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Financial agreement

  • Becky59
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21 Sep 19 #509749 by Becky59
Topic started by Becky59
I am currently waiting for Decree Nisi and am trying to agree a financial settlement with ex.we have been married for 16 years and have been together for 23. We have two children aged 14 and 17 and have separated in Jan 2018. We are both still living in the marital home as my ex won’t move out until we have a settlement.
We have £110k equity in the house and pensions. My CETV is £484,000 and his is £650;000. I earn around £55k and him £50k. He is due to retire in less than 18 months and will receive a lump sum around £170k. I have longer till I retire around 8 years. The children will love between the two of us which we will share although it is likely I will have the, more as he works 24/7 shifts. We have agreed for me to stay in the house . My legal advisor has suggested that all the matrimonial assets should be added together and split 50/50. That would effectly mean me keeping the house and my pension and my ex keeping his pension as it is more valuable. He is not happy with this and is demanding his pension and 50% of the equity. I want to be fair and would really value some advice as I really don’t want to have to go to court.

  • hadenoughnow
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21 Sep 19 #509750 by hadenoughnow
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What is the value of the matrimonial home and how big is it? If there is an outstanding mortgage are you able to take it on in your sole name? Can you raise a higher mortgage than that? How much?

Would £170k be enough for him to buy a three bed property (two if the children are the same gender) mortgage free?

What will his income be in retirement if he takes the whole lump sum?

What is your projected retirement income based on your current pension pot?

How old are you both?

Financial settlement on divorce is about meeting needs first. You both need somewhere to live and an income now and in retirement. He could rent until he retires and is able to buy (assuming there is enough money for him to do so. However you may need to consider any disparity in incomes that will occur for the years until you are able to retire.

Hadenoughnow

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24 Feb 20 #511603 by Becky59
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The matrimonial home is 4 bed and worth £210k ( around £110 k equity.)We both agree for me to keep the house and I would need to remortgage which I could do.
£170 k would be enough for him to buy a 3 bed house or at least have a very small mortgage of £20 k tops . He would receive around 19k a year pension on top of this and would get a further job too. I retire in 7 years unable to say exactly what my pension pot will be due to public sector pension changes but likely to get a lump sum of £190k . He is 51 , I am 48.
My solicitor is suggesting a 50/50 split which taking into account his CETV is £200k plus more than mine means him signing over the house to me . Solicitor also says the 50/50 split would mean some of his pension too which I don’t want. My ex thinks including the pension CETV is unfair and that he should keep pension and get half of the equity. I want to be fair but for the short to medium term at least, he will be mortgage free and have both a monthly pension and another job . Any advice would be welcomed

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