Pensions are often some of the most significant assets built up during a marriage. They are an important consideration when negotiating any financial settlement during the course of divorce proceedings.
When divorce happens later in life, after a long marriage, pensions can be particularly significant. Considerable pension assets have often accrued over the course of the marriage.
Pensions are a complex area but our family team will be able to advise you fully on the implications of divorce upon your pension. If necessary we will instruct a specialist expert in the field of pensions to carry out a detailed report. This will include calculations relating to how pensions should be treated and divided.
In many cases one divorcee has a pension of considerably greater value than the other. This could be for many reasons. For example, one party may have spent much of their adult life taking care of the children, whilst the other has had the opportunity to work. Both types of contribution to the marriage are equally valuable. The party that has not had the opportunity to build up a pension will be entitled to a claim on their spouse’s pension.
As your case develops, our family team will discuss the likely outcomes with you. Pension can be dealt with in different ways, namely:
The most commonly used remedies are Pension Sharing Orders and Offsetting.
Pension sharing involves transferring a percentage of the larger pension or pensions to the spouse with the smaller or no pension. A completely separate pension is created for that spouse, which they are entitled to do with as they wish, within the rules of the particular pension scheme.
Pension offsetting involves giving a larger percentage of another asset, for example, the sale proceeds of a property, to the spouse with the less significant pension assets to reflect their interest in the pension or pensions of their spouse. The spouse with the greater pension assets then keeps them in their entirety.
Our family team will make sure that, whether your pension is significant or not, you obtain the best possible outcome.
If you are looking for a family law solicitor in Plymouth, Plympton, Plymstock and the surrounding area, choose the Plymouth family law solicitors, Gard & Co. Solicitors.