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Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 35215
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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I have a few, as yet, hypothetical questions, I will be 72

Customer Question

Hi I have a few, as yet, hypothetical questions, I will be 72 on 26/12/16 and my wife will be 67 on 10/3/17, we have been married for 36 years, but the relationship is not as congenial as in the first 20 years.
As I am concerned that could within months file for a divorce, I would like to know my position on the following matters :-
1) When I "retired" I bought an annuity with about 80% of my pension fund, if we divorce will she be entitled to 50% of that ?
2) When I liquidated the 80% I switched the remaining 20%, about 200,000, into a SIPP run by Hargreaves Lansdown, this
is in effect part of my original occupational pension scheme, but will my wife be entitled to 50% thereof ?
3) We have a joint bank account with Santander, I have another with them in my sole name, their is also a joint account with Natwest,(this was originally mine from age 17 and my wife has a sole account with them going back to the early 70's.
Our main asset is the family house worth circa 800,000, we also have 2 cars and I have non-SIPP stocks worth about 50,000. I am still working part -time as an Insurance Consultant for a Company that I formed in 2013.
All the joint accounts were arranged following an altercation between us because she discovered that I was occasionally having lunch with my first wife, despite the fact that this did not involve any sexual activity.
Apologies for the complexity and length of my above narrative, but if you need further information, please ask.
Kind regards, ***** *****
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is ***** ***** I shall do my best to help you

Given the length of the marriage the starting point for division of ALL the assets is 50/50 including the assets you mention and the assets held in sole names

Please ask if you need further details

Customer: replied 1 year ago.
Dear Clare,
Thanks for your answer, unfortunately it is exactly as I feared insofar as any settlement will totally ignore which party generated to the current assets and even the fact that Employers Pension Contributions were part and parcel of the relevant persons overall remuneration package I would now like to ask another question, after a divorce and assuming there are no children in full time education, does any income made by the respective parties accrue only to them ? I ask this in the light of the fact that I believe that, in addition to the basic 50/50 asset split, usually the wife will receive an alimony payment. If this is so, is this payable until the husband ceases working, if yes, is this not an incentive for him to immediately stop and, if possible switch to work in the "black economy" which is also likely to reduce tax paid to the Treasury !
Expert:  Clare replied 1 year ago.

In fact whether or not Spouse Maintenance is payable depends on the Income and Reasonable needs of the parties