Accessing My Pension

I'm in the middle of a divorce.

Solicitors are waiting for our financial disclosures.

I'm hoping to split the proceeds from the house 50/50. If I had a bigger pension that my wife, it would affect this 50/50 split in her favour?

I'm at an age where I can access my pension. What's to stop me from taking a lump sum and spending it and/or paying off debts?

If my pension was worth £100k and hers nothing, does that mean she'd get half my pension or £50K more from the sale of the house?

I realise I'm probably over-simplifying things.

>>I'm at an age where I can access my pension. What's to stop me from taking a lump sum and spending it and/or paying off debts?

Well, if your wife became aware of your plans she could stop you implementing them by injunction. Assuming you were successful in doing it behind her back and spending the money then a court would be likely to say, 'You have had £100K. You may have spent it but we are going to count that towards your share of the matrimonial assets'.

>>If my pension was worth £100k and hers nothing, does that mean she'd get half my pension or £50K more from the sale of the house?

If the matrimonial assets were six pears and six apples a court would not normally give six pears to one spouse and six apples to the other. They would give three of each to each. It is the same with equity in a property and pensions. They are different classes of asset. It would normally not be sensible to give all of one to one spouse and all of the other to the other spouse.

> If the matrimonial assets were six pears and six
> apples a court would not normally give six pears
> to one spouse and six apples to the other. They
> would give three of each to each. It is the same
> with equity in a property and pensions. They are
> different classes of asset. It would normally not
> be sensible to give all of one to one spouse and
> all of the other to the other spouse.

That's a great explanation thank you.

> a court would
> be likely to say, 'You have had £100K. You may
> have spent it but we are going to count that
> towards your share of the matrimonial assets'.

I'm wondering if the same would apply to other assets? If she sold her car and went on a world cruise for instance?

Also, if she ran up debts on a credit card (after the break up) would the debt be taken into consideration as a marital debt?

>>I'm wondering if the same would apply to other assets? If she sold her car and went on a world cruise for instance?

Your average family car would probably not fund a world cruise but, yes, the same principle would apply not least because such a course of action would be very difficult to justify.

>>Also, if she ran up debts on a credit card (after the break up) would the debt be taken into consideration as a marital debt?

That depends on the reason for the debt. If it was on a world cruise then the debt would be down to her. On the other hand if it was down to buying essentials for the family as a result of lack of financial support from you then such debt would probably be treated as matrimonial debt.