i am new to this forum and i would really appreciate some advice......thankfully my soon to be ex wife and i are still on speaking terms, however her lawyer seems to be giving her advice which does not sit easy with her from an ethical perspective. with all the assets house,`pensions and debts taken into consideration we have reached a figure that we all agree on which would require a balancing payment from me to her. after taking financial advice it would suit my medium term needs to give my wife a share of my pension to enable me to retain a significant deposit to purchase another house. as much as i would like to have a Clean Break it will put me in a detrimental position and leave me with a small deposit leading to a larger mortgage that i would like to take on. my question is this. can my wifes lawyer force me to hand over the balancing payment from my share of the house sale. she has advised my wife and myself in letters that she is not interested in pension transfer and wants the capital from my share of any future house sale. at the moment i have absolutely no financial incentive to agree to this. can i be forced to comply with this request. i may be in a position to consider this if my wife would agree to take a reduced amount of money now, ie cash in hand or wait for the pension in the future. does this seem like an appropriate solution to the issues. if so how much would be an appropriate discount to ask for
A solicitor can''t force anything. If no agreement can be reached and the matter is referred to court and a Sheriff or Judge decides after weighing up all the pros and cons. Court proceedings can be protracted, expensive and damage long term family relationships.
When there are children their need for housing is a consideration. If selling the house and sharing the proceeds 50:50 isn''t enough for a parent with the majority of care of children to rehouse it may be necessary to offset some or all of the equity against pension.
Pensions are a long term investment and the value may be discounted to reflect this. How much discounting is appropriate depends on the the ages of the spouses and how near to retirement they are. A solicitor can advise where you stand and what options there are in your particular case.
thanks for advice. i appreciate hearing it as an alternative to my solicitor who is too wishy washy. i may suggest a 15 percent deduction the balancing payment as a capital payment or my ex may have to wait for the long term,,,,,