Recent survey has found that fewer than 1 in 5 women who have undergone UK divorce included pensions as part of their divorce. For many couples settling the marital finances is the most complex part of the divorce process and perhaps the argument and delay associated with the financial settlement often leads to pensions being forgotten. Nevertheless, it is concerning that so many people are unaware of the relevance of pension assets to divorce proceedings.
The marital home and pension funds are almost always the two most valuable assets in a marriage. Specialist family lawyers will know the importance of including pension assets in the marital pot which is why it is essential that you instruct an expert lawyer for your divorce. Pensions can be very complex and as a result an expert financial advisor may be required to help you as well.
You are not automatically entitled to a chunk of an ex-partner’s pension. However, pension assets are deemed to be martial assets and therefore in order to provide a proper representation of the financial assets involved in a marriage, pension assets should be disclosed.
Dividing your pension does not necessarily mean that you will receive your share in a single payout (although this may be the case if both parties are retired). Instead, methods such as offsetting, where the value of your pension entitlement is made up in other areas e.g. a greater share of the proceeds from the sale of the marital home, will be used to redistribute pension assets. Generally speaking, your share of an ex-partner’s pension will simply be reinvested in your own pension plan.
The Scottish Widows Women and Pensions Report has found that 10% of women over the age of 50 is relies entirely upon their partner’s pension fund for income. Furthermore, there are nearly twice as many women aged 50+ without a pension as men. Most women claimed that they did not consider pensions before marrying their partner and in many cases did not know about their partner’s pension assets or indeed their claim to a share in the event of divorce.
In order to avoid missing out on pension assets which you are entitled to, you must seek legal advice and remember the role that pensions play.
Call today to find out more about how pensions could affect your divorce settlement
Our team of specialist divorce lawyers have the experience needed to deal with complicated pension assets as part of your financial settlement.
For expert advice on pension assets and any other issues relating to your financial settlement, email a member of our team at advice@the–divorce-solicitors.co.uk OR call us today on the following numbers for FREE specialist advice
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