The Hidden Gem in the Matrimonial Pot
Remember that big pot of assets you’re dividing? Pensions are often the most valuable asset and sometimes even more important than the family home. Ignoring them could leave you vulnerable in the future.
It’s not just about current needs.
It’s understandable that in the whirlwind of stress of your divorce you may focus on your present income, capital and housing needs to provide certainty and you’re your current needs. However, overlooking your future financial needs and security on retirement will create avoidable future financial challenges.
Sharing is Fair
Just because one spouse built the pension doesn’t mean the other shouldn’t reap the benefits. During a marriage, both spouses contribute, be it financially or through homemaking and childcare. A fair settlement should acknowledge that shared effort and ensure both parties have a secure future. Pension sharing should be considered as part of your settlement irrespective of which party built up the pension.
Future-Proofing Your Finances
Relying solely on your current income and pension pot can leave you in a precarious position. Securing a share of your ex’s pension provides much-needed stability in later life. If you don’t give the issue proper consideration now, you are likely to suffer financial security in your old age and regret your decision.
Knowledge is Power (and Money)
Don’t be intimidated by complex pension jargon. At Just Family Law we have specialisms in dealing with pensions on divorce and can help you to obtain disclosure of the pension information that is needed and then help you understand the true value of those pensions and how to negotiate a fair settlement to include your pension claims.
Pension Sharing Advice
For advice on making claims on pensions and your right to a pension sharing order please contact Just Family Law on 01962 217640 or email joannehouston@just-family-law.com.
Disclaimer: This blog post is for informational purposes only and should not be construed as legal advice. Please consult with a qualified family law solicitor for specific advice related to your situation.
