Pension settlement in divorce

stjoolzz

Hi
My ex-wife and i are now divorced (amicably) and at some point in the very near future we will sell our joint owned house and split the proceeds (a significant amount of equity).
I am still working and have an NHS final salary pension (for the last 28 years). She may be medically retired soon so will have her pension paid up as if she is retiring at 60.

I understand that we will both be entitled to a portion of each others pension (she will have a bigger claim over mine). We would like to settle these claims when we sell the house and draw a line under it.

Any advice about how we do that without shelling out loads of money for solicitors to do it would be most welcome

dunstonh

I understand that we will both be entitled to a portion of each others pension (she will have a bigger claim over mine). We would like to settle these claims when we sell the house and draw a line under it.

It depends on the agreed settlement. Taking a bit of each is messy and can be expensive. So, your solicitors will agree an outcome. It may not even be necessary to include the pensions if the settlement comes via other means.

atush

Basically you get both pensions valued and add them to the rest of your assets and split the total. So you could both keep your pensions but maybe she would get more of the house proceeds?

If this is the right thing to do or not, will depend.

But to get things done more cheaply you could look into mediation?

stjoolzz

Thanks for the replies. The idea would be that when we split the proceeds of the house sale....the pensions are taken into account. mediation can also be expensive so i was going to get a financial adviser to do it....working for both of us

kidmugsy

stjoolzz wrote: »

Any advice about how we do that without shelling out loads of money for solicitors to do it would be most welcome

You must be jolly rich if you think you'd like to carry this off without paying for a solicitor.

ManofLeisure_2

A solicitor may in ''the long term'' save you money .

atush

You cant do ANYTHING until both pensions are valued. And will need an expert to do so.

There is no way to do this 'on the cheap'.

stjoolzz

thanks again

I will need a solicitor as i would want it to be fair and binding - where do i get an 'expert' from?

Floxxie

Head over to https://www.wikivorce.com and get some advice from there.

By the way, why wasn't the financial side sorted out at the time of divorce?

stjoolzz

Thanks

Amicable divorce really. We squared up all joint debts (other than the mortgage) and made a verbal agreement

in the divorce papers we said i would pay child support (based on the government website calculator)
we both continue to pay the mortgage and agreed to split when we sell the house (around when the youngest goes to uni (or is 18) - about 2 years time
Circumstances have changed in such away as we probably need to sell earlier so doing some ground work

xylophone

http://www.nhsbsa.nhs.uk/Documents/Pensions/Pension_Sharing_on_Divorce_FAQs.pdf

Your wife's employer produces something similar?