Written by Advicenow
Pensions on Divorce - what should you do? (short film)
Pensions on Divorce - what should you do? (short film)
Many couples leave their pensions out when they decide how to divide their money and property as part of a divorce – and this can be a huge mistake. Sometimes people feel that because the pension is only in the name of the person who built it up, to share it would be ‘unfair’. But it is more often unfair not to share it. Watch this short film to see why you need to include your pensions when you divide money and property as part of a divorce, and what steps you should take. Below the film you can see our top five tips on what on what to do about pensions when you get divorced.
Pensions on divorce - a helpful film
Pensions on divorce - a helpful film
Pensions on divorce - our top five tips!
If you are facing the end of your marriage or civil partnership it is really important to take into account pensions when working out your finances.
We know that divorce is one of the most stressful, confusing and painful times people go through. Adding pensions into the mix can be daunting, but not dealing with pensions can be a huge mistake.It doesn’t matter whether you are trying to negotiate between yourselves, taking part in mediation, or preparing for court - you need to understand pensions and how important they are in the bigger picture of sorting out your divorce.
These are our five top tips when it comes to pensions on divorce. You can read our more detailed guide for step-by-step help when you are ready.
- Think carefully about how you will live when you can no longer work – it might seem like it is too far away just now, but it is crucial to factor this in when you divorce.
- Pensions can only be held in one person’s name but when it comes to divorce any and all pensions need to be taken account of and can be shared if you or your ex’s financial needs mean that this is the only way to get a fair outcome.
- The person who makes a claim against their ex’s pension is not doing anything wrong – it is their legal right to ask the court to consider the pensions in the case when it comes to a financial settlement on divorce.
- Valuing pensions can be very tricky. Pensions can be worth more than the family home. You might need help to understand the values of the pensions in your case.
- If you are thinking about agreeing with your ex that one of you keeps the family home and the other keeps their pension make sure you read our longer guide so that you can better understand what you are agreeing to and get expert help if you can possibly afford to.
May 2024
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