How much time is required to claim pension after divorce?
When you have decided to divorce from your partner then finances are the most important concern. No matter, if you have children or not but there must a financial settlement so that you both can live happily. Talking about pensions, then it should also be included in the final financial settlement. The reason behind this is that in the law of the UK, divorce doesn’t solve the financial ties of you with your ex-spouse as you or your partner can claim for pension even after decades. So you must hire a professional Divorce solicitor to avoid any issue in future.
Can you claim pension after divorce?
Obviously, yes. If you have not signed any financial consent order then your ex-spouse can claim pension even after many years of divorce.
Different rights of a spouse to a pension:
Pension is shared only in case if you both were married or in a civil partnership. Otherwise, you or your ex can’t claim a pension in any other situation. Here are other important factors that must be considered for pension:
- The total period of marriage
- The behavior of you and your ex-partner throughout the proceedings.
- Requirements of you/ex-partner
The best solicitors in Maidstone guide you about the pension arrangement in case of separation.
- The first way is that you can claim a percentage share of ex-partners earnings which are termed as pension sharing and this money is legally yours.
- The second way is to set the value of pension against any assets like a family home.
- Next, there is a possibility in pension attachment that your partner will get some part of your pension and this payment is directly from the pension of one party to ex.
So, probate solicitors in Kent suggest that person should sit with ex-partner to split the important assets. With the final divorce statement, your solicitor can draw a ‘consent’ in a legal way for your financial settlement. No party can claim money once the financial settlement is approved by the court. Make sure that your pension must be covered in a financial settlement. In case, if you both are agreed at a settlement then this should be verified through the court order.
In some cases, ex claims post-divorce pension contributions. Although the partner can claim only for those assets made while you both were together. But according to the law of the UK, your ex can claim even after years of separation until you have not cleared your financial ties.
The best way to avoid this situation is to consult with the best probate solicitors in Kent that can guide you for the financial settlement. Make sure to have a financial consent order after divorce so that you can live happily after divorce. Your assets are not properly yours until you have not cleared financial settlement.
In case, if you were not married then pension will not be divided at the time of divorce. Here are different options to split a divorce pension:
(i) The deferred lump sum is like a pension attachment order in which you get a lump sum amount once your ex-spouse retires.
(ii) If you and your ex-spouse have much age gap and partner is already getting pension then, in that case, you can apply for a Deferred Pension Sharing Order.
Therefore, once your divorce process is complete then ask your solicitor to convert your financial settlement into a binding agreement in a legal way. With this, no party can claim money or assets in the future. So, in this way you can save your pension in a divorce.