A pension is commonly the second largest asset of a marriage following the marital home. However, a recent study by Scottish Widow found that nearly three-quarters of divorcing couples did not discuss pensions during the course of their settlement and as a result, calculated that divorced women are missing out on £5 billion in pension payments every single year.
When negotiating a financial settlement, it is a requirement for both parties to provide financial disclosure including the value of any pension provision. Unless offset, a divorcing spouse is entitled at the very least, to an equal share of all pension provisions made during the course of the marriage. The Court even has the authority to go beyond this and take into account all pensions, regardless of when they were attained.
Even if a settlement has already been agreed, pensions can still be re-visited until such time as a Court Order is made between the parties.
Our specialist Family Law Solicitors can advise you on all aspects of financial settlement including pension entitlement. For more information, or to book an introductory appointment, please speak to Andrew Foulds.