25% tax-free option?

twiglet98

I am tremendously grateful for such informative and supportive replies - lots to read through and it's too late tonight, but I will digest what I can and use the links suggested.

My ex wants a DIY divorce, with him continuing to pay the joint mortgage on the marital home until it's cleared in a few years, then transferring the (jointly owned) house into my name, with no financial disclosure re pensions or indeed any other area of assets and debts in return for me keeping the house. I have no knowledge of his pensions, we have been separated a great many years, but he has always worked in the insurance sector so I imagine his may be more generous than mine, I don't think his plan is viable and feel I have to seek legal advice, and the only way I have of raising funds to pay a solicitor is to take a lump sum from one or both pensions... as soon as possible!

Stuck between a rock and a hard place. I will read all your suggestions and try to have a half day at home to spend on the phone to the various organisations who should be able to help me navigate this maze.

xylophone

See http://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/when-relationships-end

A telephone discussion may help?

kidmugsy

twiglet98 wrote: »

My ex wants a DIY divorce

He's taking you for a mug. You need to see a solicitor. For all I know the solicitor can delay billing you until you get your settlement. Ask him.

jamesd

twiglet98 wrote: »

My ex wants a DIY divorce, with him continuing to pay the joint mortgage on the marital home until it's cleared in a few years, then transferring the (jointly owned) house into my name, with no financial disclosure re pensions or indeed any other area of assets and debts in return for me keeping the house.

An excellent deal for him that you would be a fool to accept. Sadly you need legal advice and that will cost you money but not close to the amount you are likely to lose by not getting it.

The opening position in a divorce split varies a bit depending on which part of the UK the people are in but it's half of assets or half of assets accrued during marriage. That includes pension values and the values of other assets.

twiglet98

Thank you for giving me so much to think about. My working hours make it impossible to ring any of the relevant companies until Friday, the Pension
Wise people certainly look worth a chat, and through my own incompetence and procrastination there will be nothing in motion until the dreaded 'Normal Retirement Date' for either of my company pensions.

As we've drifted off the original topic - releasing a tax-free lump sum so I can dare consult a solicitor for divorce advice - I should aim my D-word questions to the Relationships board. Going through a box of my ex's historical job-related paperwork that he probably doesn't even realise I have here, I found details of the pension schemes he had with the three employers from our marriage to separation, he was CE of the last company and I believe they ceased trading during the year after we split, I was not privy to the circumstances of their demise and his departure. Since then he has been self-employed, company director, majority shareholder, all rather vague, and I can't see a way of finding out anything he declines to share.

Onwards. I will email the two companies I'm with and see what can be done about this really very small lump sum, albeit weeks later than I should have tackled it. If it's such a scary process for the amount I'm looking at, I'm glad I'm not going to be a weathy retiree, my nerves couldn't cope.

xylophone

and I can't see a way of finding out anything he declines to share.

Your solicitor should deal with this by requesting full disclosure from his solicitor.

You will each need to disclose your financial circumstances and then it's down to negotiation to achieve a fair outcome for both parties.

Good luck and let us know how it all pans out for you.