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‘NO-FAULT’ divorces could lead to future pension poverty as financial arrangements are often overlooked.
‘No-fault’ divorce rules came into effect on April 6, 2022, allowing separating couples to bring their marriage to an end without the need for a ‘blame game’ situation.
This hopefully leads to an amicable separation and, if applicable, both parties can focus on other priorities such as arrangements over children, living arrangements and the potential sale of the matrimonial home.
We would always advise that you seek legal advice when finalising these arrangements so everything is above board.
There is a general misconception that once the Final Order (formerly known as a Decree Absolute) has been issued, this naturally severs any financial ties such as bank accounts, loans, maintenance, and pensions. This is not the case and comes with a word of warning.
A divorce only ends the marriage. It is a Financial Order that brings closure to any financial ties as without such an ex-spouse can legally make a claim against your finances further down the line as they are deemed a matrimonial asset.
Another misconception is the value of the matrimonial home which is often seen as the biggest asset.
However, many divorcing couples underestimate the true value of pension wealth. It is fair to say many people may not want to ‘rock the boat’ or feel they are too young to be looking at an effective way of sharing pensions which is why you should seek legal advice to ensure you are getting what is due. In many cases, the pension value could be significantly higher than the matrimonial home.
Our experienced divorce and family law solicitors will ensure you receive the best legal advice, no matter how complicated your case may be.
Family Law Solicitor Lucinda McWatt is an accredited Resolution specialist in Complex Financial Provision on Divorce and Dissolution of Civil Partnerships who will guide you through the process and ensure you get the clean break you need.
• Contact Pearson on 0161 785 3500 or email family@pearsonlegal.co.uk
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