separation agreements

Divorce and Pensions

Pensions can be overlooked when attempting to reach an amicable financial settlement with your ex-partner. As attention focuses on the family home, savings and arrangements for children, pensions can be underestimated or ignored altogether. Failing to recognise the importance of pensions during divorce proceedings can lead to unfair settlements and financial difficulties later in life.

Why Are Pensions Overlooked in Divorce?

It can be difficult to prioritise pensions when your pensionable age is years away. Your focus may be on prioritising staying in the family home or splitting savings, but this can be a serious mistake. A pension built up over decades may ultimately provide a substantial income in retirement and could be one of your largest marital assets. Pensions can also be difficult to understand. Many people are unsure how much their own pension is worth, or the details and value of their ex-partner’s pension. This can ultimately lead to pensions being ignored and left out of negotiations.

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divorce agreements

What You Need to Know

You need to understand the true value of each pension. The cash equivalent value (CETV) shown on a pension statement does not always reflect the pension’s true value.

Pension valuation matters. Obtaining an accurate pension valuation ensures that financial settlements are fair.

Pensions can be divided in several ways: Pensions Sharing Orders, Pension Offsetting and Pension Attachment Orders. Which option gives you the greatest financial security?

It can be helpful to seek advice from a financial advisor to help you understand the long-term implications of pension statements and retirement planning after divorce.

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Mediation

How our specialist family solicitors can help you

Our specialist family team will invite you to an initial consultation to discuss your financial situation. They will request financial information to ensure all pension assets are identified, accurate valuations are obtained, settlement proposals are properly assessed and your long-term financial future is protected. Our team will guide you through the financial aspects of divorce, including pension arrangements, to help you achieve a fair and informed settlement.

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For your first initial consultation, please contact us on 0161 429 7251 or email [email protected] to arrange a fixed fee first appointment. The meeting will last up to 1 hour in our Stockport office at a cost of just £120 + VAT, after which we will provide you with a comprehensive written report of our discussion along with our professional advice.

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