Financial Settlement

Hi, I need some advice as I am 18 months into a divorce and still have no financial settlement. We were married for 17 years and have two children (13 &15) which we co parent 50/50, we have joint assets of £405,000 (marital home and an investment property), my ex wants to buy me out of both. He earns just under £100,000 p/annum, I work full time and earn £21,000. He has offered to buy me out of everything at £225,000 this would be a Clean Break and he doesn't feel I should have any spousal maintenance. He also has pensions that we are still awaiting disclosure on. Does anyone have any idea of what I can expect to be awarded of this goes to court? Sorry I know its a tough one to comment on but I have asked for £250,000 and don't know if this is unrealistic?

I don't think you're really in a position to make an offer as you don't yet know the full position. There is a good chance that his pensions will be significant, given his salary. That would need factoring into any split as with that length of marriage, they'd be part of the marital pot.
I'm not an expert but would have though you'd need a complete and full list of all assets before you can start to decide what is fair? I also think the general guidance is that you require a pensions expert report, particularly if pensions are worth over £100k and/or include a final salary scheme.

I think you'll need to satisfy a Court that you've both taken legal advice before you can agree anything.

Many thanks for the response. We both have solicitors, mine is now preparing Form A as she thinks this is the only way we will get full disclosure from him. He has finally sent proof of pensions through which amount to £250,000, he is offering me £100,000 which I am happy with, it is just the asset split I am unsure about?

Do you know what type of pension it is? If any of it is a final salary/defined benefit then it's not so simple. I believe the general guidance is that where pensions are worth over £100,000 and/or have a defined benefit/final salary component then an expert's report is sensible.

In our case, they weren't huge pensions but there was one which was final salary, and the Judge agreed at First Hearing that a pensions expert was required.

The only way I could get full disclosure (and even then I'm not convinced it's really full!) from mine was through issuing Form A. It's annoying, but it is what it is. Good luck

The key here is going to be how much it will cost to rehouse and how that should be funded.

If you can be mortgage free your need for SM would diminish. Whether SM is appropriate would depend on your need and his ability to pay. It may be appropriate for a limited period say until the children can be independent.

Pensions would usually be divided to provide equality of income on retirement. The Pension Advisory Group 2019 report underlined this. All pension, even that accrued prior to marriage, may be shared.

It may be worth you having a chat with the helpline to see if any of the services we offer could be useful, especially if you cannot afford a solicitor.

Hadenoughnow

Thank you so much for the responses, I'm claiming universal credit so that I can afford my rent and I've already spent about £5,000 in solicitors fees so far, is the advice free if I call the helpline?

The helpline is free. You can call or email This email address is being protected from spambots. You need JavaScript enabled to view it. and ask for a call back. We also have a number of low cost services that you can use as a litigant in person to help you through the settlement process, including court.

Hadenoughnow