Hi I've been separated for almost 2 years, have 3 DCs (3,5,7), split due to his drinking. Left the marital home, set up with the DCs 65miles away, as closer to my family. Now have good job, and trying to finalise things.
I was on the brink of signing the separation agreement when I noticed a clause stating I was to assign our joint term assurance over to ex. I didn't understand this so I took advice from an IFA.
The IFA was shocked that we're not including pensions in the equation, and stated that due to my ex earning more than me for the duration of our marriage the potential financial difference was substantial.
At present we haven't included savings or investments ( again I know my exes were more than mine), the only thing we are doing is splitting the equity on the house, and my ex is taking on the mortgage. We agreed on a settlement if £80000, and monthly maintainance of £1000.
I wanted an easy solution, and now I'm reconsidering. From what the IFA says the difference in pensions could be £100000, and I should get half of this.
He worked it out as we're both on an nhs pension, ex earning £100000, me earning £50000 for our marriage.
My ex is canny with money and I would estimate his savings as £150000. Mine are about a quarter of this.
Have I sold myself short? Should my solicitor have advised me to pursue this more aggressively?
Difficult to say without more information. How long was the marriage? Also, the £80,000 settlement, what % of the 'matrimonial pot' is that? All savings and investments should be taken into account.
Did you not have full financial disclosure? If not, then any separation agreement isn't worth the paper it is written on. Also, if you've been separated for almost 2 years, why are you doing a SA now? Why not divorce on the basis of 2 years separation (and consent) and get a final order on the finances? I think you need proper advice from an experienced family lawyer
Thanks MOSagain, We were married for 8 years at separation. The £80000, is half the equity in the house. I wanted a straightforward division, that's why I didn't initially pursue a full financial disclosure, but its dragged on, and now I feel I was maybe poorly advised by my solicitor who has done all the communication with my ex on my behalf.
Anyway. I'm seeking a second opinion from a different solicitor this week, hopefully.
No matter what you want and how little fuss you want to make, you MUST have full financial disclosure. Without it, no lawyer can advise you on what is a fair and reasonable settlement. I think it would be a good idea for you to seek a second opinion.
It would seem that you are not doing so well out of this as he is.However you have to weigh up (as I have recently just done) whether you are willing to go through the years of stress and cost to get what you deserve. I have also just divorced due to his alcoholism and after a year have decided to settle for what I can get while he is sober enough to sign a piece of paper IYKWIM!!