The house has just been valued at 525-535k with an outstanding mortgage of £185k. We bought our current house in 2002 for £295k. We have been living together since 1987. We married in 1990 and have two children who both currently live at home. Their ages are 21 and 18. The youngest is sitting A-levels next month and has secured an apprenticeship which commences in the autumn and the eldest is in full time employment.
My mother is still alive and has her full mental capacity.
Yes, Mum is prepared to state in writing that she requires the return of the money to her estate on her death.
My salary is £48k and my ex's salary is £30.6k.
I have three money purchase pensions which are currently worth in the region of £250k and a final salary scheme to which I contributed between 1985 and 1989 and my leaving salary was about £12k (I don't have CEVT for this pension yet).
My ex has £16k in a money purchase pension and has been contributing to a final salary scheme for the past 7 years (and continues to pay into this scheme). I don't know the CEVT.
She has requested a 60:40 split of our total assets (including house equity and pensions).
If we realsise £340k in net proceeds from the sale of the house and for the sake of argument lets say that the CEVT of both mine and my ex's pension funds amounts to £350k (a complete quess that the final salary schemes may be in the region of £40k each) and say the realisable value of cars and shares etc is £10k.
Our combined assets would then be £700k. Me ex would be expecting £420k (60% of £700k) which would include say £55k of her own pensions.
I'm not sure (based on the example numbers above) whether she would be expecting to have the entire proceeds from the house and a payment from me to make up the difference since my pension pots are reasonably large. I'm sure this is what she would prefer but I don't know how these splits are normally awarded.