It is always best to try to negotiate things amicably with your former partner as much as you can but if that isn’t possible there are several options open to you. First of all, you should make sure that you are aware of all the pensions that each of you have. In today’s world it is not unusual for someone to have several different pensions with different providers. All of these need to be taken into account when deciding your options. If you fail to disclose all of your financial assets when a Financial Order is applied for, you could face costly legal action further down the line as well as having to have a new updated Financial Order arranged.
Pension Sharing Orders
If only one of you has Pension assets, then you could apply for a Pension Sharing Order. This allows a Court to award a percentage of one person’s pension total to the other. If you are the person receiving this amount, then it would have to be placed into a pension scheme that was in your name only. This is the most common option that people who divorce later in life use.
If you choose this option each partner keeps their own pension but the value of it is offset against other assets the couple own. For example if one of you has pension funds that add up to a high amount and the other partner doesn’t, they may receive the couple’s home, to make up the balance (to make each total of similar value). ‘Silver Splitters’ need to be more careful about this option as you should always think ahead to what your income is going to be in later life. Owning a property you live in would not give you the regular income a pension payment would.