Dividing assets accumulated in pension schemes is one of the most complex and important financial tasks following the break-down of a marriage.
There are three ways of doing this:
- You can balance the pension against another asset, such as a property (Pension Offsetting). This means that you do not have to share your pension but may come at the expense of other assets.
- You can arrange for some of your pension to be paid to your ex-spouse when you receive payment (Pension Attachment). If your ex-spouse remarries, this no longer applies.
- You can split the pension into two at the time of the divorce (Pension Sharing).
Whatever you decide, the final settlement has to be confirmed by a court order.
It is important that both parties know the value of their pensions as they can be the most valuable asset in a financial settlement. However, you need consent to know the other person's pension value. It is very important to speak to a solicitor to ensure that you choose the best option for your circumstances.
Contact Dale & Co. today for free, impartial advice.
Last Updated: Thursday 25th April 2019
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