A Scottish Widows report published this month confirmed that only 15% of women who were divorced actually discussed pensions as part of their settlement.
Pensions can be a valuable asset in divorce proceedings and should always be taken into consideration when considering any financial settlement.
According to Scottish Widows, the impact of divorce on women’s retirement is especially concerning because almost one in ten women over 50 are wholly dependent on their partner’s savings to fund them in retirement.
The number of women over 50 without pensions is nearly double that of men of a comparable age.
If pensions are not taken into consideration in divorce proceedings then this can leave people financially vulnerable further down the line when they retire.
This tends to affect more women than men as traditionally men have been employed full time and put in place measures to ensure they have adequate funds on retirement.
As local family solicitors we specialise in ensuring that all assets including pensions are considered in matrimonial proceedings and can contact pension providers directly to ensure that all relevant information is available before a financial settlement is reached.