Pension sharing is the way the pension pot is divided between 2 partners during a dissolution of a civil partnership or marriage.
Anyone going through this time will find it very difficult and the last thing you want to be worrying about is how to divide the assets.
Here’s a quick explanation of how it works and how it can help you:
Before pension sharing was introduced, if one partner had never worked, they would not be entitled to any money earned in the pension pot during the marriage.
The new law now counts the pension pot or shared pension as part of the marital assets and will also be judged as something that needs to be split between the two parties.
A percentage of the existing pension is awarded to either of the parties. This percentage can then be added to a new pension, added to an existing pension or to an additional pension. It will be added to credit.
The process of spilling the pension firstly involves finding out how much it’s worth in the first place.
Judges will take into account pension schemes that both parties have enrolled into. Tax pensions, employer-led pension schemes and even private ones.
The pension holder should get this evaluation done – so that the actual value of the pension is known.
You can then apply for the court for a pension sharing order. After the judges look into it and agree then the pension can be split.
At DWS we are an award-winning law firm, and we specialise in ensuring that you are given the best legal services during the difficult time of divorce.
Our solicitors will give you the best advice to ensure that your divorce and any financial settlements are sorted out smoothly, including the preparation of Consent Orders.
Areas of family law which need to be dealt with in a particularly efficient and compassionate way are those where children are involved. All of our lawyers are sensitive and caring in such matters and will strive to help secure the emotional and financial welfare of all children concerned. This is true in cases pertaining to things like child residency, contact, parental responsibility, financial support and sometimes education and change of name.
Contact us for a free 1-hour consultation to see how we can help you. Call us today on 0116 2999 199 or email us at: firstname.lastname@example.org