50/50 SPLIT

Family advice is to split everything down the middle and go for Clean Break.
Assets: House, savings, 2 State Pensions,1 works pensions,1 army pension, 1 war disability pension.
All pensions are mine except my wifes 60% State pension.

How to settle the pension pots? Must the authorities get involved?

Comments appreciated.
Thanks.

It is impossible to advise without knowing more.

How long is the marriage? Did you cohabit beforehand? How old are yout?

Are there any children to consider? If so, how old and where will they live?

What is the value of the former marital home? Outstanding mortgage? Siz?

Do you have CEVs for the works and Army pensions? How much of the pensions were accrued before the marriage?

State pensions won't figure.

Does the disability to which the pension relates have any impact on housing need or ability to work?

How much savings?

Are there any loans or debts in sole or joint names?

Hadenoughnow

Hello and thank you for reading my post. My knowledge base is absolutely zero considering the information that you requested in order to advise me. I ave been married for 46 full years. No cohabit beforehand.
I am 67 years old. My wife is 66 years old.
Our 2 boys are married with their own families.
We still live in the marital home and it's value is £165,000 with no mortgage.
My works and Army pensions are the type that are paid monthly. The term CEV was not known to me until you asked the question.
Ref Basic pensions, So am I to understand they are one thing less to worry about? We continue to receive our State pensions untouched by divorce?
My war disability is for hearing loss and I wear hearing aids. I am retired now but the problem did prevent me from certain jobs in Civvy Street.
We have a nest egg of £80000.
We have no debts.
Thank you for your helping guidance.
Shareindex.

State pensions are not in the mix apart from as an income stream.

You will each need a place to live and an income. After such a long marriage, there really would be no reason to depart from equality. If the equity and savings were split 50:50 would you each be able to buy at least a one bed property apiece outright?

Dividing the pensions may be a little more complex. I know the military have a formula for division of pensions on divorce. This gives you each a military pension. Google mod pensions on divorce.

The works pension will depend on what type of pension it is and whether it can be split to create a new pension within the scheme or whether a completely new pension has to be set up.

Depending on the relative incomes from each source, it may be sensible to sign one over in its entirety.

What are the annual benefits (payments) from your military pension, your works pension and your war pension?

Hadenoughnow

Hello again, my last to you was mis-sent and became garbled so here is a shortened version.

My Annual MoD pension is: £10482.00 net
My Annual Civial Service Pension is: £3451.00 net.
My War disability pension is:£2592.00 tax free.
I will make contact with my pension providers to ask about the type of pension I have and the likely hood of divorce/separation.
Thank you again for your continued help and advice.
shareindex.

One thing to ask about is widow's benefits which would, of course, be lost on divorce. Also check if you can nominate a beneficiary.

You may want to consider whether divorce is the appropriate option or whether there may be another way to manage this situation such as long term separation with a Separation Agreement.

It is certainly worth exploring all the options and ideally agreeing something between you if you can.

Hadenoughnow

Thanks once again. Separation is the way forward for me, but the Chief of Staff has the final say as usual.
I must mention 'Widows Benefits' , another important issue to consider in this nightmare.
Shareindex