Seperation, Police Pension in payment

Hi, I am currently separating from my Husband after 33 years of marriage, he is 53 I am 58, he retired from the Police Jan 2019, lump sum of 140,000 of which now only 15,000 left, not spent on me or by me, this is in an account in his name house sold a few years ago and equity split 50/50, cars are leased, currently in rented property I have savings in my own name of around £7000. His pension income is around £1400 a month currently and he is currently working earning around £2000 per month. I am currently working
I have 2 pensions, one is a military pension which I paid into from 1979 to 1988 and a local Government pension I paid into for around 23 years, not too sure of the value of these pensions but I am going to find out.
I am trying to find out the best course of action, currently do not want to get divorced but would like to find out where I stand with regards to our pensions, and what I would be entitled to with regards to his pension and how it all works. Hope someone can give me some guidance and hope for the future. Thanks

Hi,
After a marriage of this length I would expect to see equality of income, housing and pensions which will not necessarily be achieved with a 50:50 split, although that is the start point.

If there are several different types of pension involved you may need an actuary to help you work out a fair division.

The first step in sorting out the finances is full disclosure of your current circumstances. He will also have to account for spending on his own account.

Disclosure can be done by way of a voluntary form E, you can then progress to meditation to help you reach a settlement.

If you need help with the process, give the helpline a call to see how we may be able to assist. Tell them you've been directed from the site.

Hadenoughnow

Hi, how do you mean 50/50 split to achieve equality of income, housing and pensions, my pensions will only be small, with my LA pension I worked partime for a number of years of it, then deferred it for a few years and then paid half pension for the remainder to help our income at the time, he also owns outright a motorbike valued at around £12000, i don't want to fleece him but want what I'm entitled to, have also found out he's seeing a woman he had an affair with 13years ago, all a bit messy, he wanted amicable and to stay friends I suspect to protect his pension

You are entitled to 50% of all assets including the pension pot but may get more thsn 50% of some ie house equity if that is what is required to meet your needs. It is not his pension or yours they are a marital asset. He has an income in addition to his pension that could support a mortgage. Your income and mortgage capacity is also a factor.

You can reach an agreement that leaves pensions out but i would expect to see an adjustment on other assets if one pension pot is more valuable. You may need an expert actuary to help you work that out.

Hadenoughnow

Many thanks, only assets are as ive mentioned, sold marital home 2 years ago and split 50/50, lived seperate for 2 years both in rented prooerty due to job, back living together for 1 year, still in rented, got a feeling this could prove expensive to sort it out ?

No reason for it to be expensive to sort out if all that is left to deal with are the pensions and you can reach an amicable agreement.

Get CETV for yours and you'll know where you stand. Given the length of service you may find they are worth similar amounts, or yours is worth more, so you may both be happy to just keep what you've got.