PENSION SHARING ON DIVORCE by Helen Lucking
Partner and head of family, Napthens
The number of pension sharing orders made by the court has decreased since the introduction of DIY Divorce and with the advent of the no-fault divorce law this year, things could get worse.
It is relatively straightforward to apply for a divorce online but it is extremely important to take legal advice about financial aspects of the marriage on divorce.
A divorce dissolves the marriage but if you own property, have savings or a pension, you also need to sort out financial issues.
If not, each party is open to a claim from their ex-spouse in future.
Pensions are an asset
Many people don’t know the value of their pensions – but often pensions are a large asset, sometimes the largest, within marriage.
A common mistake is to say each party retains their own pensions, without investigating the value of those pensions.
A pension sharing order means an amount from one party’s pension is transferred into a separate pot for the other party.
If there is a dispute as to the amount to be shared/how to divide, advice is often obtained from an actuary.
Reaching agreement
Once agreement on finances is reached, a financial order must be approved by the court before division of assets becomes legally enforceable.
A pension sharing order cannot be implemented unless it is part of the financial order following divorce.
Remember: Even if getting divorced online you still need to consider how financial assets from the marriage are to be divided and ensure pensions are considered as part of the overall financial settlement.
Always take legal advice from a specialist family solicitor.
FINANCIAL PLANNING WILL BE CRUCIAL by Daniel Frampton
Independent financial adviser, Acumen Financial Partnership
As the dust settles after a divorce, it can be difficult to know what the next steps are.
Building a strong foundation following a tumultuous period in your life is imperative to getting the most out of your future.
A financial planner will help you review your financial situation, set objectives and construct a robust and holistic financial plan – ensuring that you are in the best possible position to move forward.
Having someone in your corner is crucial. Someone who will take the time to listen, help you define your goals and really understand your position.
Making sure you get everything set up correctly right from the word gives you a head start in the next stage of your life.
A good financial plan is:
1. Cashflow planning and cash management services: Assisting with the here and now.
2. Pension and investment planning: Reviewing provisions for your future.
3. Financial protection: Protecting you and your family.
4. Estate planning: Looking at the whole picture.
No two scenarios are the same, and financial planners are equipped to deal with your specific needs on a bespoke basis – ensuring that you get a tailored service that works for you.
The financial world is complicated enough and a good financial planner will help you break down the jargon and translate it into clear and plain English.
This will give you a complete understanding of your financial picture, allowing you to move forward with clarity and purpose.
With the right people in your corner you can rest assured that your financial plan will be reliable and robust, allowing you to focus on building your future for you and your family.
For independent financial advice,
speak to Acumen Financial Partnership Ltd on 0151 520 4353 or email
info@acumenfinancial.co.uk
Find us on:
Acumen Financial Partnership Ltd, Unit 4A, Swordfish Business Park, Higgins Lane, Burscough, L40 8JW Pilling address: Summerdale, Head Dyke Lane, Pilling, Preston, Lancashire, PR3 6SJ
H7200 - Napthens LBV advert - Private Client 3
people.indd 1 08/04/2021 10:03
napthens.co.uk
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FAMILY LAW
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