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Getting a Dirvorce
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tom63uk
- Posts: 23
- Joined: 05 Oct 2007, 10:28
Getting a Dirvorce
Ive done 30 years at RM and getting a divorce this year hopefully. My pension is worth the same as our house which is paid off. This is all we have between us. No debts or savings. Should i keep the pension and give her the house or just split both down the middle. Just getting an idea what people think or experienced the same thing cheers
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mark.cup
- Posts: 303
- Joined: 14 Mar 2010, 20:54
- Gender: Male
Re: Getting a Dirvorce
That seems very nice for her but how are you going to house yourself? The 1 thing my divorce taught me is you have to look after yourself or the other person will take the lot
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heapsy
- Posts: 2967
- Joined: 02 Jun 2007, 23:40
- Gender: Male
- Location: Drinking with Gangsters
Re: Getting a Dirvorce
This happened to me back in 2001. The way it worked out for us was I paid her a lump sum after we sold the house. (£26,000) I got about £13,500, which I got from cash and after she signed over the joint endowment we had for the interest only mortgage. This meant I kept her out of my pension. As it happened, not a bad call when you consider that RM changed the pension to the current one a few years later. My question to you is does she not have any assets? Pension etc. If she does then that has to be taken in to account. Be careful about letting her have anything from the pension, it sounds like you are late middle aged so would find it hard to make up what you lose if the pension were "ear marked" - that is to say split between you up to the date of divorce. Hope that helps.
Last edited by heapsy on 29 Jan 2016, 16:45, edited 1 time in total.
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tom63uk
- Posts: 23
- Joined: 05 Oct 2007, 10:28
Getting a Dirvorce
She doesn't have any assets apart from her half of the house which would be 70k
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heapsy
- Posts: 2967
- Joined: 02 Jun 2007, 23:40
- Gender: Male
- Location: Drinking with Gangsters
Getting a Dirvorce
In that case she gets half of your pension, "ear marked" at date of divorce, or the equivalent in cash from the value of the house. That simple.tom63uk wrote:She doesn't have any assets apart from her half of the house which would be 70k
Last edited by heapsy on 29 Jan 2016, 19:20, edited 1 time in total.
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TrueBlueTerrier
- FORUM ADMINISTRATOR
- Posts: 72677
- Joined: 30 Dec 2006, 10:29
- Gender: Male
- Location: On my couch
Getting a Dirvorce
If its £140k plus pension then I suggest a decent Divorce lawyer or, at least, Independant Financial advice for you both.
If it goes wrong your pension would be vastly reduced and you would be homeless. Whereas she would be in a home she might not be able to afford when you/she retires.
If it goes wrong your pension would be vastly reduced and you would be homeless. Whereas she would be in a home she might not be able to afford when you/she retires.
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Dee Plish
- EX ROYAL MAIL
- Posts: 282
- Joined: 04 Aug 2009, 18:05
- Gender: Male
- Location: Atop many steps
Getting a Dirvorce
Everyone's experience is different, but
About 10 years ago our deal was - she bought me out of the house for an agreed amount that was below market price. Made a separation agreement which said I kept what was my savings (including pension) , she kept all what was hers (including any future inheritances) + car - all made on the basis of a "clean break" settlement, i.e. that was it, end of, no further claims either way. Needed lawyers wording but worth it as it provided a solid, easy, no arguments basis for divorce. If you can get over the upset and deal with the practicalities, you may be able to find a way to keep your RM pension.
About 10 years ago our deal was - she bought me out of the house for an agreed amount that was below market price. Made a separation agreement which said I kept what was my savings (including pension) , she kept all what was hers (including any future inheritances) + car - all made on the basis of a "clean break" settlement, i.e. that was it, end of, no further claims either way. Needed lawyers wording but worth it as it provided a solid, easy, no arguments basis for divorce. If you can get over the upset and deal with the practicalities, you may be able to find a way to keep your RM pension.