Going Solo after 25 years

GoingSolo

Been together now since 1988. Separation is a possibility at the moment. We have one son aged 19 at home.

Bought the house in joint names and the mortgage will end April 2012. Combined our pay from day one to pay for everything from food, fuel, holidays, cars etc.

I work full time and just into the 40% tax bracket with a two thirds final salary pension which can provide a widows/partner pension.

She works part time picking up circa £100 a week with a small company pension.

House would more than likely be sold to split proceeds. May happen before mortgage is paid, may be after.

We have reasonable savings which I’m confident would be split 50/50

So,

So if we separate what would she be entitled to?

How do I stand with any payments to her & the son?

thanks in advance

floss2

Probably 50% of everything - and you would be entitled to 50% of anything she has saved / pension-wise.

Your son should not be entitled to any maintenance as he is over 18.

NAR

All marital assets go into the financial pot, but not necessarily a 50/50 split. For instance, judge will look at her ability to maintain roof over her head, considering her income is only a fraction of yours. Without full disclosure of all financial assets it is difficult to advise, but I doubt you will come away with 50%, based on what you have stated. Pension split in wife's favour also looks very likely, as your pot is considerably better than hers.

With regards to your son, legally he will receive no maintenance from you as he is an adult. However morally that is down to you.

kingfisherblue

The mortgage will end in April 2012 - we've already passed this date. I assume it is a typo. When is your mortgage paid up?

kingfisherblue

irri_tant wrote: »

round thread, sorry

:huh: What does this mean?

GoingSolo

kingfisherblue wrote: »

The mortgage will end in April 2012 - we've already passed this date. I assume it is a typo. When is your mortgage paid up?

Typo

ends April 2013

We both have private monies/accounts were the funds have come from our joint earnings over the years. Would they be included in the seperation?

GoingSolo

NAR wrote: »

Without full disclosure of all financial assets it is difficult to advise, but I doubt you will come away with 50%, based on what you have stated. Pension split in wife's favour also looks very likely, as your pot is considerably better than hers.

house = circa £150K
savings = circa £75K
her monies = circa £23K
my monies = circa £3K (I spend it )

NAR wrote: »

Pension split in wife's favour also looks very likely, as your pot is considerably better than hers.

currently set to pay a widows/partners pension but I am looking at this so as not to pay a widows/partner pension on my death so I can have a higher retirement pension

NAR wrote: »

With regards to your son, legally he will receive no maintenance from you as he is an adult. However morally that is down to you.

Guess he'd get some support for those special things in life or maybe some sort of pocket money if needed

NAR

There is certainly a fair amount of assets in the pot to split. It depends what each party requires most at present. You could obviously fund another mortgage a lot easier than your wife because of earnings. There may be room for negotiation on you giving up more cash now in return for her getting less of your pension. It is a matter of fairness at the end of the day, with both sides getting a reasonable split of all financial assets.

mustmakealist

I suspect that everything will go into the pot and then be divided up. You have listed the assets that you know about it, but you will need to find the value of your pension pot and this could be considerable.

The assets that you have listed total £251k. If your pension pot is say £99k (I've just used this figure to make the sums easier) this would give a total of £350k to be divided up. If you were to divide it up 50:50 that would give you £175k each.

For your OH, her share could be the house, her savings and the balance coming out of your savings. Your share could be your pension, your money and the balance of the savings. That might be enough for you to put down a deposit on a place to live with you taking out a mortgage. How you split your pot will be up to both of you to work out - this is just one option.

Whatever happens you will probably not be able to keep 2 households going in quite the same way as you used to be able to and that can be hard to come to terms with.

Bluemeanie_2

Were you married?

GoingSolo

Bluemeanie wrote: »

Were you married?

Never

Pension pot last year from what I recall from the statement at 62 was pension of

£19,000 with commuted cash lump sum of circa £119,000

I have the option of no lump sump but a better pension but for tax reasons it's better to take a lump sum we are told.

This years statement is due this month according to HR at work.

I'm 53 at the moment but it's looking like I'll retire at 58 due to site closure with early retirement taking pension and lump sum.