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Financial settlement

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My husband and i are separating and just waiting for house sale to go through. We are both living in the house at the moment. We are splitting the house 50/50. We have a separate ISA each but the money came from an inheritance to my husband. Can he claw this back from me or can this be used in our financial pot. He has about £20k in his and mine is worth about £40k.
He also has a pension of £200k. (£130k of this accumulated during our marriage) He has not paid into the pension since we married but it has made about £130k. Am I entitled to any of this as I have no pension. He has asked me not to go for his pension. We are splitting up because he was unfaithful. Sadly I thought our marriage was forever and never took on a pension for myself. I am going to have to now take out a small mortgage (£30k ish) and start all over again, a bit daunting at 57 years of age. We met in 2004 and married in 2011.
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Comments

  • davidwood681
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    Do you really want to take some of his inheritance money?
  • jeanw
    jeanw Posts: 7 Forumite
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    Im not taking it, hes given it me!
  • dipsy
    dipsy Posts: 3,137 Forumite
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    I think she says the ISA's were paid from the Inheritance money and her ISA is double in value
    I think she is saying can he ask for all the inheritance money back

    if that is the case 70k of his pension was prior to marriage and 60k was from inheritance = 130k

    I personally wouldn't go for half of his pension, but that is just me

    I would keep 50% of the proceeds of the home sale and the ISA and walk away

    Are you saying you have never ever had a pension? (44 when you met him)?

    He could argue that it was a short marriage, get his pension protected and whilst doing this will potentially cost you both a tidy sum.

    Just try to be fair as your heart will allow you, it really is the better route.
    2007 £1749
    2008 £291.99
    2009 JanMasscara £7.00 Feb megcabot books x 2 £20 XFactor tkts x 2 £58.00 (couldn't go though as they only phoned on day :-( ) foundation £7.99
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  • Comms69
    Comms69 Posts: 14,229 Forumite
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    It's just over the typical conditions of a short marriage.


    BUT it will cost you both potentially a lot more to argue it than to agree.


    If you want a drawn out process whilst you're still under one roof, fair enough.


    Also worth exploring is the age gap. If he's nearing pension age whilst you still have a decade to go, this will act in his favour.
  • PrettyKittyKat
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    Aren't all assets pooled and then split 50/50? So this would include both ISA's as well as the house?

    I personally wouldn't go after his pension. It was all paid in before you met. Your finances have not been detrimented at all by him paying into a pension whilst you were together, there was nothing to stop you also having a pension from before you met or since, but you chose not to. To me it is quite money grabbing to go after the pension when in the same breath you are saying you don't want him to be able to have back any of your ISA, which actually is from his inheritance, not yours.

    I would do the same as dipsy, agree to go 50/50 on the house, keep our own ISAs and leave your husband with his pension.
  • Ozzuk
    Ozzuk Posts: 1,884 Forumite
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    You can agree whatever you want. When you can't agree, that is when solicitors/courts get involved, which can be expensive. So its always better to keep it civil if possible. Being unfaithful has no bearing on the settlement.

    However...the pension is a good bargaining position, maybe offer to not go after it in return for you keeping the ISA.
  • TBagpuss
    TBagpuss Posts: 11,205 Forumite
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    OK, all of the assets, including his pension and the money from the inheritance are part of the matrimonial assets, so there is nothing which isn't potentially available to be divided.

    You said you met in 2004 - when did you move in together? If you moved in in 2004 then you are looking at a 13 year relationship, if you didn't move in until you married, it is a 6 or 7 year marriage, and that may make a difference.

    Given that his pension was largely built up before you got together and that the savings came from an inheritance, it's unlikely that a straight 50/50 split will be fair, however, his keeping £200 of pension and seeking to claw back £40K ISA so he has £60K savings, giving him round £260K more than you over all, is also unlikely to be fair.

    If a court decided it, then it is likely (particularly if you have been cohabiting since 2004) that you would be entitled to a share of his pension, although probably less than 50%.

    if his priority is to keep the pension then you may be able to negotiate elsewhere. Perhaps, for example, you could have more than 50% from the house?

    Suppose you had an extra £30 from the house, so you could rehouse mortgage free (and start putting money into savings or a pension instead of paying a mortgage ) where would that leave him? could he afford to re-house with a mortgage?

    if you kept your ISA and had slightly more than 50% o the equity where would that leave each of you?

    One of the things a court looks at is what your respective needs are. your incomes and earning capacities are also relevant.

    I suspect that a court would probably adjust things so he got a bit more than 50% overall to reflect his higher contributions but financial settlements are all very dependent on the specific facts involved, but you do need to see your own solicitor and get proper advice tailored to your specific situation.


    if he wants to keep his pension intact,what is he proposing by way of an adjustment to the other assets so that the settlement over all is fair to you as well as to him?
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • jeanw
    jeanw Posts: 7 Forumite
    edited 30 January 2018 at 9:56PM
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    we moved in together in 2005. He always said i didn't have to bother with a pension as we have his, i earned a lot less money than him. I would accept £30k from the house and both keep our own ISA and not touch his pension. Whether he will agree is another matter. I just wondered if he could legally ask for the ISA money back. He could also then afford to buy another property with a good deposit.
    Hes basically saying 50/50 on house and isas and i dont touch his pension.
  • jeanw
    jeanw Posts: 7 Forumite
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    only £80k was paid in before we married.
  • bagpussbear
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    I'm sorry to hear about your breakup.

    Why did you not contribute to any pension before you met him?
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