Separation or divorce is a difficult time for all those concerned. Unfortunately, the number of divorcing couples aged over-60 has risen by nearly 75% in recent years. In all circumstances, you should take legal advice before agreeing to any changes or taking action around personal finances.
A court will usually take into account all pension funds or benefits both parties hold, as part of any financial settlement that would divide your assets as deemed appropriate. These pensions include:
Pensions aren’t always shared, though they can be split in various ways. The outcome of this will depend upon your circumstances and the legal agreements made between the parties.
You could transfer some of your pension fund to your partner, or receive some of theirs. As an alternative, instead of splitting pension funds, the values could be offset against other assets that are to be distributed in the agreement.
Find out more about splitting pensions during divorce from MoneyHelper.
If you have already retired when you get divorced, it’s the retirement income that is considered.
These benefits may need to be split — especially if you have a joint retirement income or one that provides for your partner when you die.
The pension scheme or company that provides your retirement benefits will be able to tell you your options, so it’s a good idea to get in touch with them.See our Wealth Management Services here