{"id":7832,"date":"2022-08-24T11:00:37","date_gmt":"2022-08-24T10:00:37","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=7832"},"modified":"2022-09-09T11:33:10","modified_gmt":"2022-09-09T10:33:10","slug":"divorce-and-your-pension","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/08\/24\/divorce-and-your-pension\/","title":{"rendered":"Divorce and your pension"},"content":{"rendered":"
\n

Research1<\/sup>\nsuggests that nearly one in five people are, or will be, financially worse off\ndue to their divorce, and that many divorcees struggle to make ends meet after\nseparating from their partner.<\/strong><\/p>\n<\/div>\n\n

\n

The statistics\nmake for worrying reading. A third of divorced respondents said they were\nforced to take money from their savings to supplement their finances, 20% had\nto use credit cards for everyday expenses, 18% borrowed from family and\nfriends, while 15% resorted to selling their possessions to make ends meet.<\/p>\n<\/div>\n\n

\n

Pensions are\nan asset <\/strong><\/p>\n<\/div>\n\n

\n

Pensions can be\nhighly valuable assets \u2013 42% (or \u00a36.4tn) of UK wealth is currently held in\nprivate pensions \u2013 meaning that a pension can be a hugely important part of a\ndivorce settlement. And yet, 15% of divorced people had no idea that their\npension could be impacted by getting divorced, while<\/p>\n<\/div>\n\n

\n

35% did not\nmake any claim on their former spouse\u2019s pension.<\/p>\n<\/div>\n\n

\n

Don\u2019t\nunderestimate your pension<\/strong><\/p>\n<\/div>\n\n

\n

Alistair\nMcQueen, Head of Savings & Retirement at Aviva, commented, \u201cIt\u2019s\ncritical that, as part of the separation process, couples take time to think\nabout and discuss one of their single most valuable assets, their pension [\u2026]\nIt can often be a very complex issue so, as well as hiring a family lawyer, it\nwould be advisable for couples to contact a financial adviser to walk them\nthrough the pension valuation and financial process.\u201d<\/em><\/p>\n<\/div>\n\n

\n

The impact\nof \u2018no-fault\u2019 divorce <\/strong><\/p>\n<\/div>\n\n

\n

It has yet to\nbe understood how the introduction of so-called \u2018no-fault\u2019 divorce in April\nthis year might be starting to impact the way in which pensions and other\nassets are treated in divorce settlements. We would always recommend speaking\nwith a qualified financial adviser for guidance relating to the financial\naspects of your divorce.<\/p>\n<\/div>\n\n

\n

We are here to\nhelp you make some important decisions with your finances as you navigate the\ncomplexities (emotional and financial) of divorce.<\/p>\n<\/div>\n\n

\n

1<\/sup>Aviva, 2022<\/p>\n<\/div>\n\n

\n

The value\nof investments and income from them may go down. You may not get back the\noriginal amount invested. A pension is a long-term investment. The fund value\nmay fluctuate and can go down. Your eventual income may depend on the size of\nthe fund at retirement, future interest rates and tax legislation.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Research1 suggests that nearly one in five people are, or will be, financially worse off due to their divorce, and that many divorcees struggle to make ends meet after separating from their partner. The statistics make for worrying reading. A third of divorced respondents said they were forced to take money from their savings to […]<\/p>\n","protected":false},"author":12,"featured_media":7974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7832"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7832"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7832\/revisions"}],"predecessor-version":[{"id":7835,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7832\/revisions\/7835"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7974"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7832"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}