Many divorce solicitors could be guilty of professional negligence according to divorce pensions consultancy Divorce Lifeline. They estimate negligent solicitors may have mishandled up to 750,000 of divorce financial settlements since December 2000 – and that as many as 50% of such settlements could be involved.
Why? It’s all to do with pension valuations. Along with the former matrimonial home, pensions are often the most valuable part of a couple’s assets that need to be divided up on divorce – and pensions can be highly complex financial assets. Divorce Lifeline claim that many divorce lawyers have simply undervalued a pension – without taking the specialist advice from an experienced IFA or actuary.
Given the value of some pensions, the professional negligence claim for compensation could be substantial. The good news for anybody who believes that a pension may have been undervalued by their divorce solicitor, is that any claim will not need to be make made against their ex-spouse – but just against their solicitor for professional negligence.
Getting the wrong pension valuation – was your divorce solicitor negligent?
Certainly, our experience shows that there is a lot of truth in Lifeline’s claims about many solicitors failing to properly value pensions. Our divorce team have often told me that they are amazed how often others solicitors fail to obtain accurate pension valuations. The situation is made even more complex in military divorce – which is a considerable part of our divorce team’s workload – because there are two different types of pension involved, and just relying on the valuation of the pension from the Army’s own unit at Kentigern House could seriously undervalue or overvalue the asset – depending on the type of pension involved.
Victim of a negligent divorce solicitor? Contact our Professional Negligence Claim specialists
Here at Bonallack and Bishop, we don’t just have a specialist divorce team. Professional negligence is a particular specialist area of law – and few solicitors deal with it regularly – our specialist professional negligence team do, and we are members of the Professional Negligence Lawyers Association.
If you’re considering a divorce, you can rest assured that our solicitors are well aware of the need for proper valuation of pensions. Equally if you have been divorced and think you may have a claim – contact our specialist professional negligence solicitors on 01722 422300 for FREE initial advice. Our professional negligence team also run appropriate claims against negligence solicitors on a no win no fee basis.
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