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Redundancy pay and finances
#11
(08-22-2017, 10:07 AM)miker_71uk Wrote: Thanks. She has her own pension albeit smaller pot. There has to be a 25K transfer to equalise the pots. She is going for 17K given that I am 10 years older and have less years to accrue. But I am arguing that it should be even less than that and nothing at all. She also has a pension in another country which she has not declared. I am trying to get some evidence of it.

In the Form E, I am intending to put all joint assets we had in the family home, such as sofas, cabinets, rugs etc. Not that I need any of it, but if she is going for my pension as joint assets, then why should I not look after my own interests. Bottom line is she wants to stay in the family home and has the children 58% of the time. I am the one who must go out and buy everything again. I want all these smaller assets to be brought in to calculation.

The problem you have, its its not worked out on new for old, or in insurance terms, betterment.

Using a Fridge as an example, if you paid £100 for it, you might expect it to last for 5 years.
If you seperated after 3 years, your ex is only getting £40 worth of Fridge.
Posts made by me are my opinion and any factual information should be checked out. If you do not have a Solicitor, often your local CAB can get you some initial advice.
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#12
It doesn't matter. Every little helps as they say Smile

Also, do you have any advice on my redundancy pay which is due next march? I am inclined to not mention it on Form E because I think there is a question about change of circumstances.
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#13
(08-23-2017, 12:33 PM)miker_71uk Wrote: It doesn't matter. Every little helps as they say Smile

Also, do you have any advice on my redundancy pay which is due next march? I am inclined to not mention it on Form E because I think there is a question about change of circumstances.

Drew might pick up on this, as from memory there was another case like this.

My view on it is that if its Taxable Income, she will only Benefit in the form of Child Support payments if its a CMS case.

Once its money in the bank, if it is taxable income, check if your taxable income for your case year is going to be up by 25% due to it.
If it it, you need to report the chance, as your payments will go up as a result.

Then, on day 1 of your case year, estimate how much income you will get for that case year. If this results in a drop of 25%, then again, report it, and its recalculated, so you only pay on what your currently getting.

If you end up on a qualifying benefit, such as JSA it might change things. If you come off benefits, still check at that point about the epected drop by 25%.

Note the case year starts on the day its opened, so for example in a case started on 1st September, the case year runs 1/9/17 up to 31/8/18.

If its not taxable income, then the fact remains that you need it to support yourself, as you can not get Means Tested Benefit with over £6000 in the bank.
Posts made by me are my opinion and any factual information should be checked out. If you do not have a Solicitor, often your local CAB can get you some initial advice.
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#14
Your redundancy hasn’t happened yet. It possibly might not happen and you have no figures to work on.

I would have thought that this would make a difference as to whether it is declarable or not on Form E. Form E only deals with knowns not unknowns. It is also something that will happen since separation.

This might be a question you should seek legal advice on ... or see what Drew says first Big Grin
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#15
Briefly

Only the first £30,000 is non taxable.
If you are conservative with it, then it's money you need to survive as part of your severance. As far as child maintenance goes in theory it shouldn't actually show up on your tax return to HMRC even from your employer as its redundancy pay and not classed as gross taxable income. if you are living off it then again, you gotta eat

As far as can she get her claws in it?
well.
Are you married and together now? If so then "possibly"
Your Form E is filled out and you will need to go to an advocate, (solicitor of commissioner for oaths) and swear on the bible the facts are true and he will counter sign....that the facts as presented at that time are binding and true....
At that time

operative word there. At that time
You cannot say you will get this money in April. You never know, the company could go bust tomorrow and you get nothing!
so, you haven't got the money now, today..........at the time you signed the form E........if you catch my drift.
The secondary edge to this, is this. You only need to inform the court of a change in circumstances, after you have completed the form E that could affect its outcome. BEFORE the final hearing...
Ergo, if the FDR is completed and finalised under a court order which is what follows the FDR, it usually states in there that any other claims on your estates are null.....basically if you complete the FDR in time the court order issued, then nothing more can be said. i.e if its all sorted by then, and you won the lottery, she would have no further claims to your estates and chattels.
So if you are getting a wad of cash in April, hope that your FDR is finalised and court ordered by then.
Other wise she can possibly claim against it, but its a long shot as its a technicality that you are married but getting divorced. She could rightly go the spousal maintenance route blah blah, but, again, its costly to keep paying lawyers.

I had a claim against my ex on the Form E of perjury as she didnt declare a 3rd bank account that had over 8 grand in it, and the FDR all but made out she was destitute. The judge saw through that and ignored her pleas, and gave her a little of the house sale and half a pension. the Lying however, I would have had to pursue and claim against her, and I just didn't have the money!


oh and you have my sympathies. the FDR and filling out the form E is a horrible nightmare
Advice & opinions on this forum are offered informally, without any assumption of liability. Use your own judgment. Seek advice of a qualified and insured professional.
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#16
I thought the first £30,000 of any redundancy pay was tax free not taxable.
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#17
(08-23-2017, 07:44 PM)Hazy Wrote: I thought the first £30,000 of any redundancy pay was  tax free not taxable.

Ta...working my butt off lately with 5 am starts...i was knackered when I wrote it...come to think if it I still am...

You are correct 30K is non taxable no matter how its made up, if given in severance under redundancy laws it cant be taxed I corrected my text
Cheers Blush
Advice & opinions on this forum are offered informally, without any assumption of liability. Use your own judgment. Seek advice of a qualified and insured professional.
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#18
Thanks Drew. We separated last July but she has not signed the Decree Absolute.

I am hoping to have an agreement this year or early next. Court date is mid November. She has lots of assets abroad which she will not declare. I will show proof of these once she has filed form E, and not declared these as I suspect.

I also know she is intending to get married to someone in another country. I know his name, I know they are together but I can't prove it. She is waiting for the court proceedings to finish before marrying him.

I can't afford a solicitor and in any case, the equity at stake is not enough to make it worth employing solicitors. I am doing all my negotiating myself gathering information here and there.
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#19
Right. I have just filed form E. I have also been issues with a notice of compulsory redundancy which I had to disclose in the Form. This means I will be out of a job soon and also being paid compensation. Not sure how this will effect things as I am not going to be earning money

Thanks
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#20
I would really appreciate some advice on this issue and how I should present it in court. I will be defending myself as I can't afford a solicitor's advice.
I am due to be made redundant under compulsory terms at the end of March and our first hearing is in mid November. I have disclosed this in Form E but not details of any pay I am due.
She wants to buy out my share of the family home and we couldn't agree how much it should be. There's not much equity in the house, around 50 k.
My concern is that given I will be made redundant and get a lump sum the judge might decide I should get nothing from the house.
I haven't found a job in my own sector as it's really hard and competitive. I wrote in Form E that I intend to retrain and will not be in paid employment after March for a year at least. And this is a fact.
This means I won't be able to pay her child maintenance which she probably relies on if she wants to take the mortgage on to convince the mortgage lender that she can afford it. Most months she earns more than me.
Anyway, how should I approach this at the first hearing? Should I play down the redundancy? I want to make her reach an agreement without going to the judge. Does the judge need to see proof that she can afford the mortgage on her own if she buys my share?
Thanks
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