Divorcing and Need help with Pensions
Pension Division and how our experts can help
When you open the morning newspaper, you tend to see a lot of time that this issue is making the headline is a legal issue. It happens quite frequently.
Whether a divorce case going on between celebrity couple or two heavyweight personalities are fighting over a piece of land, legal issues are always on the pick of things.
In addition, we know how legal issues can be a test of patience and a test of your fortune. If the case is about a financial dispute between two parties then it can get really complicated.
Taking Help of a Solicitor
There are several complications associated with a legal problem. In such complicated issues, many people tend to turn to a solicitor for help.
Nevertheless, the fee of a solicitor can be very high. It can escalate even further as the case goes on. When the matter is about divorce, which is not only an emotional matter but also a financial matter, seeking help from the solicitors is never a wise decision.
We all know that no matter how much you and your partner try to win the legal case, inevitably, both will end up on the losing side.
When the situation is as sensitive as divorce or separation whatever you like to call it, a wise decision is to seek help from the mediators.
Mediation is a process in which even if you and your ex are getting separated, you will not lose anything. You and your ex will be able to give your relationship a new dimension.
While taking legal steps during separation period, you and your ex-partner tend to hold some grudges against each other, which is absolutely not called for.
One of you might win the divorce case but one thing is for sure, both of you will be on the losing side. Getting separation is not the end of the road.
Moreover, he will help you to solve all the issues you and your ex had so that in future whenever you two cross path, you and your ex should have a smile on the faces.
Divorce and Financial Consequences
Getting divorced is not only an emotional factor, but it also has some financial consequences as well. Thus, it is very much important to know the financial consequences once you get separated from your ex.
The financial assets accumulated by you and your ex will get divided according to the laws of your state. The assets acquired by you and your ex-spouse during your marriage will be considered as a joint marital asset and will get divided equally.
The division of other assets will be decided by the court.
One financial asset that needs to get divided in order to make your and your ex-spouse’s future secured is the pension. In this regard, you should know that any pension earned by you or your ex will be considered as a joint asset.
Which pensions will get divided will be decided in terms of where you live in the United Kingdom.
If you are in England, Wales, or Northern Ireland, the total pension earned by you and your ex will get divided whereas if you are in Scotland that division will be based upon the total pension earned during your marriage or the time you two were together in your Civil Relationship.
Role of Financial Advisors in Pension Splitting
Financial advisors play a huge in making the whole process of pension splitting smoother. They will guide you through every step and will make sure that you and your ex are satisfied with the division. Pension splitting can be complicated and confusing.
That is why having experts doing the work for you will make the whole thing quite easy to understand for you and your ex-spouse. Thus, when it comes to pension splitting after the divorce, you should always look for help from the experienced and professional financial advisors.