Divorcing? Pension sharing overlooked by 71% of couples!

Research by Manchester University showed that 71% of divorcing couples overlook the option of pension sharing in their divorce financial settlement – this is both shocking and concerning.

Pensions can often be one of the significant assets of a marriage and can provide very significant financial security upon retirement.

The ability to have a percentage of one person’s pension benefits transferred within 4 months of a Final Divorce Order into the name of the other person can address a serious imbalance in the income/standard of living that would otherwise exist when working life comes to an end.

Pensions are so often misunderstood, or simply not understood at all, so are not considered. That can result in an agreement to go separate ways being significantly unfair.

With pension sharing financial independence can still be achieved – there is no need to wait for a former spouse to retire or be concerned about what will happen if they die. Boosting your own pension resources can provide a positive reassurance as to what the future will hold in retirement – both by way of a possible tax free lump sum and a regular income.

If you are separating from your spouse / considering divorce proceedings, do contact Ed Rawlins or any other member of the Wilson Browne Family Team for specialist advice on a financial settlement that includes a full assessment of the suitability of pension sharing.