• Published Date

    October 15, 2018
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PROMOTION Pensions ana aivorce why thousands of women are missing out financially Most couples do not discuss their pensions before they spit up, which is leading to many people particularly women - missing out financially on divorce. Thea Bennun an associate in the family law team at Stephens Scown explores the issues. With pensions often more valuable median pension wealth of 42,300. mselves, without the support of than a couple's home, there are When you consider that as many as a lawyer. On line divorce doesn't growing calls most recently led by one in three women currently aged deal with this at all so it is really Age UK to change the law so that between 55-70 yearshave experienced easy for a valuable pension to slip pensions must be considered as divoece,the numberof women missing gh unnoticed if both sides aren't part of the divorce process. At the oucould be extensive, ltisestimated properly advised moment when finances are settled out that each year S5 billion of pension of court, there is no automatic right payments are missed on divonce. to know about a spouse's pension or requirement for the pension to PENSION SHARING A SIMPLE could be some way of. Therefore it is be shared. Despite growing support, calls for legal reform which would force couples to disclose their pensions PROCESS crucial to seek expert advice early if Many peopledo notunderstandthat pensions have acapital valuethat can be divided on divorce-they usually just think of them as future income and they are often ignored if they are not yet in payment. The irony is that when pensions are considered on divorce, the process is simple. The principles of pension sharing were created as long ago as 2000. Thedivorcecourt has full power to divide apension held by one spouse equally with the other spouse and will readily do so if the pension was built yo are gettingdivorced to ensure that you don't miss out financially.. Thea Bennun advises high networth indmiduis on divorce and other family law issues. She is an associate at Stephens Scown, the only South West firm to be MISSING OUT ON SUBSTANTIAL SUMS According to research by Scotish t Widows seven out of ten couples do pension held by one of the parties not discuss their pensions at all prior before the marriage and will often to divorce, meaning many women do so. The separation process is may miss out on substantial sums straightforward and relatively without realising up largely during the marriage. also has the power to given a number one ranking n the two legal guides According o official data from the Office for National Statisties men EXPERT ADVICE ESSENTIAL approaching retirement aged 55-4 f the couple are under pension age have median pension wealth of is very easy for the right to already E125,000, around three times as much accumulated pension to be ignored as women of the same age, who have especially if people are acting for Chambers and the Legal 500. Stophens Scown LLP Curzon House, Southermhay Wost, Exoter, Devon EX1 1RS