Married but how to protect myself in the future financially

[AmIimaginging]

Married 15 years, together 17. One 15 yr old DC. We own a house (no mortgage) and have about £700K in savings, including private pension. I have always worked almost full time and earned but less than my DH - and I have literally run the home/childcare. He has managed to pay magnificently into his company (own company) pension pot. I haven't.

He's incredibly fair and has even asked our financial advisor if there is a way we can split his pension with me, but apparently not.

So, I want to know if there's anything I should be doing now to protect myself financially if we ever separate, especially after son turns 18. it's not on the cards but I'm a realist and I've watched several friends get shafted. I don't want to be having to work a ton of jobs in old age while he pays handsomely into a big pension pot.

What advice would you give? He's completely open to doing whatever

Can you start paying into a private pension in your own name? Start to even the pensions up?

I do pay into a pension and I get dividends from his company, too - but it's not equal

I asked the same question, but the other way around, for my husband.

FA joked that the only way to split the pension was to get divorced and then remarried, so solicitor is looking into that now.

Apparently as part of the divorce a judge can create a court order for the pensions to be divided and then the pensions companies have to transfer the funds.

DH and I very much want to stay together though, so would remarry (also to give the further legal protection that would provide).

No idea whether any of this is feasible or practical yet.

Like you we have very unequal pensions. Savings are pretty evenly split. We have started paying much more into my sipp from his company (I am employee and director too)

There's nothing to stop you paying into a private pension now at a higher rate, there isn't matching of course but that's the plan here as it's advantageous from a financial standpoint

Wow, that's extreme!

I'm really sorry but I don't understand this

Can you afford to put a matching amount into a private pension?

What about a legal letter to state that half the pensions should be transferred to me from him, including future contributions, should we separate?

No, not anywhere close

If you got divorced you'd get half of everything though wouldn't you ?
Also you have large savings so couldn't some of that be used to even up your pensions?

If you divorce everything goes into the pot. His pension, your pension, savings house equity. Given the length of your marriage/relationship you would likely get at least50% anyway.

How about you getting the house? I see some divorces here where women took the house rather than a share of the pension. Could you get the house changed to being 75% yours or similar?

If you did split then as others have said, the value of your house, savings and pensions would be classed as marital assets and split fairly

He could pay into a pension in your name, still claim the tax benefit via accountant. It's one way around hitting the lifetime allowance personal pension pot limit.

Or divorce as previously suggested to split the pot into two names.

You could also do a nuptial agreement, which wouldn't be binding but would be influential if you ever were to divorce.

I would focus on increasing the pensions/investments/savings in your name, unless that is very tax ineffficient. When you draw pensions down you want to be making most use of each person's tax allowances anyway so a more even split has advantages for a couple.

The lifetime allowance was abolished by Jeremy Hunt. Labour did say they would bring it back but I think they backtracked prior to the election.

https://www.bbc.co.uk/news/articles/cd11n2krmm4o

Alternatively he could appoint you a director of the company as a way of funnelling money to you via salary, pension, expenses, dividend, director's loans. Depends what will happen to the company when he wants to retire (sale or close?).