{"id":1741,"date":"2019-12-24T10:39:29","date_gmt":"2019-12-24T10:39:29","guid":{"rendered":"https:\/\/wembleysolicitors.com\/blog\/?p=1741"},"modified":"2019-12-18T10:50:20","modified_gmt":"2019-12-18T10:50:20","slug":"all-you-need-to-know-about-claiming-pensions-after-a-divorce","status":"publish","type":"post","link":"https:\/\/wembleysolicitors.com\/blog\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\/","title":{"rendered":"All You Need To Know About Claiming Pensions after a Divorce"},"content":{"rendered":"<p>Once a couple decides to get a divorce and go their separate ways, splitting finances often becomes an issue. In addition to splitting the property and <u>dividing up the assets<\/u>, the question of pension also weighs heavy on the ex-couple\u2019s shoulders.<\/p>\n<p>As such, financial settlements need to be drawn up to ensure that both parties abide by the rules accordingly\u2014including pensions settlements. \u00a0<!--more--><\/p>\n<p>Let\u2019s take a look at the connection between pension and divorce law in the UK.<\/p>\n<h3><strong><b>The impact of divorce on your pension income<\/b><\/strong><\/h3>\n<p>The financial setbacks of divorce have both long-term and short-term ramifications. Research shows that getting divorced can significantly <u>reduce the retirement income<\/u>\u00a0of an individual by a sixth. In addition to that, the divorcees have reported a <u>16 percent reduction<\/u>\u00a0from their expected retirement incomes, compared to those who aren\u2019t divorced.<\/p>\n<p>This drop is the result of the hefty cost of splitting up finances and valuables, as well as the legal fees. Hence, to minimise the financial damage that you incur during divorce proceedings, you should be well-versed in your rights when splitting up finances.<\/p>\n<h3><strong><b>Pension splitting <\/b><\/strong><\/h3>\n<p>Since you\u2019re obligated to disclose all your financial assets so that you and your ex-partner can come to a fair divorce settlement, pension assets also need to be brought to the light.<\/p>\n<p>Pension assets that have to be divided between you and your former partner include <u>workplace pensions<\/u>, state pensions, personal pensions, and state pension top-up income.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1743\" src=\"https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/12\/Picture11.png\" alt=\"\" width=\"1000\" height=\"750\" srcset=\"https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/12\/Picture11.png 1000w, https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/12\/Picture11-300x225.png 300w, https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/12\/Picture11-768x576.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<h3><strong><b>What are your options?<\/b><\/strong><\/h3>\n<p>Here\u2019s how pension assets can be split:<\/p>\n<h4><strong><b>Pension sharing<\/b><\/strong><\/h4>\n<p>Under pension sharing, the pension assets are included in the total value of the marital assets and a person receives a percentage of the <u>total value of their ex\u2019s pension<\/u>. The money received by the former partner is called pension credit and works by either transferring a pension into their name or by allowing them to join the existing pension scheme.<\/p>\n<h4><strong><b>Differed pension sharing<\/b><\/strong><\/h4>\n<p>This method is used <u>if your former partner is retired<\/u>\u00a0as is receiving their pension but you\u2019re still underage to claim the pension yourself. In this case, the ex-couple can agree upon a later date on which they\u2019ll begin sharing the pension.<\/p>\n<h2>Pension off-setting<strong><b>\u00a0<\/b><\/strong><\/h2>\n<p>This form of pension division entails the allocation of assets that are similar to the pension. It allows you to keep your pension, while your ex gets financial assets that have a <u>similar value to the pension<\/u>.<\/p>\n<h4><strong><b>Pension attachment or earmarking<\/b><\/strong><\/h4>\n<p>This method gets you a share of your former partner\u2019s pension once they claim it. You can share the pension income or receive a lump sum of it depending on your needs. This also redirects all the pension benefits of your ex-spouse to you.<\/p>\n<p>If you want to make a <a href=\"https:\/\/wembleysolicitors.com\/personal-injury-claims.html\"><u>pension claim<\/u><\/a>\u00a0after your divorce, get in touch with professional legal help so you can divide up your pension income and other financial assets properly. At <u>Wembley Solicitors<\/u>, we offer a wide range of legal services to help our clients. From expert divorce solicitors in Wembley\u00a0to <a href=\"https:\/\/wembleysolicitors.com\/family-law.html\"><u>family law<\/u><\/a>\u00a0solicitors, we help you get the best financial settlements in your divorce.<\/p>\n<p>So <a href=\"https:\/\/wembleysolicitors.com\/contact-us.html\"><u>get in touch with us<\/u><\/a>\u00a0today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once a couple decides to get a divorce and go their separate ways, splitting finances often becomes an issue. In addition to splitting the property and dividing up the assets, the question of pension also weighs heavy on the ex-couple\u2019s shoulders. As such, financial settlements need to be drawn up to ensure that both parties [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[47],"class_list":["post-1741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-divorce"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>All You Need To Know About Claiming Pensions after a Divorce - Wembley Solicitors (Law Firm in London)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wembleysolicitors.com\/blog\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All You Need To Know About Claiming Pensions after a Divorce - Wembley Solicitors (Law Firm in London)\" \/>\n<meta property=\"og:description\" content=\"Once a couple decides to get a divorce and go their separate ways, splitting finances often becomes an issue. In addition to splitting the property and dividing up the assets, the question of pension also weighs heavy on the ex-couple\u2019s shoulders. As such, financial settlements need to be drawn up to ensure that both parties [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wembleysolicitors.com\/blog\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\/\" \/>\n<meta property=\"og:site_name\" content=\"Wembley Solicitors (Law Firm in London)\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/wembleysolicitors\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-24T10:39:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/12\/Picture9.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1124\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Muhammad Khalid Khokhar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@KhalidWakalat\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Muhammad Khalid Khokhar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\\\/\"},\"author\":{\"name\":\"Muhammad Khalid Khokhar\",\"@id\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/#\\\/schema\\\/person\\\/06d718bc9ed175ecb978b835938aeb4f\"},\"headline\":\"All You Need To Know About Claiming Pensions after a Divorce\",\"datePublished\":\"2019-12-24T10:39:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\\\/\"},\"wordCount\":539,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/Picture9.png\",\"keywords\":[\"divorce\"],\"articleSection\":[\"blog\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\\\/\",\"url\":\"https:\\\/\\\/wembleysolicitors.com\\\/blog\\\/all-you-need-to-know-about-claiming-pensions-after-a-divorce\\\/\",\"name\":\"All You Need To Know About Claiming Pensions after a Divorce - 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