Agreeing on a financial settlement is often the most challenging aspect of a divorce. Separating your assets from those of your ex can be difficult - especially where pensions and savings are at stake. Knowing how to protect your pension, savings and investments when you divorce is, perhaps, one of the most important considerations you will need to make. With our expert divorce lawyers by your side, we can help you reach a smart settlement to secure the future for you and your loved ones.
At Braddon & Snow, we know that dealing with divorce and pensions can be extremely stressful, taking a substantial emotional and financial toll with the potential to leave a devastating financial impact. You might be wondering how any savings and pensions you have are going to be divided or worried about the loss of future retirement income?
Our dedicated Family Law team have wide experience in helping clients achieve fair and equitable pensions and divorce settlements. We can advise you on how best to protect your pension and savings assets with strong and trusted advice during a difficult stage in your life where your future financial security is at risk.
We will explain your rights and options when it comes to pension sharing or personal savings and divorce. With specialist expertise, advice and guidance, we can help ensure your most important assets are properly considered with a full appreciation of the true value involved, both for now and for the future.
Our principal aim will always be to ensure fair and equitable distribution of the matrimonial assets involved in your divorce, so your retirement income and financial future will be safeguarded in the best way possible.
From local offices in Hoddesdon and Broxbourne, we are able to work with clients across Hertfordshire, as well as an increasing number of clients across England, Wales and abroad.
Our team are happy to speak with you by phone, email or videoconferencing for your safety and convenience at this time.
For a friendly, informal discussion about how our divorce lawyers can help you with advice on pensions and divorce settlements, please get in touch:
How we can help you with pensions and savings in divorce
Pensions and savings are usually one of the biggest joint assets, making them a key consideration in your financial settlement. They are often the most important and valuable assets in a divorce and can be the most emotive bone of contention for many divorcing couples – especially where one spouse has more assets than the other.
If you have built up more personal savings and pension than your ex, you may feel aggrieved about having to share it with them if you don’t think they are deserving. On the other hand, you may feel entitled to half the matrimonial assets, having given up a career or taken career breaks to care for your family.
Whatever your position, our experienced team of divorce lawyers at Braddon & Snow can advise you on this complicated and often contentious area of law. We will ensure you understand your rights and options when it comes to how best to protect your pensions and savings – especially where there is potential for an ex to make a claim that could be harmful to you financially.
With lots to consider, including both parties’ housing, income and needs, as well as the needs of any children, we can help you work out what will be in your long term interest, regardless of whether you wish to stay on friendly terms with your ex or not.
With specialist expertise in constructive negotiation, we can assist with mediation as an effective means of dealing with matrimonial assets and reaching an amicable financial settlement - so contentious divorce proceedings can be avoided.
Where court action is needed to secure a fair and equitable settlement, we will work closely with you to make the process as simple and as stress-free for you as possible.
Whatever approach is needed to achieve the pension and divorce settlement you rightly deserve, our divorce lawyers will be by your side every step of the way, giving you all the legal and emotional support you need.
Find out more about how we can help you with Divorce, Separation & Finances.
Our divorce settlement pricing
The complexity of your case will reflect the level of work required and the costs involved. We can offer an initial appointment of £75.00 plus VAT, during which our family lawyer will discuss your matter and advise you of the likely costs associated with your case going forward.
Our family law specialist is a member of Resolution, which demonstrates our commitment to avoiding unnecessary conflict from divorce and family law with the express aim of helping clients through divorce in a constructive and non-confrontational way.
Fixed fee divorce settlements
We are able to deal with some aspects of divorce proceedings on a fixed fee basis for such things as completing and filing the divorce petition and applications to court for a Consent Order, for example.
Hourly rates for divorce settlement advice
Where work becomes more complex, we will typically work to an agreed hourly rate. We provide realistic cost estimates, keeping you informed and updated about your expenditure, so you can effectively manage and control the costs associated with your divorce settlement.
Pensions and savings in divorce FAQs
What happens to pensions in divorce?
In the UK, pensions built up during a marriage are considered a joint asset and will be included in the financial settlement, being subject to a fair and equitable division in divorce. If there is no court order confirming the settlement, either spouse can claim on their ex’s pension, no matter how long they have been divorced.
Under the Matrimonial Causes Act 1973 sections 24 and 25, the court has the power to make orders relating to how pensions should be divided during a divorce. These include:
- Financial settlement orders – This order sets out what will happen to your assets such as property, pensions and savings when you divorce, making any financial agreement you reach legally binding.
- Pension sharing orders – Here, a percentage of one spouse’s pension will be transferred to the other spouse, separating the interests going forward.
- Pension attachment orders – Here, a percentage of one spouse’s pension is set aside for the other spouse to claim when they retire.
- Pension offsetting – This involves offsetting a spouse’s pension entitlement against other assets such as cash, equity in property or savings.
What happens to personal savings in divorce?
Savings will be taken into consideration when determining the financial settlement of a divorce. The aim will be to divide savings fairly, which can be a simple and straightforward process when a couple is willing to negotiate and agree. Savings may need to be valued, transferred or cashed in, which may incur tax and other charges.
Am I entitled to a share of my spouse’s pension if we divorce?
Yes. In the UK, pensions are considered a joint marital asset, and you would be entitled to make a claim to benefit from your spouse’s pension. The aim would be to split a pension as equally and fairly as possible when it comes to a divorce settlement. They can be divided in various ways, including being split 50/50 or offset against other assets.
Can I protect my pension in divorce?
There are several ways you can take action to protect your pension in divorce so that you can prevent your ex from making a claim against you in the future, so you don’t suffer financially. Options include seeking a court order such as a financial settlement order, pension offsetting, a pension sharing order or pension attachment order.
We recommend you take legal advice from one of our experienced divorce solicitors, who will be able to explain the range of options available to you before you decide on what will be the best course of action to take.
What will a court consider when deciding the division of assets in divorce?
Courts will be concerned with matrimonial assets being as fairly and equally divided as possible, such as 50/50 for a long marriage. The aim is to ensure the income needs of both parties are adequately met. The court may also consider the length of the marriage, the origin of assets, capital contributions and the age of the divorcing parties when deciding on fair division of assets in divorce.
Speak with our pension and savings in divorce solicitors in Hoddesdon & Broxbourne
For a friendly, informal discussion about how our divorce lawyers can help you with pensions and divorce, please get in touch: