How do we split the value of the property?

tightauldgit

angelinamay said:

Tightauldgit thanks for reply.  This mention of 'pensions' I don't understand. I have a very small work place pension and the state pension which is nowhere near the usual rate.  I'm what's known as a 'waspi' woman, and apart from not having enough contributions, there's that to take into consideration too. Monthly state is £502. 

thanks

When you split you were probably entitled to a 50/50 split of his pension pot to even out the pension you both receive. I don't quite know how they work it now that the pension is being claimed but presume there are calculations they can make balance things out. 

I expect that if his pension is a lot more than yours then you would probably be entitled to a bigger share of the remaining assets to compensate you. 

That's why I think it's important you talk to a solicitor because the sums being talked about here are not small. Well worth getting advice and getting it right. You may find a solicitor willing to defer payment until you receive your settlement

Sarahspangles

A Resolution solicitor might suit your needs - they aim for no conflict divorce/separation.

TBagpuss

It's irrelevant that he is not interested in divorce - you can divorce him ny way, and you may have to, in order to resolve the financial issues, if he won't come to a sensible solution. 
Also, if there are pensions then you will have to get a a curt order as thy can't be split without one. 

On the face of it, if there are two properties worth £400,000 and £150,000 then you have total property assets worth £550,000 and so the starting point would be £275,000 each, so if you keep your current property, he would need to pay you a further £125,000. How he raises that is his problem - could be by selling the house and down sizing, or it could be by getting a mortgage to buy you out (If you were married 43 years and split 10 years ago I presume that he is now in his 70s, so while he would not get a standard pension he would be able to look into getting an equity release mortgage) Or he may decide that actually he,  would rather move into a smaller property and (if need be) help his family with the cost of a hotel or hotel let when they visit. 

It is possible to calculate the split even once a pension is in payment, although it is usually more expensive to divide it. An alternative sometimes is to split the other capital unevenly.

If he has a private pension you may be entitled to a pension sharing order (Which moves part of that pension to you, so you have in effect a pension of your own) 

Be aware that given the length of time you've been apart and the fact that you own another property, you may well have to pay some Capital Gains Tax on your interest in the family home when it is sold or he buys you out. The government has announced plans for changes to the CGT rules for divorcing couples which won't take effect until April - I am not sure  whether that means they will apply only to court orders made after that time or only to divorces started after that time, so you may want to double check and, if appropriate, delay starting  the divorce until April.  

pinkshoes

If he wants to keep the house and has some savings, then can he not just give you an agreed lump sum then have your name taken off the deeds and the house then becomes his?

I'd start the divorce process so you can have a clean break and move on. 

angelinamay

Sarahspangles said:

A Resolution solicitor might suit your needs - they aim for no conflict divorce/separation.

I've never heard of a Resolution Solicitor - I'll look into that :-) 

angelinamay

pinkshoes said:

If he wants to keep the house and has some savings, then can he not just give you an agreed lump sum then have your name taken off the deeds and the house then becomes his?

I'd start the divorce process so you can have a clean break and move on. 

Thanks, I suggested that but he has nowhere near half the value of the house. He is adamant he will NOT move, and I can see the only way he could raise the money without moving is to take out a mortgage, which he couldn't afford to repay! 

TBagpuss

angelinamay said:

Sarahspangles said:

A Resolution solicitor might suit your needs - they aim for no conflict divorce/separation.

I've never heard of a Resolution Solicitor - I'll look into that :-) 

https://resolution.org.uk/find-a-law-professional/ Members are solicitors who specialise in family law and who sign up to a code of conduct which includes trying to reach an amicable settlement. 

WhiskersTheWonderCat

angelinamay said:

pinkshoes said:

If he wants to keep the house and has some savings, then can he not just give you an agreed lump sum then have your name taken off the deeds and the house then becomes his?

I'd start the divorce process so you can have a clean break and move on. 

Thanks, I suggested that but he has nowhere near half the value of the house. He is adamant he will NOT move, and I can see the only way he could raise the money without moving is to take out a mortgage, which he couldn't afford to repay! 

He can be as adamant as he likes, but it doesn't change your right to half of the value of the house, one way or another. 

Get in contact with a solicitor ASAP and get things moving. Don't procrastinate any longer. You need to get what you are entitled to, and get closure on the marriage. At the moment, he is treating you like a doormat.