In 2012, the eighth annual report on Women and Pensions, published by Scottish Widows, showed that just 15 percent of divorced women took pensions into account when agreeing a financial settlement on divorce.
The survey found that consideration of pensions on divorce was still low on the list of priorities couples had when negotiating fair division of marital wealth. Yet, where a woman has stayed at home to look after a house and children, sometimes forsaking her own career to do so, and her spouse has forged a successful and lucrative career, the value of the pension he has accrued can be lost if the wife does not fully realise the value of the asset.
The 2012 survey revealed that 78 per cent of married women did not know what they would be entitled to in terms of their partner’s pension on divorce.
Lynn Graves, Head of Business Development, Corporate Pensions at Scottish Widows said, “We know that the pressure on household budgets and the challenge of managing childcare and wider family responsibilities whilst balancing work, can all make it more difficult for women to save for retirement.”
She added that many older or divorced women are forced to rely on a partner or other family members for financial support or additional income as they grow older and ultimately retire. Ms Graves advised that unforeseen events could have stark consequences for retirement plans, and that it was prudent for women to make sure they were completely familiar with what they are entitled to and how much money they will receive during retirement.
In 2012, around one-in-ten women over 50 were still wholly dependent on their partner’s savings and pension planning to fund them in later life. Divorce solicitors are worried that, as more and more couples are getting divorced after long marriages, this group of older women could be left financially disadvantaged if they do not seek what is rightfully theirs in a financial settlement on divorce.
Healys’ divorce solicitors for sound advice on pension rights
As a full service legal firm, Healys’ divorce solicitors in London and Brighton are able to call upon the expertise of colleagues in other departments who have expert knowledge on financial issues such as complex pensions and commercial assets in divorce.
If you would like to speak to a member of our family law team about any matter in relation to a financial claim on divorce why not give us a call in complete confidence today.
With offices in the heart of London and Brighton, we are here to help clients from all over the South of England and, as our team consists of many specialists in international law, we are able to help spouses whose divorce is being conducted across borders.
Call or email today – we are here to help.