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Corona issue

Posted by Scared 
Corona issue
March 26, 2020 10:36AM
Having almost reached a settlement, the Covid 19 hit. The issue lies in my husbands pension which is 166k but has probably dropped but not sure by how much %. Also his company share buyback scheme has been pushed back into the business. He was getting 60K pa. He was offering me 16,800pa of this. NO idea how he came to that figure and continued to not give me the reason as to how he got to this figure.
I am struggling to know whether to push for financial disclosure or just settle for less. If it went to court, any idea how much this would cost me? Also, any idea if the court would look at what could have been, as it will be again, just not for a while, and take this into account.
It is not a happy time.
Re: Corona issue
March 26, 2020 02:03PM
If shares are worth £100K pre corona and they are worth £50K post corona and at the time the settlement is made then they are worth £50K. The value of things like pensions and shares goes up and down. Indeed, come to that so does the value of property. The relevant value is always what something is worth at the time the settlement is made or the court makes its decision. What it may or may not be worth in the future is no more than speculation. This is why assets such as houses and pensions are typically divided by way of percentages rather than by way of fixed sums. In that way both spouses share any risks to value equally.
Re: Corona issue
March 27, 2020 10:32AM
Thanks for this. If an agreement was made - such as over the next 6 years 60K to be given to my husband from the business, depending on its success. Obviously, right now, its not going to pay out this year end. However, the company may do well over the next several years. Would a court say I could have half of whatever the payout is for that 6 year period, or are they likely to say have a larger % of the house for example?
Hard to know whether to push for financial disclose and issue proceedings or just ask for form E or A. Have to make a decision, but dont want to run up loads of costs.
Re: Corona issue
March 27, 2020 06:18PM
There is not going to be any agreement on these terms - at least not if your husband has any sense and he is properly advised. No-one is going to advise your husband that he should agree to pay out to you a percentage of something he may or may not receive from his employer in the next six years. Quite apart from the fact that it is almost certainly too uncertain to put into a court order no-one would want their ex spouse to be made a stakeholder in their future like this.

You do need to ensure that you know your husband's true financial position before you make a decision. However, no-one can know the future. There is only so much anyone can know about that and court orders are made about things as they are rather than about things as they may be at some point in the future.
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