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Considering Pensions in Divorce Settlements
Pensions are often significant marital assets and must be factored into any financial settlement during a divorce. Given their complexity and the unique considerations that may apply, we strongly recommend seeking specialist advice when dealing with pensions.
There are three primary ways to address pensions in a settlement:
- Offsetting
In this approach, the pension is valued, and the party without substantial pension provision receives compensation through a capital payment from another asset. However, this option requires sufficient alternative capital to make the arrangement viable. - Pension Attachment Orders
This method involves a proportion of the pension’s income or lump sum being paid to the other party upon receipt. However, this approach is now less common, as it leaves one spouse reliant on the pension scheme member for payments. - Pension Sharing Orders
This option divides the pension fund between the two spouses. The percentage split depends on factors such as existing pension provisions, ages, and the distribution of other assets. Specialist pension advice is often necessary to determine an appropriate division, and legal advice should be sought early in the process.
Special rules apply to public sector pensions, including those for armed forces, police, fire service, local government, and NHS employees. Expert advice is essential to navigate these complexities effectively.
Testimonials
Sending you some much deserved appreciation for your service in dealing with the estate of Mr Pratt on our behalf.
Knowing that Lydia was behind through this whole experience gave me the courage and confidence needed to get through the process. Her knowledge and understanding of family law got me the best possible outcome.
My will was all done remotely by phone, notes, letters due to the distance involved – about 145 miles, general health and Covid restrictions.
More recently I had a serious illness with loss of driving license and other lasting problems but I have been very lucky with the outcome. What seemed difficult was much easier with the help I was given. Excellent service. Solicitor Alex Jenkins and secretary Enya Garrett have been friendly, considerate, shown knowledge in an understanding way throughout preparing my will – and I have never met them.
Wollens is highly recommended.
Mine was a very lengthy and complicated case involving deputy ship for my Father’s financial affairs, and Probate following my Father’s death. Costs were high, as they always are with solicitors, but the service by Alex Jenkins and Edward Lee of Wollens, who dealt with my Father’s affairs, was very personal and much needed at a very traumatic time.
Craig and Shirley at Wollen’s have supported us throughout a particularly tricky matter, where usual routes of communication were not possible. The advice that we were given was always very clear and concise and we found Wollen’s very responsive to any queries or concerns. They were conscious of the weighty emotional element involved but very mindful of removing the emotion from decision making processes, which made it easier to see the bigger picture. I would certainly recommend to friends or colleagues requiring legal support.
I had a shareholder dispute with a partner. Simon has provided very valuable advice, while having a broad professional outlook on my case. He understood the core of the case swiftly and sharply. Besides being an in-depth professional, Simon Bean has enriched the value of advice by his empathic approach and pointing out key to-do’s for future endeavours. His letter of advice tackled the matter with depth, providing an exhaustive approach. An another point for which I am grateful, was his advice asto a person that is still on the steep curve of getting familiarised with many aspects of advising. I would definitely recommend him for his legal knowledge, for his communication throughout, and equally important, for his empathy and sharp overlook on situations.
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