Pension sharing is described as the way the pension pot is divided between two partners during a dissolution of a civil partnership or marriage.
Going through a split or separation can be a very emotional and stressful time. Dividing assets can add to the personal trauma which means it is very important to know your legal stance on how the pension pot is divided.
How it works
Before pension sharing was introduced there were some clear rules on how it was divided. For example, 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.
The process of spilling the pension firstly involves finding out how much the entire pot is worth. This involves understanding the pension schemes that each party is enrolled into including tax pensions, employer-led pension schemes and even private ones.
It is advisable that the pension holder gets this evaluation done – so that the actual value of the pension is known. It will make the process much easier and smoother further down the line especially when applying to the court for a pension sharing order.
Where Children Are Concerned
Areas of family law which need to be dealt with in a particularly efficient and compassionate way are those where children are involved. At DWS Legal, our family law team is sensitive and caring in such matters and will strive to help secure the emotional and financial welfare of all children concerned.
This includes cases pertaining to things like child residency, contact, parental responsibility, financial support, education and change of name.
Our solicitors will give you the best advice to ensure that your divorce and any financial settlements are sorted out efficiently.
For more information about pension sharing, family law or any private matter please contact our family law team in the strictest of confidence to see how we can help you. Call us today on 0116 2999 199 or email us at: firstname.lastname@example.org