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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.

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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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When are pensions balnced from?

  • aphanes
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20 Aug 12 #350597 by aphanes
Topic started by aphanes
My ex and I seperated in Jan 2010, but she only applied for divorce in Aug 2011. In the meantime, I became unemployed and claimed my pension in May 2011. I received a lump sum and some payments and obtained a CETV in Aug 2011. My lump sum I declared in my assets.
However, my wife''s solicitors are attempting to work out what the CETV was at the time of seperation for pension balancing, not the time of application for divorce but do not seem to be taking the lump sum off my assets.

My questions are:
1) Can they do this? It appears I am paying twice, once for the pension and again for the lump sum.

2) We were married for 31years and both have final salary teachers'' pensions. My wife is claiming the difference as a cash transfer. She is 56, I am 59. What would tbe a fair amount of cash equivalent based on the difference?

Thanks for any guidance or help.

  • ian conlon actuary
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20 Aug 12 #350789 by ian conlon actuary
Reply from ian conlon actuary
I agree in broad terms with your position on this. Either compare pension assets prior to you taking the cash sum and therefore excluding the cash sum from negotiations or, compare benefits after you retired in which case the cash sum is brought in with other assets.
I have on occasions been asked to prepare reports looking at pension benefits as they were at a specified date.
It is important to appreciate that, if you are looking at applying a pension sharing order to equalise in some way then the percentage sharing order applies to the value of your benefits at the point that the order is being implemented, not some past value.
If you and your wife are clear as to what the objective is, then it''s relatively straightforward to provide the answers given that you both have teachers'' pensions.
Hope that is of use.

  • aphanes
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21 Aug 12 #350987 by aphanes
Reply from aphanes
Thanks for your useful advice

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