House valued at 250,000
Less mortgage at 94,540
Less sale costs 7,500
Current equity 147,960
Total jt capital assets:178,543
Him 40% 71,417
Me 60% 107,126
Pensions (excl state):
His present total 152,566
My present total 103,666
He proposes giving me one of his pensions (23,945)
His new total will be 128,621
My new total will be 127,611
More or less 50/50
He is currently declaring 782.52/wk gross income
x52 40,691 pa
He does not declare expenses or on call payments or car allow' etc
My present income is 10,275 pa before tax, ins, pension
9.5hrs/37.5 wte @ 40,558
Family home transferred to me
For his 40% he needs: 71,417
So he gets endowment of 30,583
Charge back of 40,834 on property
(that as %age of fmh [250k] is 16.3%)
Charge back on foll triggers:
- 31/10/2026 (date mortgage ends, also youngest child 19+2m)
- my remarriage
- my death
- my cohab for 12 consecutive mths
- my voluntarily repaying charge
I undertake to try to release him from mort as soon as
he indemnified in relation to maort payments
He pays 'global periodical payments of £872pcm' until
- further order to court
Global pp's reduce as each child become non-qualifying. therefore he must produce payslips and p60 on request
H will undertake that if her overall income increases (obv if her earnings inc her benefits may reduce) she will inform P so that they can attempt to renegotiate the level of the spousal element of the periodical payments. This is the bit that prompted me to write in.
I get pension share of 23,945 (making pensions approx 50/50)
Plus the usual legal jargon in there.
***** In writing this I'm getting increasingly unhappy that the pension cash equivalent is not being split 60/40. Its been equalised at 50/50.
If I had the 40k (chargeback amount) to buy him out I would. I can get a loan from my dad for 20k but no more.
If I could that pension differential to equate to the remaining 20k then it would be brilliant but i have no idea if pension money = asset money proportionally???
In all of this I have made no claim to his 55,000 inheritance, which he received after our separation. Because I've been told I cant.
But I'm wondering if a judge would help me with the buying out if he knew I'm playing fair in that respect??
We're booked in court on wed for FDR.
Both legal teams really want this resolved before then and just send in the paperwork.
BTW if you are able to advise to the level of info I have provided, I'm more than happy to increase my payment to you, as this is much more detail than I had originally envisaged.
My solicitor is ringing me 9am tomorrow.
Many thanks, Helen
Yes because I have an offer of a job securing an extra 7.5 hours which is net increase of 430 pcm.
Thank you Clare.
My gut feeling is the same.
Oh gosh I do have 2 more questions.
1 - According to English law, are pensions split in the same pot as the capital assets?
Because the more I think about it, I don't understand why our pensions have been leveled at 50/50 but we agreed on a 60/40 split on assets.
2 - And if so, how much is is a CETV worth in terms of assets that are being divided up. Eg if he has a CETV of c150k, how much cash goes in the pot? All of it or a proportion of it?
Thanks so much if you can answer these 2 extra questions.