Divorcing women risk losing out and becoming pension poor on splitting the pension fund into two separate pensions.
Arrange the pension when it comes to be paid, that a portion goes to the other spouse. Getting the right advice at the right time is crucial!
There are no hard and fast rules governing how assets should be divided when a couple divorces. There is a broad starting point of 50:50. However, new research shows that women who divorce can often end up with less than half the property wealth of married couples. Less than one third of the average pension wealth.
The study showed that the average divorced woman over 50 has pension wealth of £131,000 compared with £454,000 for the average married couple.
Your pension fund or pot can often represent a substantial sum of money and needs to be considered alongside other major assets such as property. Post-divorce, it makes sense to discuss your revised circumstances with us.
You’ll need to reconsider your financial goals, and review your mortgage, pension and investment plans, plus remake your Will. Re-organising your finances can represent a major step in moving forward to a new life.