How not to be a victim of the pension gender gap when it comes to divorce
Don’t overlook how your divorce settlement might affect the way you live in later life, says Divorce Lifeline
When going through a divorce there’s a lot to think about, from the house and savings to business assets and child maintenance, that often pensions are completely overlooked.
It’s been over 20 years since the law changed to allow pensions to be shared on divorce. However, according to the latest Family Court Statistics from 2019, just 12% of divorces result in any pension division, usually because the focus is more on the family home and therefore seemingly complex pensions are ignored.
Research has shown that more needs to be done to improve pension outcomes on divorce, leading to further calls for divorce settlements to be reformed. A recent report by Manchester Institute for Collaborative Research on Ageing and the Pensions Policy Institute revealed huge gaps in pension wealth between men and women.
The report, which draws on data from the Office for National Statistic’s wealth and assets survey, identifies the stark differences in pension wealth between married couples.
According to the findings, men aged between 65 and 69 having more than six times the pension wealth of their partners (over £212,000 compared with £35,000), while married men aged 55 to 64 have more than three times that of married women the same age.
Men within the age group most likely to get divorced (between 45 and 54) have already accumulated over twice as much pension wealth as married women of the same age: about £86,000 compared with £40,000.
While it’s easy to favour the now when seeking a divorce settlement, ignoring pensions could lead to one party ending up in poverty in retirement, so make sure it’s not overlooked.
If you’re one of the thousands of people who has missed out on pension division as part of their divorce settlement, it’s not too late. If your divorce solicitor overlooked your partners’ pension when valuing your matrimonial assets in your divorce it is still possible to recover the settlement you deserve.
Divorce Lifeline are the leading experts in recovering a better financial agreement for those whose divorce settlement was originally undervalued.
If you were divorced in England or Wales within the past 14 years following a relationship of seven or more years and completed a financial settlement through a solicitor, which you believe has been undervalued, Divorce Lifeline can assess your case and make a claim.
There is no need for any involvement from your former spouse as the claim is made against your divorce solicitor and all cases are taken on a no win, no fee basis.
Simply call 01483 310 188 or visit divorcelifeline.co.uk to arrange a free, no obligation consultation.
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