Pensions are often a complex consideration for divorcing spouses, yet they are often overlooked. Not only do they frequently form a large part of a couple’s overall assets, they also represent the reward of many years of hard work. When a party relies on the idea that their pension will fund their retirement, it can be extremely distressing to imagine how their overall financial outlook will change if their pension needs to be shared with their spouse.
We work hard to ensure that the least disruptive and most equitable agreement is reached, taking your overall financial position into consideration. We work with all manner of pensions from defined contribution schemes, to SIPPs, public sector pensions and the Professional Footballers’ Association pension scheme.
The law surrounding pensions is complex and you also need to consider the tax implications of your overall financial planning. We work closely with select accountants, financial advisors and pension actuaries, together with our in-house tax and estate planning colleagues, to ensure that our clients achieve a fair financial settlement on divorce.
Q: How is a pension split on divorce?
A: Pensions are an important part of a family’s overall wealth for consideration following any divorce. There are numerous factors the court must take into account when deciding how to deal with any pension assets whether by way of pension sharing, pension attachment or offsetting.