may be worth having an actuarial valuation to ascertain the true value of the pension and how it can be shared to leave both parties on the same footing.
As Fiona says lots of factors are taken into account and there are no hard and fast rules each situation is different. My exs premarital contributions into his pensions were included and the pension pot was split 50/50%. The judge regarded that my ex had many more years to build his pension back up where as I would be more limited due to childcare and loss of career.