Amersham Together January/ February 2020 Issue

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16 Amersham & Chalfonts Together is part of Community Together
Divorce and pensions – what happens? In many financial settlements in divorces, the court has to consider how to deal with pensions along with other financial assets whether acquired before the marriage, during the marriage or after separation. First there are pension sharing orders where the pension is divided at the time of the divorce so that each of you receives a separate pension ‘pot’ and can build it up by adding to it in the future. Secondly, you can have an offsetting order where one spouse keeps their pension and the other takes a greater share of the other assets, such as the family home. A third and less common order is an earmarking order where once the pension benefits start to be drawn down, part of those benefits will be paid to your spouse. From April 2015 it has been possible to ‘cash in’ your pension, whether by using it as a bank account for cash when you need it or by taking the entire amount. If you are separated or going through the divorce process, there is nothing stopping your spouse from taking advantage of the new rules and depleting what’s available in a pension by cashing it in. You may then struggle to recover a share of your spouse’s pension which could have far reaching consequences in retirement. Financial remedies in divorce can be difficult without expert help. There is ‘one size fits all’ and it is important to look after yourself, your hard earned assets and, most importantly, your family. Never has it been more important to make sure that you are protected financially when going through a divorce. Speak to the experts. At Clarity Family Law Solicitors we do nothing but family law. We will give you clear advice and help you through the process so that you come out the other side in the best possible shape. Feel free to telephone us on 01753 880075 for a helpful and friendly initial chat and have a look at us at www.clarityfamilylaw.co.uk. Clarity Family Law Solicitors 21-23 Station Road Gerrards Cross Buckinghamshire SL9 8ES. www.clarityfamilylaw.co.uk To advertise please call 07786 735 711 or email marketing@amershamtogether.co.uk 17
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Amersham Together January/ February 2020 Issue

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