XH and I are in the process of divorcing. This part has been amicable (we filled in the forms together and didn't involve solicitors) although he needs to send the form back to apply for the decree nisi and am not sure whether he has done or not yet...but anyway onto the financial part....
There is not much money at all - we sold our house before we separated and due to having made a mess of money in the past there are very few assets. When we moved here my mum and dad gave us some money as we needed it to pay up front rent for the house (due to poor credit history) and XH would like some of that (I used it all to pay rent up front when he left). I am happy (ish) to give him some of it.
The other asset is pensions. I have some from a previous employer and he has some from previous employers and is in a final salary pension scheme now. The total of all the pensions is about £50k. Mine is worth about £14,500 and the plan was to transfer some of his (the current one has a larger value than the amount to transfer). Have looked into this and there would be a £750 charge by his pension provider to transfer, nothing by mine to take it in and about £800 charge by a solicitor to do the legal work needed.I had assumed that XH would pay half but as usual he has "no money". I have some savings but due to freelance work I am always a little concerned to use them. So in total I would be looking at paying about £2,500 (£1,000 payment to XH). I have about £11,000 savings at the moment although in the next few months will be working to bring in about another £6,000. And pay my tax bill etc.
Having looked at predicted pension amounts on my £14,500 I would be looking at getting between about £750 and £1,000 a year so with an extra £10,000 in the pot looking at it simplistically it might be an extra £500 a year or so, from when I'm 65 (am currently 38). I realise I need to think about pensions and getting older but am starting to wonder whether getting some of his pension now is actually worth it.
What does anyone else think? Am wary of mentioning it to XH until I have it straight in my mind, although may talk to my mum and dad about it as well.
All thoughts welcome :)
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Divorce/separation
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11 replies
MirandaWest · 04/11/2013 14:36
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