How to protect your pension in a divorce
March 2022
For most people, sorting out their finances can be one of the most challenging elements of a divorce. However, by not taking the right steps to protect your finances and pensions, you could be put at a financial disadvantage.
Our team of Divorce Solicitors will help you to understand your rights and the options when protecting your finances so that you can move forward with your life the best possible way.
Initial Discussion
For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134 or email us at enquiries@fullersfamilylaw.com and a member of our team will get back to you.
Is my former spouse entitled to my pension?
The general rule is that any assets that you or your spouse have during your marriage should be shared equally upon divorce.
This included any assets such as property and cars, businesses, savings and pensions.
Your former spouse will potentially be able to claim for a share of any workplace or private pensions you may have. They could also claim for any additional state pension allowance, but not the state pension itself.
What options do I have?
The matter of resolving pensions within a divorce can be extremely complex and can produce a lot of uncertainty for both partners. There is a lot to consider, which is why we provide expert advice and negotiation skills in order to reach a fair conclusion for both parties.
Some of the options for handling divorce and pensions include:
- Financial Settlement Orders
- Pension Offsetting
- Pension Sharing Orders
- Pension Attachment Orders
Financial Settlements
Without a Financial Settlement Order, your former spouse may be able to make a financial claim against you in the future against your assets regardless of how long ago you divorced. That is why our team will always recommend that you obtain a Financial Settlement Order at the same time as your divorce.
Pension Sharing Orders
A Pension Sharing Order defines how pensions will be divided in a divorce. They specify the percentage of any pensions to be transferred to the non pension holding spouse.
For a pension share to be implemented by the pension company it must be confirmed in a court approved Order. However, this is not always as stressful as it sounds. Often both parties are encouraged to work together to come to an amicable agreement which the court will then be asked to approve.
Our Divorce Lawyers can provide legal advice and assistance relating to your separation and finances and we will offer advice on the range of options available.
How can Fullers help?
For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134 or email us at enquiries@fullersfamilylaw.com and a member of our team will get back to you.
