I'm using an online draft service who do not advise on if it is fair.
I have amended this now to offer my wife 25% of my pension as I'm just want this to be done as quickly as possible.
New draft is below, all comments welcome.
Really concerned about it being rejected and I'm hoping this explains to the judge why we have come to this agreement.
Both early 40's, I earn 2900 a month and her 1200 after tax etc.
Mr and Mrs Xxxxx have discussed their financial arrangements at length and reached an amicable agreement over the division of their assets.
Their principal consideration is the welfare of Xxxxx Xxxxx and being able to provide her a stable home to complete her further education and beyond.
As far as is reasonably practicable both parties have attempted to achieve a 50/50 division of assets and future costs whilst ensuring Ms Xxxxxs welfare.
Although the marriage has been long, they have only recently purchased a property and entered pension schemes meaning there is only a small amount of capital.
Both parties have maintained sperate finances during their marriage.
Mrs Xxxxx has moved out of the marital home and is cohabiting with her new partner.
Mr Xxxxx has remained in the marital home with their daughter and both parties have agreed that Mr Xxxxx will buy Mrs Xxxxxs 50% equity from her. This will remove any liability for the mortgage from Mrs Xxxxx and enable her to move on with her new partner whilst Mr Xxxxx will refinance the marital home.
The current mortgage provider, Nationwide, have offered to move the mortgage into Mr Xxxxxs sole name. The property has just been re-mortgaged into a 5-year fixed deal with an exit fee of £3315. As this equates to a large percentage of the available capital Mr Xxxxx will take out a personal loan, £20250, to buy Mrs Xxxxxs share of the equity and pay off an outstanding loan that was used as a deposit to purchase the house. This will avoid losing £3315 of equity in fees which is a significant proportion of the available equity but will increase the overall cost of the loan to Mr Xxxxx when comparing personal loan APR against mortgage rates.
Mr Xxxxx has a 1/120 DB pension which he has contributed to for 4 qualifying years. The current CETV is £23 477 which, as of today, will pay £1535 on retirement at the age of 67.
Mr and Mrs Xxxxx have agreed that Mrs Xxxxx will take a 25% share of the pension with Mr Xxxxx paying the full £2040 transfer charge from his share. Mr Xxxxx claims no share of Mrs Xxxxxs workplace pension.
To
offset this discrepancy in pension % share Mr Xxxxx has not requested any child maintenance for their daughter during their separation and will forgo any ongoing claim for child maintenance from Mrs Xxxxx in support of their daughter. Mr Xxxxx will pay for Xxxxx Xxxxxs further education including completion of her A levels and University without requesting any contribution from Mrs Xxxxx.
As both parties are in their early 40s both have a large remaining portion of their working lives to build pension pots for their retirement.
Mr Xxxxx has agreed with Mrs Xxxxx that he will pay all costs in respect of the divorce from Mrs Xxxxx. Approximately £2000 to date.
Mrs Xxxxx may arrange access directly with Xxxxx Xxxxx without restriction.
Both parties have agreed to retain their personal possessions.
Both Mr and Mrs Xxxxx agree that this settlement if fair, provides the most stability for Ms Xxxxx to complete her education and allows them a clean break to continue their separate lives whilst retaining an amicable relationship.
