At Warners, we specialise in navigating the complex landscape of pensions during divorce proceedings. Recent data from the Office for National Statistics (ONS) underscores the importance of this often-overlooked aspect of financial settlements. According to the ONS, in 2022, there were 113,505 divorces granted in England and Wales, with the average age at divorce being 47.5 years for men and 44.9 years for women
Many couples have accumulated significant pension assets by the time they separate. Surprisingly, despite pensions often being the second largest matrimonial asset after the family home, they are frequently undervalued or ignored in divorce settlements. ONS data shows that in 2020, only 12% of divorcing couples included pension sharing in their financial orders
This oversight can have severe long-term financial consequences, particularly for women. ONS figures reveal that women aged 65-69 have an average pension wealth of £132,000 compared to £286,000 for men of the same age
Key considerations for divorcing couples include:
Each option has its advantages and complexities, requiring careful analysis of individual circumstances. At Warners, we leverage our expertise to ensure our clients’ pension rights are fully protected during divorce proceedings. We work closely with financial advisors and actuaries to value pension assets accurately and determine the most advantageous settlement strategy.
To book an appointment or to discuss this further, please contact the family law team on [email protected], 01732 747900.
This article is for general information only and does not constitute legal or professional advice. Please note the law may have changed since this article was published. We do not accept responsibility or liability for any actions taken based on the information in this article.
