Pensions & Divorce
What You Need to Know
Divorce can be a difficult and emotional time, but it's important to remember that your pensions are also assets that need to be considered.
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How can Myretirement help you through your divorce?
In England and Wales, pensions are considered marital assets, so they can be divided between you and your ex-spouse.
- Helping you understand the financial implications of your pensions on divorce: This includes whether you will be required to share some of your pension, or whether you will be in receipt of a pension sharing order.
- Advising on suitable destinations for a pension sharing order: If you have been awarded a share of your ex-spouse's pension(s) then we can advise on where to put it.
- Helping you create a financial plan for the future: This will help you ensure that you are financially secure after the divorce.
The best way to deal with your pensions during divorce will depend on your individual circumstances. It’s important to speak to a financial adviser to get advice on the best option for you.
Key benefits of using a Financial Adviser from MyRetirement
All advice is based on your own personal circumstances but can cover:
Cash Flow Modelling
We use specialist software to help map out your future finances, so you can have a clearer picture on the impact of divorce on your future plans and objectives.
Retirement planning
Our retirement experts can help you assess the impact of divorce on your retirement plans and make sure that you are on track to reach your retirement goals.
Life insurance
Myretirement can help you decide if you need life insurance after the divorce and help you choose the right policy.
Investment advice
Our financial advisers can help you invest the proceeds of your divorce settlement in a way that meets your financial goals.
Get in touch with Myretirement to help you with your financial future
How are marital assets divided?
In England and Wales, pensions are considered marital assets, so they can be divided between you and your ex-spouse. There are a few different ways to do this, including:
- Offsetting: The value of your pensions is offset against other assets, such as the family home.
- Pension sharing: A portion of your pension is transferred to your ex-spouse.
- Pension attachment: Your ex-spouse will receive a regular payment from your pension when you retire.
The best way to deal with your pensions during divorce will depend on your individual circumstances. It’s important to speak to a financial adviser to get advice on the best option for you.
What to Consider When Dealing with Pensions During Divorce
There are a few things to keep in mind when dealing with pensions during divorce:
The value of your pensions
This will obviously be a major factor in determining how they are divided.
The age at which you will retire
If you are close to retirement, you may want to consider a pension sharing order so that you can both start receiving income from your pensions as soon as possible.
Your future financial needs
You will need to consider your future financial needs when deciding how to deal with your pensions. For example, if you are going to need to rely on your pension income for a large portion of your retirement, you may want to keep as much of it as possible.
Keep on top of your pensions once your divorce is settled
Once your divorce is finalised, there are a few things you need to do to ensure that your pensions are properly settled:
- Update your beneficiaries: You will need to update the beneficiaries on your pensions to ensure that your ex-spouse is no longer listed.
- Get a copy of the divorce order: This will be important if you ever need to prove that your pensions have been divided as part of your divorce settlement.
- Keep good records: It's a good idea to keep copies of all the documents related to your pensions, such as the divorce order, pension valuations, and beneficiary forms.
The best way to deal with your pensions is to plan for your retirement. It’s important to speak to a financial advisor to get advice and work towards achieving the retirement you desire.
Your next steps
Divorce can be a difficult time, but it’s important to remember that your pensions are important assets that need to be considered during the settlement process. By working with Myretirement, you can ensure we will offer the best advice based on your individual needs.
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