Reader question:
My husband and I have recently separated, I will be 66 in August and don't reach state pension until May. He is 63 in March.
I have very little savings at present, though we have equity in our home. He tells me I am not entitled to any of his private pension which is in the region of over 200k. He tells me no court in the land would allow that to happen!!! I have cashed in mine which was only 24k to pay the o/s mortgage. He is still employed earning around £3000 per month. I took early retirement from NHS in 2011 at his request to be 'a lady of leisure' and now find I am short of
full pension as I haven't contributed for past few years.
It is a 2nd marriage for both of us, we have been together since 2008, though he has had his pension since 1970s and had not contributed to it during our marriage. Would you be able to advise me if I would be entitled to a percentage of his pension if we divorce?
Answer:
When you and your husband look at your finances in relation to your separation or divorce everything will need to be disclosed and considered. This will include the home, savings, pensions and any other assets as well as the income you each receive and will receive in retirement.
Once you have a clear picture of what the assets are, consideration can be given to how these should be shared in a way that is fair to both of you. Sometimes fairness means an equal division of the assets but not always. Any agreement should be one which a Court would find fair, and in determining the outcome of financial claims on divorce a Court takes in to account a number of factors including: -
- The income, earning capacity, property and other financial resources of each party.
- The financial needs, obligations and responsibilities which either party has.
- The standard of living enjoyed prior to the breakdown of the relationship.
- The age of each party and the length of the marriage.
- The contributions each party has made both financial and by looking after the home.
- Any benefits (such as a pension) one party will lose because of the divorce.
You will see that there are a number of factors that are likely to be relevant to your situation and it is important that you take legal advice so that all of the assets and these factors can be properly considered. Although it might be difficult to meet legal fees, the initial advice you receive could be invaluable in helping you achieve the right outcome.
Although your husband might argue that he built up his pension prior to the marriage, overall consideration needs to be given to both fairness and needs and all of the available assets.
Response from
Suzy Hamshaw, Senior Associate in the Family team at Gardner Leader.
