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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Original poster

Financial Settlement

39 replies

EGL111 · 03/03/2021 15:22

Hello, can anyone help me!
Part way through a divorce and my solicitor is a bit useless.
We were married for 17 years - Nisi through but still trying to sort out financial settlement.
We have two children (12 & 15), I have moved out of the marital home into rental accommodation and we have a 50/50 childcare split at his insistence.

My ex is not paying any form of maintenance due to this.
He earns 100k p/annum, I earn 21k per annum (both work full time, I worked part time until a few years ago in order to bring the children up as he has a global role) We have 340k in assets (equity in the marital home which is valued at £400,000 and an investment property we rent out valued at £100,000).
The Rics valuation on the marital home is now 5 months old therefore out of date, property prices have jumped up in our area in excess of 5% recently.
He is proposing to buy me out of both properties and give me £215,000 with no form of ongoing spousal maintenance. I have asked for £250,000 with no spousal maintenance - we are at a stale mate, I do not want to enter mediation with him for reasons I won't go into so it looks as though court is our next step?

The main questions are - is court advisable?? and would it help me to get an up to date Rics valuation on the marital home?

Many thanks!

OP posts:
StephenBelafonte · 03/03/2021 15:28

Absolutely go straight to court. The judge will give you a fair settlement. Your ex won't. You've nothing to lose really.

littleproblems · 03/03/2021 15:34

You need to have attempted mediation first before going onto court. If he is abusive then you can bypass it but the steps still need to be taken and presented to the court

Original poster
EGL111 · 03/03/2021 15:56

We have both had the initial separate mediation meeting, the mediator, once she knew the history, also didn't think it would work and is happy to refer to court

OP posts:
Tinkity · 03/03/2021 16:02

What about pensions OP?

Original poster
EGL111 · 03/03/2021 16:14

I don't have one, he has three very good ones, he has offered me one of those which I am fine with

OP posts:
wobytide · 03/03/2021 18:50

So it's a toss up about how much of the £35k you are willing to risk in court if that's what you are aiming for or letting the courts decide a fair split which may go against both of you.

What has a solicitor said in terms of their suggested splits?

Tankflybosswalkjam · 03/03/2021 18:53

How much are the pensions? What are you supposed to live on, having sacrificed your career to support him?

Tankflybosswalkjam · 03/03/2021 18:55

Hang on, you’ve asked for half of the value of the equity, and nothing else? Why?

RosieGuacamosie · 03/03/2021 18:56

How much are the pensions? That will play a factor.

Assuming there’s not a massive discrepancy between the one you’re getting and what he’s left with then I think he’s being very fair offering you 215k (leaving 125k for himself) when the kids are 50/50.

Movinghouse2015 · 03/03/2021 18:57

Have you had the pensions valued? Please make sure that you do. Pensions need to be considered in the split of assets. My guess would be they are worth more than he is telling you.

Tankflybosswalkjam · 03/03/2021 18:58

What sort of pension are they? Final Salary? You need a professional validation.

oldfatandtired1 · 03/03/2021 19:05

If your solicitor is useless find a better one. This proposal, on the face of it, is very unfair to you. Our incomes were similar to yours - I was awarded 90% of FMH and a pension share which gave us equality of income in retirement in return for no SM. Kids were grown, youngest had just gone to Uni.

Original poster
EGL111 · 03/03/2021 19:10

He has one at £50,000, another at £95,000 the his current one is final salary pension so I obviously don’t know what this will be yet, he has offered me the £95,000 pension - I am fine with this, my main concern now is getting a house for my children which is at least a bit comparable to the one I’ve left him living in. I also have no car as that was all in his name

OP posts:
Original poster
EGL111 · 03/03/2021 19:16

She says the reason I should go for more of the equity is because of the discrepancy in our earnings and that I won’t ask for spousal maintenance, there will also be no child maintenance of the 50/50 childcare spilt continues (although both children are gravitating to me as I knew they would).

She suggested I asked for interim maintenance when I moved out, his solicitor told me I could apply for universal credit, which I have done now

OP posts:
Movinghouse2015 · 03/03/2021 19:47

There is a way to work out the value of the final salary pensions. They are worth a lot. My ex had one and my pension share from it was very good

oldfatandtired1 · 03/03/2021 19:58

Agree re the final salary pensions. My ex had 3, they were worth MUCH more than the CETV. You’ve had a long marriage, divorce should leave you both on an equal footing going forward. Please don’t sell yourself short.

Twillow · 03/03/2021 20:01

Your proposal is more likely to be given at court from my experience. All the pensions should also be valued properly and included in the settlement.

Twillow · 03/03/2021 20:05

The judge will likely point out to both of you that divorce necessarily means neither can expect to live in the same financial and housing situation as you were accustomed to. But your exH also needs to get his head around supporting the children equally also means neither of you should be worse of, at a starting point, than the other, however 'unfair' to him this seems.

blue25 · 03/03/2021 20:09

Don’t just settle for the 95k pension. His final salary pension could be worth hundreds of thousands. There’s a reason he’s offering you the whole of the 95k one!

Tankflybosswalkjam · 03/03/2021 22:53

There is no way that those pension figures are right, if he has been paying in for years and has always had a reasonable salary.

Not a chance.

Original poster
EGL111 · 04/03/2021 09:05

Thank you so much to all of you for taking the time to give some advice to a stranger, I will definitely take all of this advice on board.

OP posts:
HosannainExcelSheets · 04/03/2021 13:42

You definitely need a pension sharing order. You get an actuary to do a report for that. His final salary pension could be worth way more than the CTEV he will produce at first. I would definitely insist on a pension sharing report.

You should get far more equity than him, and capitalized spousal maintenance.

LesLavandes · 04/03/2021 14:45

Please don't accept his offer.

Palaver1 · 17/04/2021 17:35

I hope you have found a better lawyer

Thats key

Soontobe60 · 17/04/2021 17:39

@EGL111

I don't have one, he has three very good ones, he has offered me one of those which I am fine with
Make sure all his pensions are taken into account and the financial value of them is correctly assessed. Don’t just go off his say so!