A recent survey has found that a third of married couples were unaware that they could benefit from a share of their spouse’s pension upon divorce.
A pension is often the second most valuable asset of a marriage, next to equity in the family home and in some cases is the only asset of the marriage. It can therefore be a valuable resource and if not taken into consideration, parents in particular, who have taken career breaks to raise children, may be at risk of selling themselves short when looking at securing a fair share of the assets of their marriage.
Pension sharing orders were introduced back in 1999 and although they have been available to divorcing couples for 2 decades, they are still overlooked by some people. The orderis only effective upon decree absolute and will divide a pension scheme so that each spouse will hold their own pension fund entirely independent of the other.
Almost any pension can be shared, including additional state pensions and pensions in payment.
The family team at Bevirs Law can advise you in relation to your potential entitlement to a share of pension funds and any other assets, following a marriage or civil partnership breakdown, we can refer you to an independent financial advisor who can search the market to find the best place for you to invest your pension credit.
If you require any advice on the above topic please don’t hesitate to contact Michelle Bowyer or any member of the team on 01793 532363.