In cases of marriage termination, it may be hard to share financial resources, particularly pensions. For most couples, a pension is one of the most important things they have, usually second only to the family home. It is necessary to ensure a fair allocation of this resource to achieve long-term financial security. A Pension Sharing Order helps achieve such fairness, with both parties receiving a reasonable share of the retirement benefits following divorce.
A Pension Sharing Order is a legal document by the court that enables one of the spouses to have a percentage of the other partner’s pension after the divorce or the dissolution of a civil partnership. It guarantees that the financial contributions made throughout the marriage are shared equally, providing both parties with security in retirement.
This order forms a broader financial settlement and is often contained in a Financial Consent Order granted by the family court. When the Pension Sharing Order is put in place, the individual matters become self-contained, and each individual’s pension pot is in their complete control.
In most marriages, one partner can have been the breadwinner and saved a lot of money in pension, and the other partner concentrated in the home or family chores. In the absence of a Pension Sharing Order, a financially dependent partner might suffer in old age.
These orders are aimed at creating equality and fairness in that both financial and non-financial contributions in a marriage are considered. They make sure that both parties can enjoy the accumulated savings of pensions in the course of their cohabiting life.
Pensions are highly complicated financial schemes, and their division needs a professional legal and economic consultation. A qualified family law solicitor will be able to assist in clarifying the nature and worth of pension schemes used in the matter, bargain a reasonable portion, and gather all the documentation needed to go to court.
The family law professional at First Law Solicitors will collaborate with financial experts to make sure that your pension is not under any threat. We do the process of disclosure and valuation, as well as drafting and the implementation of the Pension Sharing Order, professionally and carefully.
In case you are undergoing a divorce and require some guidance on retirement discrimination, then our group of solicitors at First Law Solicitors is there, to assist you. We will make you aware of your right, make sure that there is a just settlement, and guarantee you a better future with respect to finances.
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