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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.

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.

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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.

cetv I know- yawn:)

  • Kitsi
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11 Jul 12 #342403 by Kitsi
Topic started by Kitsi
I wuld be grateful for any advice.
I am divorcing my husband for adultery (unreasonable beahviour) married 14 years. He takes home £3999 a month and is paying me £912 a month to look after this hige house, sort out the decor, get it on the market etc etc
His CETV is quoted (although he twice lied) as £300,000 and he is ten years younger than me- I am 52 and he is 42.
I am not clear what I am entitled to as when we met I was the high earner but cashed in my pension to do this house up.
I have heard it said I am entitled to fifty per cent of seventy per cent of his pension- does this sound right?
Also- would I have to take this as a pension pot or would I be able to realise some if not all, in cash to pit towards buying a new home?
The house we are in has a £196k mprtgage but is worth £400k which is what we will put it on the market at. I thought I might keep the house and forego the pension but its a big house for one person and I may be better off splitting the equity with him and having the pension. Can anyone tell me if this is possible? Do lenders ever lend against the value of a pension?
Many thanks and kind regards

  • maisymoos
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11 Jul 12 #342441 by maisymoos
Reply from maisymoos
There is no hard and fast rules in relation to pension sharing. A pension share needs to be considered alongside other assets and their division.

There is a belief that only years of pension contributions are taken into account when you were actually married or cohabiting in some cases this may be so but definitely not always!

You cannot realise a pension share for cash, well at least not until you take a lump sum which may be payable at a certain age dependant on scheme rules.

In theory you could trade off equity in house against pension, but it may not be a £1 for £1 as only one is ready cash.

You are closer to retirement age and have no pension, a pension share may well be in your best interest.

  • ian conlon actuary
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11 Jul 12 #342517 by ian conlon actuary
Reply from ian conlon actuary
You need proper advice on this and a full understanding of the pension arrangement, what it is worth and what a pension share would mean in terms of cash sum / income. As mentioned, you can''t cash in a pension although you can take a proportion as a cash sum when you draw pension which would be age 55 at the earliest.

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