In cases of the termination of a marriage, it may prove hard to share financial resources, particularly pensions. To most couples, one of the most important things that they have is a pension, usually coming second to the family home. It is necessary to have a fair allocation of this resource to have financial security in the long term. A Pension Sharing Order assists in the attainment of such fairness with both parties getting a reasonable part 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 the percentage of the other partner after the divorce or the dissolution of civil partnership. It guarantees that the amount of financial contributions that were made throughout the marriage are equally shared which provides both parties with security in the 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 their own 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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