Divorce settlement or Court
in Marriage, relationships & families
17 replies 1.5K views
Am trying to finalize my divorce finances, there is no house and no children involved, was married 24 years
Ex wants 10k lump sum and pension split 60/40 in her favour (my pension worth 100k more than hers)
I have offered 7.5k lump sum and pension split 50/50
She has refused and will only accept her suggestion, so looking at completing Form E and then going to court, with the court fees and stress should I back down?
I am more willing to got 10k, but really not happy with then pension split being 60/40 in her favour
I do earn more than her, solicitor thinks spouse maintenance is very questionable as to if any would be awarded to her through the court
Latest MSE News and Guides
Did you know there's an MSE app?
It's free & available on iOS & AndroidMSE App
Regifting: good idea or not?
Add your two cents to the discussionMSE Forum
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
Presumably the justification for 60/40 split on pension is to make up for your higher earning potential in future?
PEnsions - it's normal to get a prope actuarial report to ork out what the split should be to give you equsl invome in retirement. It's pretty common to require an unqual % split in favour ofa wife , other things being equal, because typically, the same sized pension fund will generate lower income for a woman than for aman, due to the fact that women, statisticall, liv longer. Obviously I can't say whether 60/40 is right to balnce this out, you could suggest getting a pensions report to find out what the correct split would be.
Also, bear in mind that if you earn more than your wife, you are likely to be able to make higher pension contributions beteen now and retirement, so it's probabe that you will be better off in retirement even if she has a higher share now.
If you go to court then if she rrequestsit, a court will almost inevitabley order that there be a proper report to work out the necessary pension split.
Your solicitor is best placed to advise you.
It's true the spousal meanintenace is very rre, however, this is becuase courts will usually even out inequlity by adjusting capital or pension instead, which iswhat your wife is looking to do, so it looks as though she is on the right lines, although whether the specifcic numbers are right depensids on looking in detai at your and her finacial positions.
Bear in mnd if yougo down the route of courts and Form E etc you are going to be looking are fairly singificant costs so think about whether it is worth it, particuarlly as it could well be that she would end up with an order very similar (or possibly evne higher!) than what she is curently offering. She could of course end up with less but it's a gamble.
Perhaps you could think about £8.75k and 55/45 as a middle ground compromise?
I can understand the frustration with no children involved, but this comes with the territory of marriage.
As someone else suggested you might well want to get a proper actuarial report on splitting on the pensions and what would be equal.
Split assets 50/50 yes but future earnings and pensions in my opinion should be completely ignored.