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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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Wife''s greedy demands, can Wife''s pension help ...

  • sipoflife
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14 Sep 12 #355768 by sipoflife
Topic started by sipoflife
Hi, I need some advise and would appreciate if you could read my case. My wife filed for divorce and started financial proceedings. We are close to our FDR. I spent whole my married life around my wife and earning for her, bought a house. She is also earning for sometime now. And now she is become so much self sufficient that divorce is on the cards for me.

We have a daughter who lives with my wife, my wife moved into rented acco last year and I am living in the 3 bed FMH.

She is looking to acquire the FMH as mentioned in her form E. I am proposing we should sell the FMH and divide the profit and use it as a deposit to buy 2 2-beds for each of us. Which she might not be interested in for obvious reasons.

My question is with respect to her pension as I don''t understand a bit to what I can claim and what is beneficial for me. I don''t have any pension. But I am trying to negotiate a settlement , so would like to know whether the following details help to negotiate a settlement some what fair for me.

Below are her details:

Last recorded day of pensionable service: 31/03/11

Service counting for Family benefits: 6 years 212 days

Estimated transfer value: £39291

Benefits information(as at last day of pensionable service)
PEnsion: £3384.3
Lump Sum: £10152.91
Partner''s Pension: £1692.15

Pensions increase factor: 1

Could someone please help advise if her pension could help negotiate a settlement or otherwise can i get a share of it. And how ?

Thanks!

  • ian conlon actuary
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14 Sep 12 #355779 by ian conlon actuary
Reply from ian conlon actuary
If you have worked in the period from 1978 to date then you will have accrued additional state pension (initially called SERPS / S2P). This needs to be taken into account when comparing your pension benefits with your wife''s.

  • Cherub3
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14 Sep 12 #355780 by Cherub3
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Hi Sipoflife

Sorry to hear your story.

My understanding is that both parties pension can counted, there should be no difference because she happens to be the woman.

All of the assets, including both pensions will probably be counted in the split. I think this does depend on the length of marriage though.

The court will take in to account both of your capacities to earn and the age of your child will also make a difference, so it''s the holistic view I suppose.

Add the cash transfer value of her pension to all other assets and work out a percentage split from everything. Afterwards perhaps think about whether you would request some of her pension of a larger percentage of equity from the house or other assets you may have.

You have options to consider, offsetting the cash value of the pension on the FMH, earmarking or pension sharing.

Perhaps this link may help you

www.pensionsadvisoryservice.org.uk/workp...lary-schemes/divorce

Good luck!

  • sexysadie
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14 Sep 12 #355784 by sexysadie
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Given that this pension isn''t worth all that much, it might well be worth looking at offsetting its value against something else. Some pension companies charge a lot to share pensions, and some give the person getting the share (even sometimes both people) a worse deal afterwards. So it may be better to put it into the pot but not actually share it.

Regarding other things, I assume that if your wife has only recently started working again her earnings are quite a lot less than yours, and possibly also her future earning potential. If this is the case, they will probably both be taken into account in the settlement. We can''t advise you, though, unless you post information on savings, house value, salaries, ages etc.

Best wishes,
Sadie

  • sipoflife
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15 Sep 12 #356134 by sipoflife
Reply from sipoflife
Thanks Sadie. Please find below more information as required by you:

My age: 35
My Profession: Software Engineer
Net Monthly Salary: £3000 per month take home
My Savings : £28000

Wife''s age: 34
Wife''s profession: Teacher in state school
Net monthly take home salary: £2419
PENSION:
She has Teachers Pension: Below are the details
Last recorded day of pensionable service: 31/03/11
Service counting for Family benefits: 6 years 212 days
Estimated transfer value: £39291
Benefits information(as at last day of pensionable service)
PEnsion: £3384.3
Lump Sum: £10152.91
Partner''s Pension: £1692.15
Pensions increase factor: 1

Her Savings : £40000

One Daughter, 9 years, she lives with the mother. My wife left the FMH last year in july 2011 due to her own personal reasons and took my daughter with her. She moved to a studio appartment although she is receives £2419 (pay), £423 (CSA), £120(Child benefit and tax credit) every month.

ASSETS: 2 houses

1St House : FMH - A 3bed Semi Detached house in Isleworth
Value: 420,000 (Valuation done by joint application)
mortgage: £265000
I am living here

2nd House: Buy-to-let - 3 bed semi in Southend
Value: 160000 (Valuation done by joint application)
mortgage : £174000
Tenant paying £800 to my account per month.


She wants to move into FMH as per her form E and Clean Break.

I want to either sell both the houses and split the share 50-50 or if she wants to move in the FMH then I would want my share from her and want my name off the mortgage as I would like to buy atleast a 2 Bed for myself and my daughter when she visits me.


At present my daughter comes every weekend and stays over on saturday. But later this may be more as the contact has begun only since june.

ISSUES:

1. My wife has kept almost £18000 worth of matrimonial jewellery gifted to her from my family. I want them back.

2. I want my share in the FMH if it is disposed or she moves in and a right to purchase a property of my own as I haven''t lived in a rental property for more than 6 years. I object to her wanting to move to a 3 Bed house when she was fine living in a studio all this time for more than a year, this too me sounds like unreasonable demand. I am fine with her demand if I am able to take my name off the mortage and get my share.

3. I want share in her pension ( and please note she is also getting my share in her pension)

4. I want a Clean Break


Please guide/advise me as to what should be a realistic settlement considering all assets. savings, benefits, her pension... And how much share of her pension can i get ?

Many Thanks!

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