We understand that relationship breakdowns can be emotionally tough and financially expensive, so try and avoid these mistakes. You mustn’t underestimate the value of your pension in a divorce settlement.
Understand the value of your pensions in a divorce.
The valuation of a pension in divorce is never straightforward. Some pensions include guaranteed levels of income and built-in inflation protection. The value of these features can be misunderstood. It is essential that when getting a divorce your legal adviser gets expert help to understand their true value.
The law aims to achieve equality between the two divorcing parties of income in retirement. The value of a pension can vary by as much as twenty to forty times the prospective annual pension.
Update your will.
Your will, will automatically be revoked after a divorce. So it is an ideal time to draw up a new one. Remember also to update your expression of wish form for your pension. If you have drawn up a lasting power of attorney it is worth reviewing it to see if it mentioned any former partner.
Make sure that the financial settlement is approved by a court.
How Anstee & Co can help you with your pension in a divorce.
The above is a broad brush stroke guide. We understand that getting a divorce is never easy Every divorce and financial settlement is different that is why it is worth getting professional help from a solicitor and an independent financial adviser. As independent financial advisers, the financial advice we give is unbiased.
To find out more about how we can help you why not arrange a meeting. The first fact-finding meeting is at our expense and is without obligation. We have offices located at: –
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- Towcester, Northamptonshire
- London, Pall Mall, Greater London
Due to the present government guidelines on COVID-19 (coronavirus), we are following social distancing recommendations. We make full use of video conferencing facilities such as:-
- Microsoft Teams
We can also arrange a conference telephone call. There is no need to visit an office as all meetings can be handled remotely. Our wealth management team is looking forward to helping you with your financial planning.
If you have any thoughts or comments about this article, “Understand the value of your pension in a divorce”, then we would love to hear from you.
Finally, the information contained in this article is for information purposes only and does not constitute financial advice. No action should be taken based on this information alone. Anstee & Co. is authorised and regulated by the Financial Conduct Authority (FCA).