A recent study by the University of Manchester has revealed that there is a wide disparity in pension wealth between divorced men and women.
The study found that in married couples aged 55-65, men had over three times the pension wealth of women. Research has also shown that following financial settlements upon divorce men are still left with a much higher pension wealth than women.
When it comes to divorce, women are far more likely to prioritise keeping the family home whilst men are more focused on keeping their pension. It was found that men become emotionally attached to their pension assets. This often results in women offsetting their entitlement to a share of any pension asset in order to stay in the family home.
The cost of instructing a pension actuary and the complexity of pensions as an asset is also a factor which reduces the attractiveness of a pension share to women.
Recent statistics from 2019 support this as they indicated that only 12% of financial settlements on divorce include a pension share.
“It is clear that change is needed in this area. Family practitioners must make clients aware of the importance of taking into consideration the possible need for a pension share and the impact this may have upon their future financial circumstances.” Weronika Husejko, Paralegal, Sinclair Law Solicitors.
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