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Another Military Pension Share Scenario (2 Posts)
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01 February, 2017 04:33PM
Another Military Pension Share Scenario
Logical_Sky - 01 February, 2017 04:33PM
Good Afternoon,

In June last year I discovered that my Wife (age 37) had been having an affair with her boss. We are still married, unofficially separated as we live apart and recently passed 15 years of marriage (since 2001). We have 2 children of primary school age. Since I moved out of our shared (rented house) into my rented house, we have shared responsibility for the children 50/50. We do own a house but we have never lived in it, which is being sold with an agreement to split the equity 50/50. All other costs, including child care and shared loans remain 50/50. In September I left the Military after 22 years (age 41) and received a full commutated lump sum (50K) and immediate pension (8.5K pa).
I have also started a new job (45k PA) and started a new pension scheme with my new company. My wife also served in the military and served 7 years before leaving in 2004 so has a preserved pension that will pay out at age 55. She is in full time employment and has an income greater than my income (55k PA), having just been promoted into her bosses job (coincidence?). This job also has a good pension plan that so far she has accrued 5 years of contributions, she could also have a share plan but is reluctant to tell me. This year we are likely to start divorce proceedings and she is interested in obtaining part of the lump sum and a percentage of my pension (PSO). I explained that she wouldn't be paid a monthly pension (as I do) until she is at least 55. She doesn't want to wait and would prefer a lump some as a form of clean break.
The third party in this (her Boss) is also married and now separated. Although his circumstances are similar being ex military and a home owner, there is a considerable difference in scale. He owns 2 houses (estranged wife and children in one), the other is rented out. His military pension is at least 3 times more than my own and his current wage is greater than what my wife earns.
In conclusion, it is likely that they will eventually marry and will be financially secure. My potential for securing a mortgage to buy a house for my children's stability depends upon the lump sum staying intact. After reading through many other posts on here, I know that giving her any amount without the legal 'rubber stamp' would be a mistake. Should I just go to Court and let them sort this out once all the financial cards are on the table?

Thanks for any advice that you may be able to provide

Re: Another Military Pension Share Scenario
davidterry - 01 February, 2017 06:02PM
>>Should I just go to Court and let them sort this out once all the financial cards are on the table?

Probably, yes. There are two reasons for that. First, you need proper disclosure of your wife's financial circumstances (including any share plan she may have). Second, it is quite likely that it will need an actuary's report to work out how, if at all, pensions can fairly be divided. Issuing a court application will deal with both of these issues.

Having said that, you should not make the mistake of thinking everything needs to be decided by a judge (which is expensive). Once you have obtained financial disclosure and an actuary's report there is nothing stopping you both trying to teach agreement and it is worth trying at that point because agreements save money.
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