Statistics show that when many couples divorce one set of assets which is not taken into consideration is the pension fund.
When a marriage has been a long one and one spouse, usually the wife, has spent a large part of the marriage looking after a home and children, there will be a large disparity in the pension expectations of the couple.
While one spouse, usually the husband, will probably have an unbroken career record and may have built up a considerable pension fund, the wife may well not have accrued much pension entitlement at all. So, when a marriage ends in divorce, the homemaker could find their income prospects in later years are likely to fall dramatically short of what they had expected.
When deciding a financial settlement on divorce a family court can determine a number of ways that pension funds can be utilised to ensure fairness after a divorce.
During a financial claim the court may decide that a pension can be:
At the time of divorce, both spouses will need to know what their pensions are worth and the release of this information comes under rules of full and frank disclosure. Although no-one can obtain details of a pension valuation without the holder’s consent, a court will expect to be provided with details of pension funds, particularly if the pension is likely to be a substantial asset upon retirement.
In many cases, a Pension Sharing order will be seen as the most appropriate treatment of pension assets as it offers the greatest scope for a ‘clean break’ settlement.
Each financial settlement on divorce is unique and carries its own complexities. The family lawyers at George Ide have many years’ experience in bringing and defending complex financial claims on divorce.
George Ide family law solicitors are dependable, committed to clients and, above all, always on your side. We work throughout West Sussex and the South of England and are prepared to go that extra mile to ensure that divorce financial settlement proceedings go ahead with the minimum of stress and inconvenience for our clients.
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