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Advice on settlement

  • Flower Garden
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08 Jun 22 #519438 by Flower Garden
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Would really welcome some advice on what a fair settlement might look like.
I’m 51 husband 57. I earn 85k , he has an index linked pension in payment of 20k plus earnings of maybe the same (he could earn more but chooses to work part time ) my earnings have only risen in past few years due to hard work and promotion, for most of marriage we had broad earnings parity. My pension pot worth approx 225k.
house Is worth approx 600k, mortgage left about 70k , endowment value 55k approx.
savings of approx 100k generated from his pension retirement lump sum. Prior to that we never had any savings as raising family now all adults. My small savings largely eroded because I have had to set myself up furnishing and renting a property whilst maintaining my contribution to the family home for past 18 months.
He believes that a 50/50 split of all assets is fair but wants to keep pensions out of it. I am aware that the value of his pension is significant when converted to a capital value.
so whilst I earn a decent salary , there are no guarantees that this is continue into the future .
Any advice would be welcome , I’d rather avoid a long costly legal battle but my marriage was abusive and I find it very difficult to stand up to my husband.

  • hadenoughnow
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09 Jun 22 #519439 by hadenoughnow
Reply from hadenoughnow
It is incomes on retirement that really need to be considered as well as earning capacity.
It is his choice to work part time and take his pension early. You would likely need an actuary to help you work out how pensions should be shared to equalise incomes in retirement assuming that you retired at 55 as it appears he has done.

NB pension sharing has been law for more than 20 years.

Are you each able to rehouse with 50% of the cash assets??

Hadenoughnow

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09 Jun 22 #519453 by Flower Garden
Reply from Flower Garden
Thanks. I won’t be retiring at 55, probably not 60 either. We could not quite rehouse id need a small mortgage but he is adamant that he cant afford a mortgage. Where we lived and where he wants to stay is an expensive area , I’m planning to somewhere cheaper.
He says that if i seek part of his pension, he will seek maintenance from me. As i said he's abusive and ive always given in. I’d like to try and keep legals out of it if possible :(

  • hadenoughnow
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10 Jun 22 #519455 by hadenoughnow
Reply from hadenoughnow
If you are going to have a legally binding financial settlement, you will need to submit a Consent Order to the courts for approval. This has to be accompanied by a D81 Statement of Financial Information that sets out the figures for things like pension CEVs, house value etc. It is there to help the judge determine whether the agreement that's been reached is fair.
The judge may well not agree the order if they don't think it is fair.
It is worth getting some legal advice. You don't need to engage a solicitor. You could use a fixed price legal financial consultation such as the one offered via this site.

Hadenoughnow

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