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About to get screwed over - divorce and pensions advice, anyone?

Discussion in 'off topic' started by lAmBoY, Jan 11, 2017.

  1. lAmBoY

    lAmBoY pfm Member

    Im hoping other PFM members have some useful advice for me. The (current) wife and myself are about to divorce, all amicable etc, we have agreed on a 50 50 split. I have typically earned 5 to 10% more than MrsL but I am good with 50 50, however....The missus has a final salary pension as she is a head teacher, I only have work based pensions. MrsL doesnt want to include pensions as it is 'complicated', I think I know the real reason.

    I have trawled the net for advise on comparing work pensions to final salary wrt divorce and I am drawing a blank. We have been together since we both started work and now in our mid 40's.

    Any advice to potentially stop a PFMer getting screwed over?

    Its a long shot I know but thanks anyways:)
     
  2. dweezil

    dweezil pfm Member

    Look at current annuity rates and you'll see what her pension is worth and why the economy is never going to recover it's former glory.
    Most of these public sector final salary pensions are at the sort of level the private sector couldn't even dream of. They will often be funding retirees for forty years now.
     
  3. AudioAl

    AudioAl pfm Member

    Get Legal advice
     
  4. Yomanze

    Yomanze pfm Member

    Indeed. It is amazing how quickly an amicable breakup can get messy. Not saying it will, but leave the real advice to the professionals.

    One example of how it might though, imagine if your wife read this thread topic. ;)
     
  5. lAmBoY

    lAmBoY pfm Member

    thanks fellas, I think MrsL assumes her pension pot isnt part of any divorce finances, I beg to differ. Just hope we dont end up in court.
     
  6. Yomanze

    Yomanze pfm Member

    You are right, pensions do factor in.
     
  7. andrewhockley

    andrewhockley pfm Member

    If you leave the pensions out, then you are ignoring what are probably some of your biggest assets, so how could you know whether it is a 50/50 split? Get the pensions valued and take advice.
     
  8. narabdela

    narabdela who?

    From a lawyer, not an audio forum.
     
  9. neilm

    neilm pfm Member

    I always thought 20x but in a recent conversation with BIL, he said some funds now value at 40x. So a final salary of £5k pa, could be the equivalent of £100k to £200k.

    But the sensible advice is to go to a lawyer
     
  10. lAmBoY

    lAmBoY pfm Member

    of course, but a group of middle aged audiophiles on this forum is likely to have 'life experience' in this area, so a good first port of call (and the advice is much appreciated)
     
  11. Derek Wright

    Derek Wright pfm Member

    A friend was in a similar situation, however he had a pension and his ex wife took half of the pension payments for the rest of her life.
     
  12. david ellwood

    david ellwood Kirabosi Kognoscente

    Keep things friendly. Take the hit on her pension.
    Get things sorted as quickly and cheaply as possible.

    Getting her pension involved could hand all your assets to the legal profession.
     
  13. Ginger

    Ginger pfm Member

    You don't have to go to a solicitor. The clue's in the title: they try to solicit an outcome (the best for their client.)The moment either of you goes to one, the other will do the same and the bills get huge. The courts will expect you to have tried to use a mediation service regardless of whether solicitors are involved. You'd be well advised to seek the relevant mediation service yourselves. If you can't find agreement that way then at least you can demonstrate to a court that youve tried. Dont forget that solicitors don't make or enforce law - the courts do that. Solicitors may well try some negotiation in the hope that they'll achieve a favourable outcome outside of the courts but generally they'll just take you through the divorce process because you wouldn't be with a solicitor if you could agree... You can do it yourself if you're so minded.
     
  14. andrew d

    andrew d pfm Member

    ^ As a lawyer ( no I don't do divorce ) I suppose I'd have to disagree anyway but IMO it's worth getting some professional advice on the parameters of a settlement and how to pitch negotiation. Of course neither sensible party wants to go to court and I hope that money invested now will lead to a fair outcome for you.
     
  15. Still

    Still gyldengourd

    If you are splitting all assets 50/50 that has to include pensionable rights.
    But I think you've already perceived something is amiss with your wife's proposal.
    imo a good solicitor is well worth their fee - especially when dealing with a slippery 'party'.
     
  16. jtrade

    jtrade pfm Member

    What Ginger wrote.
     
  17. Rana

    Rana pfm Member

    OP - I've just had a "transfer out" valuation of 35x of my final salary pension last week. That is, if I left my company and froze my contributions today, what I would receive at age 60 (excluding any inflation) multiplied by 35 times is what I can transfer out if I also wanted to leave my company's DB pension scheme. At that rate, it's by far the biggest asset I have.
     
  18. Bob McC

    Bob McC Living the life of Riley

    Take pro advice

    But I'd expect you to get half her pension and she half of yours.
     
  19. winchman

    winchman pfm Member

    Sounds fair
    From what others tell me once you involve the legal profession you just end up splitting it 3 ways.
     
  20. sean99

    sean99 pfm Member

    I think that depends on whether you simply get legal advice, or whether you hire solicitors and go to war. I suspect the trick is to get good legal advice without ending up at war - probably have to tread very lightly.
     

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