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It has been well documented that the new ‘no-fault’ divorce legislation has been implemented to try and achieve a less acrimonious separation between parties getting a divorce. It has been suggested that this in turn may lead to an increase in the divorce rates. Although divorce and pensions are treated as separate entities by the matrimonial courts, instigating divorce proceedings can lead to financial problems if parties do not understand the implications a divorce can have on your pension.
According to an article published by The Guardian, one in six divorced people said they did not realise their pension could be affected by splitting up.
Over a third said they made no claim on their former partner’s pension. However, a survey of 1000 people, carried out for Aviva, found that 8% of divorcees did not have their own pension savings and had been relying on their partner to finance their retirement.
It was found that as a result of divorce, 10% say they will be, or are, significantly worse off in retirement.
When considering divorce and the financial implications, it is important to seek advice to ensure that the settlement reached provides for stability both now and in the future. Pensions are often the most valuable asset a married couple holds. It is not uncommon for one party to have a significant pension provision and the other to have little or none. When considering the needs of the parties, it is therefore vital that this is considered upon a settlement.
Pensions are complex and therefore in addition to seeking family law advice, it is also often advisable for couples to contact an independent financial advisor or an actuarial expert to ensure they are effectively planning for the future.
If you require any legal advice or assistance about divorce and the implications on your pension, separation or any other family law matter, please do not hesitate to take advantage of a free half hour consultation with one of our specialist family lawyers here at Sinclair Law Solicitors. Call 01625 526 222 or complete the form to request a call back.
Article by Amelia Fernley – Trainee Solicitor – Sinclair Law