PENSION POT

aayush

lisyloo said:

aayush said:

lisyloo said:

It will be taken into account in the divorce settlement, there is no way to avoid that.
property is very traceable.
you can draw down - yes, if you have have a DC pension pot.
if you are on £24k per annum, then you can drawn down around £36k before you start paying 40% in income tax.
if you draw down a higher amount you’ll lose 40% of it in income tax which is suboptimal.

what do you need for the deposit?

lisyloo said:

It will be taken into account in the divorce settlement, there is no way to avoid that.
property is very traceable.
you can draw down - yes, if you have have a DC pension pot.
if you are on £24k per annum, then you can drawn down around £36k before you start paying 40% in income tax.
if you draw down a higher amount you’ll lose 40% of it in income tax which is suboptimal.

what do you need for the deposit?

Hi i need to draw down as the need for a new flat once the paper is all signed and delivered, as my age 59 and salary is 24k and have hp of 230.00 a month thus larger deposit thus reaction in borrowings money plus draw down will be taxed 

How much do you need for your deposit?
is it less than £36k

around the above figure 

aayush

lisyloo said:

aayush said:

lisyloo said:

aayush said:

NOT FOR THAT AS I NEED TO MOVE TO A FLAT AND MY AGE DOES NOT HELP GETTING MORG AS I NEED LARGE DEPOSIT TO CUT MONTHLY OUTGOING 
SORRY FOR CAP KEY BOTRD GOT STUCK

Why do you need to move to a flat immediately?
why not sell the current home and then buy a flat?

As present flat will be taken over by the wife once the divorce is settled as not getting any help from the council or other share ownership sites 

I presume this is your existing flat not the once you are buying.
if she takes this then the equity in it will be deducted from her 50% share.

you don’t give any numbers but as an example if the flat had say £200k equity and your pensions £200k equity, then she could keep the flat and you keep the pensions in a 50/50 split.

note that mediation is a lot cheaper than 2 solicitors so if you are able to discuss then it may be better. Most people get 2 solicitors at some expense.

flat is on share ownership we have a total of 25% share flat value is 320k so you can do the maths of what I will get from flat as it still has £14k left on the mortgage 

aayush

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

property bought by both at the time I was in job paying a 30plus salary 
married since 2004 October she is from over seas 

lisyloo

aayush said:

lisyloo said:

aayush said:

lisyloo said:

It will be taken into account in the divorce settlement, there is no way to avoid that.
property is very traceable.
you can draw down - yes, if you have have a DC pension pot.
if you are on £24k per annum, then you can drawn down around £36k before you start paying 40% in income tax.
if you draw down a higher amount you’ll lose 40% of it in income tax which is suboptimal.

what do you need for the deposit?

lisyloo said:

It will be taken into account in the divorce settlement, there is no way to avoid that.
property is very traceable.
you can draw down - yes, if you have have a DC pension pot.
if you are on £24k per annum, then you can drawn down around £36k before you start paying 40% in income tax.
if you draw down a higher amount you’ll lose 40% of it in income tax which is suboptimal.

what do you need for the deposit?

Hi i need to draw down as the need for a new flat once the paper is all signed and delivered, as my age 59 and salary is 24k and have hp of 230.00 a month thus larger deposit thus reaction in borrowings money plus draw down will be taxed 

How much do you need for your deposit?
is it less than £36k

around the above figure 

Income tax rules are relatively straightforward 

income above 50,270 will be taxed at 40% and you’re already paid 24k.
note you’ll have to pay 20% income tax if you take £36k out of your pension, so you won’t get £36k, like salary there will be deductions.
also note any benefits (medical insurance, car), charity contributions, pension contributions may factor into the tax calculation.

note also that drawing down may limit your future pension contibutions
https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/money-purchase-annual-allowance-mpaa

lisyloo

aayush said:

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

property bought by both at the time I was in job paying a 30plus salary 
married since 2004 October she is from over seas 

You need to start getting a solicitor or agreeing to mediation.
but in your shoes I’d be looking to 50/50 split of the house and pension (from what you’ve said)
you are right the pension cannot be split now without massive charges, but that doesn’t mean your wife won’t get half.
you’ve not so far said anything to indicate any reason the assets shouldn’t be split 50/50 but you need proper advice from a family law solicitor.

aayush

lisyloo said:

aayush said:

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

property bought by both at the time I was in job paying a 30plus salary 
married since 2004 October she is from over seas 

You need to start getting a solicitor or agreeing to mediation.
but in your shoes I’d be looking to 50/50 split of the house and pension (from what you’ve said)
you are right the pension cannot be split now without massive charges, but that doesn’t mean your wife won’t get half.
you’ve not so far said anything to indicate any reason the assets shouldn’t be split 50/50 but you need proper advice from a family law solicitor.

as a wife is on low income she will get help
and at present my figure split on the flat is 22 k as this what wife needs to give me as we 25% share in flat this total  share 

aayush

I have not made any contruibitons to any of my pension plans as they are frozen at present 

lisyloo

aayush said:

lisyloo said:

aayush said:

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

lisyloo said:

aayush said:

Ayr_Rage said:

@aayush if you are planning to divorce then an agreement will be needed as to how any pensions are divided, you cannot just grab it and hope for the best.

Please get advice !

Hi
even though I paid in to the tension my self as the ones in question are price ones thus not sure how they can be split as still have 8 years b4 I reach retirement  age

Marriage is a partnership.
the starting point is 50/50.
you have 8 years before “state pension age”. You can retire any time you like.

one common arrangement is that wife gets the house, husband gets the pension. This is often in scenarios where there are children and the wife cares for the children. An assumption would be that this is not the case at your age,

another option ions is that the wife gets a % of the draw down from the pension when you retire. This means you are tied to each other in some way and many people prefer a “clean break” type settlement.

you come to an agreement between yourself usually at great expense using 2 solicitors, but it’s down to both of you.
did either of you bring significant assets to the relationship? Or have you been together a long time?
if it’s the latter then expect 50/50 regardless of earnings unless there is something significant e.g. one of you brought a property to the relationship.

property bought by both at the time I was in job paying a 30plus salary 
married since 2004 October she is from over seas 

You need to start getting a solicitor or agreeing to mediation.
but in your shoes I’d be looking to 50/50 split of the house and pension (from what you’ve said)
you are right the pension cannot be split now without massive charges, but that doesn’t mean your wife won’t get half.
you’ve not so far said anything to indicate any reason the assets shouldn’t be split 50/50 but you need proper advice from a family law solicitor.

as a wife is on low income she will get help
and at present my figure split on the flat is 22 k as this what wife needs to give me as we 25% share in flat this total  share 

It is very difficult to give specific advice without knowing the full circumstances but this may not necessarily work in your favour.
if a person (traditionally the wife) makes career sacrifices for the family then that will be taken into account and I am suggesting that your future higher earning capacity may work in her favour not yours 

https://www.aticuslaw.co.uk/divorce-what-happens-if-one-person-earns-more-in-a-marriage/?_its=JTdCJTIydmlkJTIyJTNBJTIyJTIyJTJDJTIyc3RhdGUlMjIlM0ElMjIlMjIlN0Q%3D#:~:text=In%20particular%2C%20the%20Court%20will,the%20husband%20in%20his%20career.

the fact is that you need professional advice from a family law solicitor for your specific circs. As a couple you’ll pay for this twice.

Im afraid this is going to be painful like many divorces.