Ongoing financial support beyond retirement

Holly acted for a Wife in financial proceedings following a long marriage. The couple had already agreed the sale and division of the family home, and an actuary’s report had been obtained containing guidance on how to equalise their pension incomes.

Both were near to retirement age, and the outstanding issues were what ongoing financial support the Husband, who had a high income, should pay to the Wife, and how their pensions should be divided. The Husband was keen to cease financial support when the Wife drew her pension, and offered to pay an initial monthly amount, followed by a step-down until then. He also sought an s.28(1A) bar to prevent any further applications by her for future support.

Holly’s client sought substantive payments per month until the Husband retired, and to keep her options for future applications open.

Holly successfully represented her client though lengthy negotiations, which resulted in agreement to a pension share that gave the Wife 50% of the Husband’s main pension, and for him to make periodical payments that maintained her income at her preferred amount per month until his retirement. Thereafter he agreed to make nominal payments until a specified date, with no future s.28(1A) bar.