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Divorce/separation

Buying out wife

10 replies

Viking64 · 30/07/2017 09:21

Hello everyone.my wife and I have seperated. I would like to know if I can't afford to buy her out could she take my pension in which case I would only have to find half the equity amount needed to pay her what she's entitled too.thanks

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NotSuchASmugMarriedNow1 · 30/07/2017 10:57

You're entitled to 50% of the assets it's just a case of how you decide to split it how much equity is in the house and how much is your pension worth

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Viking64 · 30/07/2017 12:48

120k each my pension is 80k so remortgage. Want to explore every option before losing my home that's all

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millymollymoomoo · 30/07/2017 16:10

You're not entitled to 50% of the assets. you are entitled to a fair share. That may be more or less than 50% depending on a whole bunch of factors.
Whether or not you can buy your wife out of the property will depend on if you have children and where they will reside, what assets there are, and what earnings potentials you both have, along of course with affordability.

All assets including pensions will be in the marital pot. Pensions can, and often are, traded for capital in houses or offset against any claims for spousal maintenance.

You need to see a solicitor to discuss all realistic options

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Viking64 · 30/07/2017 16:20

We have one grown up son my wife's pension is worth slightly more than mine and we earn roughly the same so compared to some I guess our situation is more straightforward

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babybarrister · 31/07/2017 15:17

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Viking64 · 31/07/2017 19:04

Where can I find that please

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babybarrister · 31/07/2017 21:07

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babybarrister · 31/07/2017 21:08

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GingersMammy · 06/08/2017 09:52

Because you are married, you could sign over some of your pension to her as part of the divorce settlement. However, depending on the rules of the pension fund, she may not be able to get her hands on it until she is a certain age e.g. 55 and then any cash drawdown might be taxable.

I guess it would be a case of whether she would agree to a 'strings attached' settlement.

Pension funds are a way of raising cash if you are the right age, you'd have to see a financial advisor

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Viking64 · 06/08/2017 11:26

Thats what I'm thinking we are both approaching 55 so the timing is about right.whether she would be willing is another thing