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Divorce & Pensions Solicitors
Pensions can be complicated to understand but they are often a key asset for many people, and so it is important to understand how your pension will be affected during the divorce process. Pensions need to be considered even if you are a long way off retirement. Our divorce and pensions solicitors can provide you with effective legal advice on how best to safeguard your assets as well as informing you of how they are likely to be treated by the Family Courts.
Often, one of the two parties will have a larger pension and the other may have either no pension or a far smaller pension. This could be for various reasons, such as one person assuming the role of primary caregiver for any children whilst the other remains in paid employment.
Sometimes it will be advisable to obtain a Pension Report from an Actuary. We can discuss with you the advantages and options available.
It is important to consider these aspects to understand the best way to divide the pensions between the two parties in the event of a separation.
For tailored advice and support related to divorce and pensions you can contact our expert divorce and pensions solicitors. Nicola Harvey nharvey@watkinssolicitors.co.uk and Beverley Watkins bw@watkinssolicitors.co.uk who will be happy to assist.
Alternatively, you can use our contact form to request a call back, and a member of our team will be in touch shortly.
Our divorce and pension solicitors understand that going through a divorce can be stressful and overwhelming, and considering how to deal with pensions can be difficult and confusing. Our experts at Watkins will be able to guide you through the options to enable you to make the right informed decision.
Our solicitors will provide appropriate advice tailored to your needs to ensure the optimum outcome for you and your family.
During the divorce process, there are typically three ways of sharing a pension as part of a financial settlement.
The most common is a Pension Sharing Orderthat which provides for a portion of the pension to be transferred to the other party either into an existing pension fund or one specifically set up for this purpose.
Sometimes referred to as ‘pensions earmarking’ this method earmarks a set amount of the pension pot which will then be paid out to the other party when the individual reaches retirement age. However, this is considered riskier than other methods as there is a risk that should the individual die before reaching retirement age, the receiving party will not benefit. .
Pension offsetting provides for both parties retain their own pension funds, however t the spouse with inferior pension provision will be compensated by receiving a larger share of another joint matrimonial asset.
The general objective of the court during a divorce is to split all matrimonial assets fairly, often using a nominal 50/50 split as a starting point. However, this does not mean that your spouse is automatically entitled to 50% of your pension.
A financial settlement on divorce may provide for one party to retain their entire pension or it may provide for a pension to be shared. Pensions are important matrimonial assets and should be considered carefully when negotiating a financial settlement.
It is recommended to seek advice from an experienced divorce and pensions solicitor about how best to achieve a legally binding financial settlement approved by the Family Court.
Pension contributions accrued during the course of a marriage are considered to be joint matrimonial assets available for division on divorce. The pension provider will be asked to provide a valuation for each pension policy. When a pension is particularly valuable it is advisable to obtain a Pension Report from an Actuary which will provide a more specific valuation and advice as to how best to split the pension fund in the most cost-effective manner.
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For tailored advice and support related to divorce and pensions you can contact our expert divorce and pensions solicitors Nicola Harvey nharvey@watkinssolicitors.co.uk or Beverley Watkins bw@watkinssolicitors.co.uk
Alternatively, you can use our contact form to request a call back, and a member of our team will be in touch shortly.