We find that many couples overlook pensions when they’re getting divorced despite being one of or even the main asset available on divorce. To do so is a huge risk and you are gambling with your financial future.
When divorcing couples talk about splitting their assets they’re usually referring to the family home. Admittedly this will be a big part of the settlement but there could be a lot more up for grabs if you know where to look.
The pension reforms which came in in April 2016 enabling pensioners to cash in their pensions can have a significant impact on couples who opt to divorce later in life.
When you are preparing for divorce the things you do in the first few weeks can have quite an impact on the financial outcome. That’s why it’s important to take advice before you make any decisions that could affect your long term position.
There are three different ways to deal with pensions on divorce – pension attachment orders, pension sharing orders and offsetting. It’s important to choose the right option for your circumstances or you may lose out financially.
Same sex couples who marry will now enjoy the same pension benefits on death as heterosexual married couples following a landmark ruling at the Supreme Court this month which resulted in immediate changes to the law.