Amersham Together January/ February 2020 Issue

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
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