Divorce - Finances

[user1471677144]

Hi,

I've been married 30 yrs, just about to go down the divorced route..
Kids have left home, hubby earns 4 times, my salary. I've always worked but combined it with looking after the kids and home etc. My career stopped as I was part time his escalated. I returned to study at 45 to try to get a better job but now at 50 it appears I'm not quite the fit for most employers. I currently work part time 24 hrs. Does anyone know what I would be entitled to please

Nobody can answer this. The best person to speak to is a local solicitor with experience, especially as they’ll be up to date with current trends for settlements.

There’s no question that yours will count as a long marriage, so your start point and minimum would usually be 50% of all marital assets - including both your pensions.

With regards to your income - you don’t give any reason why you don’t work full time, so your earning potential would probably be pro-rated up.

There’s no need for Spousal Maintenance for a transition period as you’re already working and have already retrained.

If I were him I would certainly argue against anything more than 50%.
But you need a solicitor - not randoms online! As every situation is different.

So the fact that we both agreed that I would work school hours so that I could pick our children up from school, do all the shopping, cooking, cleaning, ironing, gardening, decorating & DIY whilst renovating a house and studying for a degree then counts for nothing. The fact that I forgave a career early on to do this which also allowed for his to flourish. I went part time last May due to illness, for the last 8 years prior I've been full time and will go back full time when health permits. I haven't retrained, I gained a diploma, and a degree whilst the kids were growing up and recently gained a professional qualification but unfortunately in the industry I'm in it's very male orientated and harder as you get older as they prefer post qualification experience. They like the young qualifed go getters I'm afraid of which I am not at 50 yrs old

As stated, would have to be strong reasons for depart from 50/50 on the assets (including pensions) if that is enough to meet your needs for housing and living. Spousal maintenance does still exist, but tends to be rare, where there are younger kids, and one high earner (£100k+ is sometimes mentioned, but no real rules on that!).
Also depends on negotiation and agreement between the two of you, and he may want to give more than the likely minimum ... or not.

Please don’t shoot the messenger!
Like I said - you need to speak to a solicitor with recent experience of your situation (which shouldn’t be hard as it’s not uncommon!)

Does choosing to work part time count for nothing? Well, in a way - yes. It was a choice you made. One which you may now regret. But remember you had that additional time with your children, which you may think was worth it. I’m a divorced parent, I’ve turned down promotions because I prefer not to be away from my child more - sometimes, it’s worth it. So keep that in mind if you feel bitter.

Sounds like you’re of an age where your mortgage is paid off, and you’re old enough to have perhaps gained heavily from house price increases. Earning 4x your salary, perhaps your husband’s pension is good too. So 50% of these and other marital assets could be very good.

You argue you haven’t retrained, but my point is that a diploma, degree and professional qualification, and 8 years back working full time puts you in a position where I would think you can’t ask for a transitional payment (spousal maintenance) to help you back into the workplace. As you might if you were a SAHM who hadn’t worked in 20 years.

Yes, you supported him to earn more - and you gain from that now, if you take 50% of all assets. Those assets are higher because he is a higher earner.

Speak to a solicitor.

If you have a paid off mortgage/house and no other savings 50% each of the capital would be the starting point in England. That may be enough to buy you a flat each - very hard to speculate on here.

I always tell women never to ive up full time work even with babies (I always worked full time) and my husband got 59% (more than I did as I earned more - we both worked full time alway) but we agreed that, a court did not decide it)

It is better if you and he can reach an agreement rather than having court hearings and using what spare money you both have on court fees etc.

Don't forget your pensions - you and he may have private pensions. In our case we decided both of ours were worth about the same so we did not divide them between us. In your case if your husband has one and you don't you may be able to get a pension sharing order to pay out at age 67 years or whatever his retirement age is so that you split off some of his pension for your benefit when you are that age. Sometimes the pension is the most valuable asset the family has.

Take some legal advice OP. My situation was similar and I got more than 60%. I also got spousal. No one here can tell you definitely.