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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2296
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I would like a divorce after 33 years of marriage I am Md of

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I would like a divorce after 33 years of marriage I am Md of a ltd company husband is secretary company worth about 7/8 hundred thousand mortgage left on business about 60,000 Have an apartment worth £225,000 in joint names mortgage left about 35,000
Husband has a pension worth 4/5 hundred thousand
How will I stand as I don't have personal pension ?
Jane
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. Please confirm if you have any children together? Is the apartment in joint or sole names, and is it the matrimonial home? What other assets or liabilities do you both have?
Customer: replied 1 year ago.
I have one child but 27 yrs old, apartment in joint names . No we do not live there my daughter does which is not a problem
Customer: replied 1 year ago.
What do you mean by assets and liability ?
Expert:  Harris replied 1 year ago.
As in what other properties, savings, investments, pensions, debts etc
Customer: replied 1 year ago.
Mortgage on busines about 60,000 . Mortgage on apartment , 30,000 my husband has shares in his name about 25,000 and he has a pension of 400,000 current savings about 20,000
No debts
Expert:  Harris replied 1 year ago.
Thank you. What is the value of the business, and what are the intentions of you both continuing to be associated to it upon divorce? The court will take into account all the assets that you both have. The starting point will be a 50-50 split of all assets, which will include the pension. The following criteria is taken into account when deciding how to depart from an equal split and whether any settlement you agree to is fair:The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would, in the opinion of the Court, be reasonable to expect a party to the marriage to take steps to acquire;The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;The standard of living enjoyed by the family before the breakdown of the marriage;The age of each party to the marriage and the duration of the marriage;Any physical or mental disability of either of the parties to the marriage;The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;The conduct of each of the parties, if that conduct is such that it would, in the opinion of the Court, be inequitable to disregard it;In the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring (e.g. a right to your husband’s pensions).Please provide a positive rating if you found this information helpful. I will not be credited with answering this question without a positive rating. Thank you
Customer: replied 1 year ago.
The value of the busines is 7/800,000 the busines would have to be sold because my husband said that the busines was our pension as I don't have a private pension he has his own private pension and is to retire at 60 in a few months I will be 60 at the end of the year
Customer: replied 1 year ago.
Answer in as plain English as you can please. Thank you
Expert:  Harris replied 1 year ago.
Thank you. As you do not have a pension, and he has one that is worth £4-500,000, you are entitled to apply for a pension sharing order. If this is approved or granted by the court, then whatever share you have agreed upon or has been ordered by the court will be transferred to a separate pension fund for yourself - therefore the business itself does not have to be sold if the only reason is to provide a pension for you.
Customer: replied 1 year ago.
We could lease the busines but to be honest I want a clean break I just needed to know in a nut shell weather I will come out of this with something or nothing as something is better than nothing I would ideally like to walk away with the apartment and a little extra to be able to live I won't be greedy how much does it cost these days (roughly). To get a divorce
Expert:  Harris replied 1 year ago.
Thanks - you will definitely be entitled to a fair settlement. The court will either make a decision or approve an order that is fair for both of you, taking into account the criteria detailed above. In relation to costs, this is difficult to say as it will be based on how willing he is to amicably settle the matter. If you can agree on a settlement directly between you, or through a mediator it will cost approximately £2-5000 for each of you. This will include the divorce proceedings and a solicitor preparing a court order for approval, as well as the relevant court fees. If he does not agree to negotiate or if the matter goes to court, costs will be in the region of at least £5,000 and the upward scale is difficult to say as it will depend on how contested it is and what seniority of representation you employ. For your information, a financial relief matter going to a contested final hearing will have costs of at least £20-30,000 for each of you. Initially I would suggest that you refer your matter to an independent mediator who will assist you both to reach an amicable agreement. You can find local mediators here: http://www.familymediationcouncil.org.uk/ Please provide a positive rating if you found this information helpful. I will not be credited with answering this question without a positive rating. Thank you
Harris, Law Specialist
Category: Law
Satisfied Customers: 2296
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
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