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I was to pay $40000 as an NFP Equalization payment. The amount in cash agreed to was $16000, with the remainder coming as a pension division. The pension valuation at the time was $29000, allowing for some tax implication room. The actual settled pension division ended up being $37000 due to an increase in the pension value while this was being settled.
The valuation and payment of the pension was supposed to be dated as of the date of separation, not the final date of the pension division. This effectively creates an overpayment of $8000 in my ex's favour.
I know that if the pension division was $8000 lower in the end, I would surely have to make up the difference.
Advice?
I was to pay $40000 as an NFP Equalization payment. The amount in cash agreed to was $16000, with the remainder coming as a pension division. The pension valuation at the time was $29000, allowing for some tax implication room. The actual settled pension division ended up being $37000 due to an increase in the pension value while this was being settled.
The valuation and payment of the pension was supposed to be dated as of the date of separation, not the final date of the pension division. This effectively creates an overpayment of $8000 in my ex's favour.
I know that if the pension division was $8000 lower in the end, I would surely have to make up the difference.
Advice?
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