I would not agree with the mediator on this.
You have the CEV for the pension and the hypothetical annuity cost which shows how valuable it is.
Your private pension is likely only worth the CEV value. It may probably be converted to cash at 55.
My view would be this: your housing needs are met with similar properties. (your strict need is a 1-2 bed property so you could downsize).
His income in many times more than your so it is perfectly reasonable for him to take on a large mortgage.
He has access to inheritance that he appears to have disposed of to frustrate any claim. Whilst technically this could be excluded from the pot, the fact that he has recourse to it is relevant. If you sold a previous property to buy the
FMH that cannot be ignored.
What is the proposal for meeting your income needs? Why is your income so low? Could you do anything to increase it? Has spousal maintenance been discussed? I think there may be a case for this at least until 55 when you could take pensions early or cash yours in and use a lump sum to clear the mortgage.
The amount you are getting in cash is not enough to
offset your entitlement to a
pension share.
Even if you offset 50% of the equity against pensions and include yours into the mix (which would seem fair if his inheritance is considered), my back of a fag packet calculation suggests you should have at least a 35%-40% share of his fund.
My suggestion would be
100% of fmh to you. He stays on mortgage, you pay it off with lump sum from pension. In 3 years or downsize.
He keeps his house and inheritance.
You keep your pension.
Pension share of 40% of his pension in your favour.
Spousal maintenance of a sum sufficient to meet your income needs (and cover mortgage payments) to at least 55 (when you could access the pension).
Having said this, without full
financial disclosure on his part it is very hard to see how you could reach a
fair settlement. The fact he appears to be able to offer to clear the mortgage with a lump sum suggests he has access to funds.
I would suggest you consider legal advice. We offer cost effective fixed price services that may be useful. Give the helpline a call.
Hadenoughnow
