Cash instead of pension

[Maybe3ornot]

I’ve popped this on money matters thread also as only just come across this so sorry if read twice. I’m needing and advice. Or people’s experience. My soon to be ex husband owes me £47k in pension, does anyone have an idea on a reasonable cash equivalent instead of transferring pension. Thanks

Personally, i'd be holding out for £47k in cash. £47k is worth £47k, whether its in a pension, ISA, savings account.

If you want cash now instead of pension later, it's really up to you how low you're prepared to go. How old are you?

I am 39 and he is 42. I am arguing for the house in full and there is £29k was hoping to say instead of taking £47k pension I will accept his £29k in house?

I'd also want the equivalent, so £47k.

Ah I see - in your case I would accept less if it meant it secured a roof over me and the kids head. Yes, I'd be happy with that outcome. You've got 30 more years to build up a pension

I'd negotiate the house equity. You'd have to wait 30 years for his pension

Thanks all. I don’t want to be unreasonable just wanted it sorted and so your advice is greatly appreciated.

House equity is more valuable at 39, I would say, if you were older with grown up children, pension. Assuming you are working, and can generate income & pension, rather than a SAHM reliant on husbands pension.

@Roselilly36 yeah with a 13 year old, 11 year old and one due in April, keeping the house is my priority so there’s stability in children’s life.

So he’d get no equity from the house?

Sorry I read your posts wrong.

In my divorce, pensions were seen as less than "ready money" or assets as they are not accessible. I didn't get a share but offset roughly 80% of their value for the equity in the house.

Without the house equity from him- could you afford another house in the area? Short term it does seem a better idea to have a house- but that is on the assumption that you can earn a decent pension by retirement age- and your post says you are currently pregnant. When would you plan to go back into full time work after the birth? If you don't plan on working for a while, and can't therefore make a pension for
Yourself, I'd downgrade the house. The number of women in their 50's and 60's becoming homeless due to no pension is bloody scary and not talked about enough.

Thanks. I’m planning on taking 9months off then straight back to work. Hopefully going full time over the next few years so my pension should increase over the next 25years. I really need the house, my children want to stay in the family home (the suffer with change and are anxious) and the house meets all our needs. I don’t think I am being that unreasonable when you look at the figures. I am even willing to shoulder the debt if it means I can have the house so £47k in pension I would be willing to accept £10k in debt, £5k early repayment charge and so £14k for pension. It just is now frustrating me that I have been so amicable the past year, making sure children keep contact with him and now he’s telling the children that
A)he’s doing everything he can for us to stay in the house
B) that he supporting us
When he’s withdrawn all support accept CM, which he’s not paying minimum and he’s forcing the sale of the house and car so we have no home and no car to take them to school. We live 4miles away from the kids school so walking isn’t an option and he knows by withdrawing support during the divorce I won’t afford to live.

What does your solicitor say about the trade off?

I’m sorry your ex is going back on his word in regards to the divorce and forcing the sale of the house. However, this may be good opportunity to move closer to the children’s school as 4 Miles is pretty far away. In addition, with him only sending the legal minimum of CMS, you might want to consider not taking 9mos off, but going back to work after 12 weeks bare minimum recovery time.

I am talking to my solicitor tomorrow so hopefully will know a bit more. We haven’t even started proper mediation yet because of covid. For some reason he’s trying to avoid it? Whether it’s because he wants to rush things through or he has savings/living situation I don’t know about and he doesn’t want to declare I don’t know. I may go back to work sooner than 9months, will see how far I can stretch the little I have. The children have been so much, not going into detail but cheating, lying and not with a woman! They are both going through counselling and the thought of moving out of their home upsets them.

I hope the solicitor was able to give you some helpful,advice. What a time you and your children are going through. Sending a hand hold your way

OP, this is one of a number of posts where you have asked for advice based on partial information. This might get you the answer you want to hear but not the one that is realistic.

As advised on other posts you situation is complicated because you are in a new cohabiting relationship. This makes a real difference to the outcome of the settlement and to your financial situation.

You need to get proper legal advice and that is only worthwhile if you disclose the full situation.

You're trade off is quite standard, I'd go for it.