How can I help you during your Divorce?
Understanding the finances and certainly pension options around a divorce can be unchartered waters for many.
Pensions are the second largest asset in divorce and the law now requires the pensions to form part of the financial arrangements. But what are your options?
It’s not always plain sailing : it may be very hard to look at the long term when your immediate concerns are the home, the children and maintenance but looking after your long term finances are just as important.
For over 20 years I have specialised in many forms of retirement planning : pension sharing, final salary transfers and modelling a retirement income. I am also a Chartered Financial Planner and a member of Resolution.
But whats most important to you is that I provide you with long term, sound financial advice that will give you clarity and peace of mind at this very critical change in your life.
Pension Sharing on Divorce
When getting divorced in the UK, couples can split their pensions in several ways. One option is a Pension Sharing Order, which determines how pension assets are divided upon divorce. This can be a percentage of the pension pot rather than a monetary figure, as pension values can differ over time.
Another option is Pension Offsetting, where the assets in a pension are offset against other assets from the divorcing parties.
Finally, a Pension Attachment Order is another alternative, meaning that a pension lump sum or income will only be paid once the spouse who owns the pension decides to start taking their pension benefits.
Don’t forget pension in divorce: they represent the first or second largest asset in a divorce
It is essential to obtain professional financial advice when dealing with pension assets during divorce proceedings, as there are many different types of pensions, and it is important to understand what types of pension you both have in order to decide how to fairly split them
Michelle Germain
Michelle Germain Wealth Ltd
Discover how our tailored advice can help secure your finances today and deliver on your aspirations for tomorrow.
