Even if you are not yet of pensionable age, pensions are an important factor in your future income and what resources are available to you.
If you’re going through a divorce or separation knowing what will happen with your property, finances and other assets is big question. Like other assets you own, pensions will also make up part of the ‘matrimonial pot’ to be shared between both parties should the relationship come to an end.
If you need more information about how the pension is split or how other assets you own could be impacted, contact our specialist family law solicitors by filling out the contact form on the right hand side or give us a call on the number below.
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Just like your home and other belongings, your pension is an asset that form part of the ‘matrimonial pot’ when you get divorced or dissolve your civil partnership. Pensions can often add up to huge sums of money, and ensuring that this is protected is a vitally important part of the divorce process.
Arrangements for pensions during a divorce can be a highly complex area and having legal guidance can help make sure you get the outcome you’re after. Our specialist solicitors can provide you with low cost expert advice on all things to do with your divorce.
Our experienced family law team frequently help support people with questions around:
- NHS pensions
- Police pensions
- Armed forces pensions
- Teachers pensions
When agreeing the on what actions to take with the pension(s) in your marriage there are several ways in which they can be split.
There are three arrangements that can be made to protect your pension should you decide to divorce.
- ‘Splitting’ the pension – this is also known as sharing the pension. This is the most common option where the pension(s) of both parties are divided into an agreed proportion, or into the proportion set by the court.
- ‘Attachment’ of the pension – Also known as ‘earmarking the pension’; this is a court ordered action where a percentage of your pension is given to your ex-spouse when the pension is receivable – either as a lump sum or a monthly payment. This is now less common due to Clean Break Orders. Re-marriage or death will end the attachment.
- Offsetting – Offsetting is used in the total division of assets. For example, one party may get to keep the marital home whilst the other keeps their entire pension. In these cases, the pension is used to offset the value of assets received in the divorce.
If there is a pension sharing order, we can put you in touch with people who can advise you on the most appropriate way to invest your pension share and assist with all your financial arrangements.
Contact us and speak to an experienced member of our Family Law team on 033 33 582 588.
For information about Legal Aid services, visit our Legal Aid page.