I agree with Stealth. This seems to be a reasonable offer.
Items I would obtain confirmation for-
His agreement to pay for your medical, dental, cell, etc. for life. Is that your life or his? He is in his 60's. I would ensure that some money is set aside in trust for payment in the event of his death and/or ensure that he takes out a life insurance policy that will cover the costs. The policy amount should decrease annually as he continues to live. (Sorry, can't figure out a tactful way to word that
) Also, make certain that you agree on which medical plan is going to be put in place. For example, perhaps your preference is an HMO and he selects a high deductible plan instead. Make sure that the policy is in place prior to the divorce and that your divorce agreement states that the specific plan, or one that mirrors the benefits and you agree to, will remain in place.
I would also check on the current value of the home, the current outstanding mortgage, what it would sell for in today's market to ensure that $25k is reasonable.
The $500 a month? Make sure that he obtains a policy to continue to cover you in the event of his death. Again, the policy amount should decrease annually while he remains alive. You may want to put language in the divorce that the amount and terms cannot be modified.
Overall - you will be getting his full annuity, 40% of his pension (I would push for 45%), you can file for social security under his SS# when you are of age, your insurances are covered...In addition, you will get $6k a year in cash, plus a reasonable share of the equity in the house to give yourself a headstart. That sounds reasonable to me.
I don't know if you would receive a better offer in court. You may get more cash, but I think continuing to cover your insurances and cell phone will be thrown out and the amount you provided as the annual cost for those items will not remain fixed and will continue to increase in cost over time. In court, the annuity would most likely be divided equally so you could lose $6,500 there. It's really not such a terrible offer.
Just as an FYI - Expecting a 50% cut of his pay is
completely unrealistic. 30-35% is more likely.