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assets and pensions confused

  • Mo77
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26 Feb 19 #506426 by Mo77
Topic started by Mo77
Hi hope someone can help
I am mid throws of divorce just trying to sort out the financial side
i have a house [no mortgage ]worth 190.000
pension90.000 no savings but a share in another house worth about 40.000
my soon to be ex
has
two pensions
33.000
331.000
a house 110.000 but has a mortgage and has only been paying that off for two years
he also has a share in the house as mentioned above 40.000 so 40.000 each
he has shares undisclosed although says worth about 1000 and cannot be touched for 3 years
the house im living in was our marital home and he signed this over to me as we have children
a couple of questions has he effectively given me just 100.000 as half the house would have been mine any way
and he is disputing that his house is not a asset as if he sold it the bank have the money back so he would have no asset there
he has offered me
his share in the house 40.000
plus one of his pensions 33.000
i am asking if this is good OR he needs to offer more
please any advice would be grateful

  • hadenoughnow
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27 Feb 19 #506430 by hadenoughnow
Reply from hadenoughnow
Everything in sole or joint names is in the assets pot.

How it is divided depends on a range of factors such as ages, incomes, length of marriage etc.

If you can provide the following, we can assist better (NB please express figures as e.g. £109,000 or £190k for clarity).

Ages
Incomes including any benefits
Length of marriage plus cohabitation Children ages and arrangements for them
Value of the former marital home (FMH)
Outstanding Mortgage
Size of fmh
Value of other assets/property (net of mortgage) in sole or joint names.
Pensions CEV and type
Loans/debts in sole or joint names

Hadenoughnow

  • Mo77
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27 Feb 19 #506449 by Mo77
Reply from Mo77
Thankyou for your reply i will try to answer your questions.
I am 51 he is 53
we have three children 14..18..23
the 14 and 18 still live at home with myself the 18 has nothing to do with his dad the 14 year old sees very rarely
i earn approx £17.000 (from 2 jobs)
he earns £36.000 approx
length of marriage 25 years cohabitation 9years
value of fmh £190.000
no mortgage on above he has signed this over to me
4 bedroom house
he owns solely a 2 bed house value £110.000
borrowed £10.000 from a friend for deposit has bought and has lived there 18 months so mortgage left approx £98.000

we each have a share in a house value approx £40.000 each
i have four pensions
Royal London £10.135 cev
east riding council £2.660 cev
east riding £61.693 cev
east riding £17.759 cev
his pensions are
British Telecom £331.387 cev
RAF £33.00 cev
I have a loan of £7.000
credit card of £300.00
He has BT Shares of which i can only go on his word of £1.000
I get child benefit for my youngest and child tax credit of £40.00 a week also starting from this month he is paying the proper amount for maintenance £360.00 a month previous to that was paying £200.00
please dont hesitate if need further info i will do my best
many thanks for looking

  • Rickoshea
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28 Feb 19 #506465 by Rickoshea
Reply from Rickoshea
So property £190k (assuming he almost has a full mortgage on flat
pensions £360k for him, £90k for you

You've got £190k property and £90k pension
He has £360k pension and in theory are close to being able to be drawn. The 14 year old is close to being the only one needing housing so you could argue you are overhoused and could live somewhere smaller if he pushed it.

Aside from maybe a transfer of some of his pension to you to equalise the assets a more it's a question of how much time and effort and mostly you want to expel for what value you may get transferred.

i.e.£190k property asset + (£90k and maybe £30k pension = £120k - £310k literal value

vs

no property value + £330k pension

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