CETV for Divorce purposes

Marcon

angelinamay said:

I think the mediator has probably come across pensions and divorce before, and recognises how many women in particular miss out because the value of the husband's pension is dismissed without investigation. I wonder if OP is simply being strung along by her husband, in an attempt to fudge the value of his DB pension? It'll be interesting to know if the mediator confirms what he claims to have been told about whether or not a CETV is needed. 

Alternatively, the mediator hasn't come across pensions and divorce and fondly believes that a copy of the husband's latest statement (sounds as if he's still actively building up benefits in his scheme rather than drawing benefits from it already, or he wouldn't be getting an annual statement. OP, do you know if that's the case?) is going to be enough. Not sure I'd go along with that, especially if he's been in his scheme for some considerable time.

Hi,  we BOTH have final salary pensions, we could both be dead before finalising anything, I'm not interested in pension sharing, but need to move :-) I understand what you're saying though Pat, and thank you for your input.  They're all valuable to me. The mediator isn't much younger than I am, I would have thought she's seen it all before.  :-)

That doesn't mean they are anything like the same capital value, so it's in your interests not to dismiss them however little interest you have in pension sharing (ie nil!). It could be a very handy bargaining chip when it comes to the house if your husband's pension is worth 2 or 3 times yours - possibly more - and you can't judge that from just looking at what is pays each year.

xylophone

(sounds as if he's still actively building up benefits in his scheme rather than drawing benefits from it already, or he wouldn't be getting an annual statement. OP, do you know if that's the case?) 

The OP is age 69 and her husband is aged 74.

She has stated

Both on state and workplace pensions, his monthly totals £1413.60 and mine is £829.44. 

I would imagine that the annual statements to which she refers would be the statements of pension increase from their respective schemes?

It seems that she owns her own property (mortgage free?) as well as being joint tenant/tenant in common (not sure which) of the marital home which is mortgage free and occupied by her husband from whom she separated ten years ago.

She wants half the value of the marital home so that (presumably with the sale proceeds of her own home) she can buy a suitable single storey property.

It appears that in order to be able to hand over £250,000, her husband would either need to sell the marital home or find some means of raising £150,000 (which would be added to his savings of £100,000).

Marcon

xylophone said:

(sounds as if he's still actively building up benefits in his scheme rather than drawing benefits from it already, or he wouldn't be getting an annual statement. OP, do you know if that's the case?) 

The OP is age 69 and her husband is aged 74.

She has stated

Both on state and workplace pensions, his monthly totals £1413.60 and mine is £829.44. 

I would imagine that the annual statements to which she refers would be the statements of pension increase from their respective schemes?

Ah - that could be it. Thank you. Without knowing the breakdown of those pension figures it's impossible to be sure, but the CETV could be markedly different

xylophone

 He DOES. NOT. want to move from matraminial house.

Are you going to  suggest equity release?

https://www.equityreleasesupermarket.com/news/details/equity-release-on-divorce-a-house-is-not-a-home?gad_source=1&gclid=EAIaIQobChMIkJXRroDShAMV3JZQBh3GiQ7YEAAYAyAAEgIkLvD_BwE&gclsrc=aw.ds 

Pat38493

xylophone said:

 He DOES. NOT. want to move from matraminial house.

Are you going to  suggest equity release?

https://www.equityreleasesupermarket.com/news/details/equity-release-on-divorce-a-house-is-not-a-home?gad_source=1&gclid=EAIaIQobChMIkJXRroDShAMV3JZQBh3GiQ7YEAAYAyAAEgIkLvD_BwE&gclsrc=aw.ds 

Also - I assume you are aware that he may not have the choice if you decide to pursue it legally - it will take a long time but if it ends up that you are entitled to half the house, eventually he can be legally forced to sell up.

angelinamay

xylophone said:

 He DOES. NOT. want to move from matraminial house.

Are you going to  suggest equity release?

https://www.equityreleasesupermarket.com/news/details/equity-release-on-divorce-a-house-is-not-a-home?gad_source=1&gclid=EAIaIQobChMIkJXRroDShAMV3JZQBh3GiQ7YEAAYAyAAEgIkLvD_BwE&gclsrc=aw.ds 

I could, but can ya decide HOW MUCH you want to release? It would be half the value or thereabouts.

angelinamay

Pat38493 said:

xylophone said:

 He DOES. NOT. want to move from matraminial house.

Are you going to  suggest equity release?

https://www.equityreleasesupermarket.com/news/details/equity-release-on-divorce-a-house-is-not-a-home?gad_source=1&gclid=EAIaIQobChMIkJXRroDShAMV3JZQBh3GiQ7YEAAYAyAAEgIkLvD_BwE&gclsrc=aw.ds 

Also - I assume you are aware that he may not have the choice if you decide to pursue it legally - it will take a long time but if it ends up that you are entitled to half the house, eventually he can be legally forced to sell up.

Oh yeah, I'm aware of that Pat, but both ageing, and I need (health reasons) to move sooner rather than later.  Annoying isn't it....

xylophone

I could, but can ya decide HOW MUCH you want to release? It would be half the value or thereabouts.

A read through the link might throw some light. 

If you type "Equity release on divorce after state pension age" into Google, you'll find others.

Marcon

OP - you might want to check on the Land Registry's website to see if there are any charges registered against the house in which he is living i.e. whether he's already released some equity to supplement his fairly modest income.

Official site: https://www.gov.uk/get-information-about-property-and-land/search-the-register

angelinamay

Marcon said:

OP - you might want to check on the Land Registry's website to see if there are any charges registered against the house in which he is living i.e. whether he's already released some equity to supplement his fairly modest income.

Official site: https://www.gov.uk/get-information-about-property-and-land/search-the-register

Thanks Marcon, but to be honest, he might be many things but he isn't a liar. He HATES equity release, but we chatted about that earlier today. Suggesting he might be able to release a percentage which means he could stay in the house, wasn't just rejected by him. Oh his income isn't that bad, about 700 p/m more than I get, gets reduced flights and lives on the golf course...