Divorce is always challenging, and discussing financial arrangements when emotions are running high can be difficult. However, you and your spouse will need to discuss your assets and come to a financial settlement that works for both of you. What many people fail to consider in their initial discussions is that your pension or the pension of your spouse may be one of your most considerable matrimonial assets. Your pension should always be included in any financial settlement following divorce or separation. The law in England and Wales does not end your financial ties to your spouse automatically, and as a result, it is essential to take action to separate your pensions to avoid one party claiming on the other’s pension years, or even decades down the line.
The short answer to this is yes, it is possible for an ex-spouse to make a claim on your pension after divorce. However, they can only do so where there is no legally binding agreement in place. The value of pensions can be tremendous and often ex-spouses will claim against a pension years, or even decades, after the divorce.
Pensions can be neglected during the financial settlement process, often overshadowed by maintenance payments or child care matters. Even where settlement has been agreed, a court order is required to make it legally binding and prevent a claim being made on your pension.
It is only possible to share your pension with your former partner if you have been previously married or in a civil partnership. How much you or your spouse is entitled to concerning the other’s pension will depend on several factors, including:
The court will typically deal with pensions in one of three ways.
Once you and your former partner have reached an agreement about how your pensions should be split, you should have a solicitor draw up a consent order which will finalise your financial settlement.
Once the court has approved the financial settlement, you can rest assured that there will be no surprise claims on your pension.
I have years of experience in helping clients from a range of backgrounds achieve a successful divorce and make family arrangements. I pride myself on making the process as pain-free as possible.
I offer a range of family law services including; divorce, fixed fee divorce, financial settlements, child law and related family law matters. When you entrust your family life with me, you can be sure I will treat your circumstances in strict confidence and always keep you informed of how your case is progressing. To discuss your case with me, call today on 0161 509 6662.