Pension in divorce

Warrend12345

Hi
I am going through a divorce and giving away 3 and half times the equity of my house to my wife via a remortgage (190k).

 Has any been in similar situation, what is a reasonable amount of my pension pot to give away percent wise. I have 20 year in it so half way through.

Thanks

bigadaj

Not sure your question makes any sense. Divorce would typically look at splitting the joint assets in an equitable manner, though not necessarily half of all individual assets. On that basis have you got a valuation for your pension as that will indicate the pension value, and pension could be earmarked, or balanced against house equity, cash, isas etc

Brynsam

Warrend12345 said:

Hi
I am going through a divorce and giving away 3 and half times the equity of my house to my wife via a remortgage (190k).

 Has any been in similar situation, what is a reasonable amount of my pension pot to give away percent wise. I have 20 year in it so half way through.

Thanks

Perhaps do some basic reading before you go any further, such as https://www.moneyadviceservice.org.uk/en/articles/dividing-pensions-on-divorce-or-dissolution.

You really need to discuss this with your solicitor - the finger in the wind approach of asking strangers could leave you very seriously out of pocket. 

declan199210

Warrend12345 said:

Hi
I am going through a divorce and giving away 3 and half times the equity of my house to my wife via a remortgage (190k).

 Has any been in similar situation, what is a reasonable amount of my pension pot to give away percent wise. I have 20 year in it so half way through.

Thanks

Offer her a pot noodle and a pack of biscuits and not a penny more.

in all seriousness, seek professional legal advice for this. It’s the most expensive thing you’ll ever do most likely 

Markneath

Pension accumulated before the marriage would normally be excluded from the pot, was the case when I divorced anyway.

A starting point for splitting the rest of the assets would be 50/50 although this usually typically swings towards 60/40 if there are children involved. 

If for example your ex is getting £100000 house equity and your pension is worth £100000 and thats all the assets to be split then he/she would get £20000 of the pension based on 60/40 split in their favour. 

I personally would demand some of the house equity at the start of negotiations with the view to backing down later if they back down on the pension claims. 

A lot of it is bluffing and poker games really but be mindful of big legal bills.

IAMIAM

I genuinely cannot believe how much is given away in a divorce.
You are literally (can be) left with no house and half your pension pot at the drop of a hat.

Brynsam

IAMIAM said:

I genuinely cannot believe how much is given away in a divorce.
You are literally (can be) left with no house and half your pension pot at the drop of a hat.

Nothing is 'given away' - it's all down to negotiation, which is why getting the best legal advice you can is crucial. The DIY brigade  often get it seriously wrong, frequently overlooking things like pensions. You can't afford not to take legal advice.

Thrugelmir

Markneath said:

Pension accumulated before the marriage would normally be excluded from the pot, was the case when I divorced 

A lot of it is bluffing and poker games really but be mindful of big legal bills.

Form E requires full financial disclosure to the courts.

crv1963

Get some legal advice is the best advice!

I had 40% of my pension transferred and ex also got 100% of the equity in the house due to the difference in earnings potential/ actual earnings. The pension I accumulated prior to marriage was also taken into account and included in the calculations. Like everything related to finance and divorce the needs of the children were the first priority, on reflection it was the best single most expensive transaction I have ever experienced in a day! Every case is different, don't get tied into the emotional side of it, you'll end up bitter. I took the view that the cost was worth the outcome, even if it did mean a lot of belt tightening at the time and a few extra years working beyond what I had originally planned.

Like every storm it will pass and clear the path for something new.

Malthusian

Markneath said:

Pension accumulated before the marriage would normally be excluded from the pot, was the case when I divorced anyway.

Not unless you got divorced a very long time ago. Pensions are part of the marriage assets and the starting point is a 50/50 split if it wasn't a short marriage.

There is no 60/40 split if kids are involved, it depends on individual needs.