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Michael Hannigan
Michael Hannigan, Internet Researcher
Category: General
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Experience:  Extensive experience in research and problem solving.
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Hi, I am a police officer. My husband is a police officer.

Customer Question

Hi,

I am a police officer. My husband is a police officer. We have been married for 8 years and have 1 child of 5 years. I have served for 10 years and stopped paying into my pension 6 months ago on advice of my husband to save money per month. He has served 19 years and still pays into his. We own a house that is valued at 210k with 160k mortgage, 40k help to buy loan and 10k loan from my parents.

My husband now tells me he wants a divorce. He is willing to sign the house over to me should I get approved for a mortgage and is letting me have all of the furniture. There are no other assets apart from pensions.

Is it worth me pursuing his pension or should I just call it quits and get out?
Submitted: 3 years ago.
Category: General
Expert:  Michael Hannigan replied 3 years ago.
Hello. I can assist you with your question.

It sounds to me like there is 0 equity in the home, correct?
160k+40k+10K = 210k = value of the home.

You have nothing to gain by gatting the home with zero equity.

However, you have been together for 8 years and assuming that you both make about the same, there is nothing to gain with (I know his will be somewhat greater because of his time) what is vested in each pension. So it seems to be a wash.

I am not an attorney, and I would suggest you consult with one. However, on the surface, it doesn't appear that either of you have anything to gain or loose with the house or with the pensions. Just consider carefully if you can afford the house before taking on the responsibility. That is the only potential pitfall I see in all of this (financially... of course - I'm don't mean to discount the most important part of this - your 5 year old child).

Mike

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