Save my Pension

pool-hustler

I'm splitting from my marriage.
Our only real assets are my pension and the equity in the house.

I reckon there could be about £80k equity tops.
My pension is worth more than that at present.

Therefore the equity doesn't give her an equal 50/50 split.
What are the chances my pension will be attacked even further even if I come out with nothing from the house?

Marisco

Would it be possible to get something drawn up by a solicitor, along the lines of if she gets say 60% of the equity, then she'll leave your pension alone? I remember my ex wanted me to sign to say I'd not go for his pension, I told him to take a hike!! That was not because I was going for it, I'd already told him I wouldn't, but because after 25 years he should have known that when I said something I meant it!!

I never had any intention of going for it, although it was a canny amount as he had a good private pension. But I wouldn't have wanted to sponge off him for ever more, which IMO is what it would have been. He paid the 11% per month from his wages, not me, and I'm a firm believer in "clean break". And I know if I was ever destitute, he would help me, 'cos I think he knows he "got off" lightly!!

I suppose it depends what type of person your ex is, if she's a greedy "grab all you can" sort, then you'll have a fight on your hands, but it's probably best to pass it by a solicitor, preferably one who specialises in divorce/family law.

pool-hustler

Yeah thanks.
She always said she wouldn't try to rip into me but has had second thoughts it seems.

NAR

Are there children involved? If so this will have impact on financial split.

masonsmum

I seperated from my ex and had a little less equity in the home, I agreed to buy him out for a lump sum of 10K if I left his pension alone, I was quite happy with that agreement. However after a fair bit of toing and froing he quite literally almost had heart failure every time my solicitor mentioned finding out what his pension was worth?

BitterAndTwisted

Where is her pension? Perhaps you made a joint-decision to invest in your pension so it could be shared once you both retired. To want to swipe it back and leave her with nothing for the future seems a tad unfair, to put it mildly.

My sister and brother-in-law made that decision because his pension is going to be a final-salary one and index-linked, so they sunk everything into his and she stopped contributing to her own while she was at home with their children or only working part-time. Upon separation after 30 years of marriage they split the equity in the house 50/50 and although she was entitled to half of his pension, she settled for a third. He was mightily aggrieved but saw sense in the end

pool-hustler

there are kids involved 14 & 17.
My salary is final salary and she has no pension arrangements to speak of really.
I would be happy to walk away with just my pension. It seems from what i've been hearing that this is over generous???

rpc

If you've been married any significant length of time, it isn't really "your" pension. The money that paid for that pension was joint, so the pension is joint too.

As in the other thread (going solo), if you marry you commit to share with each other. When you spoke your marriage vows, you made a binding agreement to share assets within the partnership and it is not fair for you now to try to keep some wholly for yourself.

You could give her cash or spousal maintenance in lieu of pension sharing, but if the only assets are truly the house and the pension then the pension will need split. Any split should also ensure that the kids have a secure roof over their heads.

NAR

pool-hustler wrote: »

there are kids involved 14 & 17.
My salary is final salary and she has no pension arrangements to speak of really.
I would be happy to walk away with just my pension. It seems from what i've been hearing that this is over generous???

Do you really think that £80k will provide a home for your wife and children? Apart from CSA gear yourself up to lose anywhere between a third to one half of your pension. Your pension pot to date will be taken into the total finances from the marriage and split.

pool-hustler

do you think £0 will provide a home for me and the children? Assumptions etc...
I am happy to pay but not live next door to Top Cat

NAR

No but it will be the parent with responsibility that will get the larger share. It will be the children's main home the judge will ensure is provided if possible. Sharing the children will reduce your CSA only.
The financial pot division will also reflect your incomes ie if your wife earns £10k and you earn £40k that will be taken into consideration. Also ability to fund a mortgage.
I've got the t shirt; divorce is very painful financially.