Divorcing women missing out on thousands of pounds

A recent study conducted has suggested that a large number of divorced women may be losing out on substantial sums of money upon their retirement. The study suggests that this is due to their husband’s pensions being left out of the financial agreement that the two of them reach upon their divorce.

Divorcing couples have financial claims against each other in respect of pensions, income and capital. All too often separating couples will consider how to divide the value of their home or any joint savings but will fail to consider any pension assets. This can lead to one party, often the wife, being left in much less secure position on retirement.

It may also mean that the division of the overall assets (including any pensions) is tilted considerably in the husband’s favour with him receiving a share greater than half of the overall assets.

The study recommends that it be normal process for pensions to be considered as part of the divorce process and to be divided fairly between the spouses.

At George Green LLP, our Family Solicitors are experts in advising clients in respect of dealing with their finances on separation and, in particular, advising them in respect of pension assets. If you would like any further information please contact Family Law specialists Alex Mansfield in our Wolverhampton office on 01902 328365 (amansfield@georgegreen.co.uk) or Rachel Baker in our Cradley Heath office on 01384 340580 (rbaker@georgegreen.co.uk).