In most marriages, the family home is the most valuable asset. After this, pension savings are often the most valuable after the family home.
The Ministry of Justice reports that fewer than one in five divorces include a pension settlement to share. Even with a settlement, it requires a court order to fulfil the settlement if both parties cannot mutually agree.
There are different ways that a court will arrange a settlement, such as:
- Giving a share of your former partner’s pension pot
- The settlement value of the pension split is offset against other assets
- Some of your pension is paid directly to your former partner
It is important to find out the value of your pension, and only the person who has taken out the scheme or is a member can find out this information. Your pension transfer value can be less than the settlement value due to transfer fees.
Whatever the outcome, you should seek the expertise of a financial adviser who can get your pension settlement back into your own pension. At KLO Financial Services, we are here to help if you need advice at any stage of the divorce process.
Please call on 01926 492406 or email us at firstname.lastname@example.org to make an appointment.