Divorce Settlement and Pension.

jigsawgirl69

Last year my husband divorced me after 32 years of marriage. He is 56 and I am now 70.
Originally we agreed this would be best for both of us.  
We agreed to sell the house, which still has a mortgage. 
We would pay our own debts off and make a clean break.
The deeds are in his name.
He agreed he would help me financially as I only have a state pension.
Once the house was sold, he changed his mind and said he wouldn't help me after all.
I was advised to get a solicitor, which I did.  This has proved very expensive, the costs have been put on my credit card.
As we are now divorced, he doesn't see why he should help me financially any more.
The house is sold, but we are still living here for 2 more weeks.
I have no alternative, as a temporary measure, to move in with our son, who bought a small flat last year.
My solicitor and his solicitor have exchanged endless letters and financial statements over the past year.
My solicitor has now applied to the courts for an end to this.
2 weeks ago I was diagnosed with cancer.  Just when you think things can't get any worse.
He now wants a quick end to all of this and a final settlement has been offered.
He has a good job and earns £65,000pa.
I can now have half the proceeds from the sale of the house approx £60,000.
He will pay me a one off maintenance of £20,000
We will pay our own expenses.
He will allow me 1/2 his pension.  His pension will be worth approx £120,000 when he retires in 10 years.  Im not sure how this works. 
I may not be around in 10 years time, but I hope so.
I am exasperated and have other things to worry about now. 
I have verbally agreed to this under pressure, but need to be sure its the right thing to do.
My solicitor has apparently left her employment, so I have been moved onto someone else, who has asked for a meeting next week to hopefully resolve matters.
I want to believe he does care what happens to me, and cant expect our son to take the strain.

Ms_Chocaholic

Other than the house, do either of you have any savings?

jigsawgirl69

No savings.

TBagpuss

If the pension is split by way of a pension sharing order, then a chunk of his pension fund would be put into your name and you could start to draw it straight away.

Normally, you would get a report from a pensions actuary who can work out what % split is needed to give both of you equal income in retirement.

In your case, that would take into account the fact that you would be drawing the pension immediately, but his hare of the fund will continue to grow for another 10-12 years until he retires, but on the other hand, your life expectancy may be shorter so the amount per year you get may be larger from the start. 

You could talk to a financial advisor with expertise in pensions who would be able to give you an idea of what sort of income you might get from a pension if 50% of the current fund value was transferred to you. 

Is £80,000 enough for you to either buy a property or to live off if you rent?

A 50/50 split of the house may or may not be fair bearing in mind that he can, presumably, get a new mortgage over around 10-12 years. You presumably might be able to get a lifetime / equity release mortgage if you want to buy, but you may also want to look into whether your would be eligible for a housing association property which might give you the benefit of security without having to pay maintenance costs 

jigsawgirl69

Thank you so much for taking the time to reply.  A lot to think about.

Jude57

jigsawgirl69 said:

Thank you so much for taking the time to reply.  A lot to think about.

You clearly have a lot on your plate just now but a couple of things crossed my mind that might help.

Ask your GP or consultant about MacMillan Nurses. They give fantastic, practical help to cancer patients, especially with things like housing and benefits which you might need help with while your divorce settlement is finalised. Even just something simple like making phone calls for you would ease the burden a bit.

Secondly, have you looked to see whether there are any Housing Association properties for older people in your area? Your local Council is worth a try, too, unless you're in a London Borough, but probably have long waiting lists. I suggest these because it would mean a secure home for you, but you wouldn't have the worry of maintaining the property, plus you'd have the extra support from a caretaker or concierge. 

I hope things improve for you.

jigsawgirl69

Thank you for your comments - very helpful. All a bit much at the moment.

Jude57

jigsawgirl69 said:

Thank you for your comments - very helpful. All a bit much at the moment.

Yes, I can only imagine how hard things are at the moment. Do seek out and accept all the help that's available so you're not trying to deal with everything at once. Trying to do too much won't help your health and that has to be your priority. Get your son or a trusted friend or a MacMillan Nurse to do the admin like making phone calls or getting application forms completed. One step at a time is a truism that really is the only way to deal with difficult issues.