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Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 35214
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Please may I have some advise on a financial settlement.My

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Please may I have some advise on a financial settlement.
My husband and I have been separated for two years next month and we are now finalising the financial settlement. I received a letter from his solicitor yesterday but just wanted some advise if possible.

The letter reads

Our client has asked us to write to you setting out his financial circumstances and to confirm the proposed matrimonial settlement, so that you can obtain legal advise.
In order to advise you, your solicitor will also need details of your financial circumstances including the present trasfer value of your pension.
The formal matrimonial home has been transfered into your sole name. We understand that it is presently worth £200.000 and is subject to a mortage of £100,000.

The transfter of the property was part settlement reached last year relating to jointly owned assests.

As a result of the various transactions at the time we understand you received a total od approximately £99,000 (made up from the equity from your home plus a sum of 10,000) and retained your car worth approximately £6,000 and personal chattels worth approximately £6,000.

We understand that it is now proposed that you receive a clean break on our clients pay you a further lump sum of £70,000 and subject to this each party would retain the assets in their sole name.

Our clients assests and liabilities are as follows:


Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What doe you wish to know about this?
Customer: replied 4 years ago.

Apologies Clare I run out of space you answered my question back in March and now my husband has given this letter from his solicitor and I just needed some advise
My husbands assets and liabilities are as follows
1. Bank account in sole name
Current account 4,840.00
Savings 44,693.00
2. Bank account held jointly
Current account 601.00
Savings 9,018
Second current account 151.00
Second savings account 464.00
Investments in clients sole name
1x ISA 11,640
1x ISA 11,000
Company share 45,000
Company share options 43,000

Insurance policy no value except on death
My husbands personal chattels:
Car 2,000
Laptop 500
Bed and chest of drawers from our home 700
Husbands pension 828,047.40
Stakeholder pension as at 05/04/13 70,581.00

Separation commenced in May 2012
We also understand that the intention is to divorce following two years separation
With reference to the company shares referred
1 There will be capital Gaines tax liability on the sale of the shares
2 The share options relate to a period of employment prior to the marriage
3. 271 shares were granted in 2012 and the 196 shares in 2013

As the group pension value of the fund at the time on 15 march 2002 when the cohabitation was 100,923 built up over a period from 1987 to date. The scheme has now closed. It has been replaced by the stakeholder pension. Most of the value has built up since the separation.....

My husband presently is living in rented accommodation however I've been informed he has given notice and will be moving into a rented house with his new partner next month.
My husbands salary was 110,340.13 for the tax year sat year gross 70,119.86 his income will be similar next tax year.

My mortgage on the property is 100,149.07
My car loan was paid off from our saving at a cost of 5288
My pension is valued at 34,741.33
I have no savings or ISA's

So my question is do you think that the offer of 70,000.00 is acceptable giving the value of his pension value.

When my husband came and saw me to offer this amount of money he said I had three options.
1 to take the 70,000.00
2. To take 50,000.00 and some pension when he retires
3 no cash just wait for the pension monthly income

However this now not mentioned within this letter

Could you give me your advise on this please

Thank you
Do you have any pension provision?
Customer: replied 4 years ago.

Mt pension is valued at 34,741.33 this is all I have
What is the extent of your financial position?
Customer: replied 4 years ago.

My mortgage is 100,149.07
My salary is 38,000 per annum
I have no credit cards or other loans other than the above
Could you remind me what assets you brought to the relationship?
Customer: replied 4 years ago.

Yes we both put in 60,000 from our previous marriages and we had two houses worth of furniture of some we still have today
Could you just clarify which part of his pension accrued during your marriage?
Customer: replied 4 years ago.

As off 2002 it was valued at 100,923 and now it's valued at 828,047.40
may I ask how old you both are?
Customer: replied 4 years ago.

My husband is will be 57 in cot and I'm 51
What is more important to you - cash now or pension provision?
Customer: replied 4 years ago.

I think cash so as I can pay off my mortgage but just not sure this figure is acceptable
Remind me - have you tried Mediation?
Customer: replied 4 years ago.

He has amassed a substantial pension whilst you were together and if you were opting for a Pension Sharing Order then a straight 50/50 split of the amount accrued during the marriage is reasonable
However there is no set calculation for changing that into cash
On the face of it £70,000 seems on the low side - so negotiating an increase could be worthwhile but much will depend on whether you would be willing to opt for a Pension Sharing Order if no other figure can be agreed
I hope that this is of assistance - please ask if you need further details
Customer: replied 4 years ago.

Thank you Clare
One further question if I went for the pension order what would I need to supply and could my husband ask for some of my pension ?
All you have to do is make full financial disclosure - which you have to do anyway
The Pension sharing order is made after taking account of your pension - it will be used to decide what percentage of his pension needs to be transferred into your name
Customer: replied 4 years ago.

Hi Clare
I've now heard back from my x husband as I put a proposal to him for more money and he has agreed however he said the money can't be paid until we have had the divorce finalised is this correct?
And he said he will apply for the divorce in May after the two year separation and it will take three months so I would not get the money until late August could you confirm if this is correct for me please
Thank you
From his point of view it is safer for him to wait until you have signed the Order within the divorce proceedings before paying you - but he could pay you earlier if you both agreed
Customer: replied 4 years ago.

Thank you Clare, he says I will receive a letter from his solicitor over the next few days outlining the terms, once we have agreed to the money and I've signed the terms that his solicitor is sending could he not pay me? I don't think he would do this however I just want to know legally and what I would need to do if by August he says I don't have the money,
he is moving in with his new partner this weekend with this in mind does his circumstances change?
The issue is one of security - for you both.
If he pays you early he cannot be certain that you will not come back for more.
As a compromise insist that the money is held by his solicitor until then
Clare and other Family Law Specialists are ready to help you
Customer: replied 4 years ago.

Hi Clare
One final question I've received a letter from my husbands Solictor today
Before I reply I just wanted your advise
He has agreed to pay me the money I asked for which reads
It has been agreed that our client will pay you xxx being the amount required to redeem your mortgage as of the date xxx such sum to be accepted by you in full and final settlement of all claims against our client and so that upon pronouncement of the decree absolute in the d'Ivoire proceedings there will be a clean break with neither party able to make a claim against the other party or against their estate on death.
This is the bit I'm a little uncertain about
It will not be possible to obtain an order of the court until after pronouncement of the decree nisi, which we estimate is likely to take place in or about august 14 if the divorce proceedings are commenced this month. So the final sum payable will be paid after the order has been made
After hearing from you we shall draft a concentration order for approval although as we have explained it will not be possible to lodge it with the court until after the pronouncement of the decree nisi.

I believe I need to write to accept this offer in principle so as they can put a consent order for me to sign is this how I'm reading it also if we have had two years separation surly it would not take three months for the papers to be finalised could you clarify this as I've been told after a two year separation it could be quick as 6 weeks?
Thank you for your help on this
The average length of time for a divorce is between five and eight months - and six weeks is only possible if there is a terminal illness involved.
August is a conservative estimate - if everything goes will I would have said July - but they will know their local court and its timing better than I do