A sometimes overlooked and undervalued element of divorce proceedings is dealing with pensions which can have significant repercussions for those divorcing and places family practitioners in an important position of ensuring that both parties are adequately provided for both now and in the future.
To discuss this thorny issue, Natalie Lester, a partner in the family team at Debenhams Ottaway, joins podcast host David Opie to discuss some of her experience and strategies for supporting those going through divorce and specifically around dealing with pensions.
What is clear is the need for clients to fully understand their position. A pension might not be considered a tangible asset but is often worth more than the family home. In the case of divorce it’s important therefore to ensure it is included in future financial planning to provide both parties with enough capital for their now and future needs; taking into account tax consequences and health planning.
Natalie shares her insight into what options are available to practitioners and the courts, including pension sharing orders and any understanding of the need to offset assets; and pension attachment or earmarking orders.
She also raises the issue of advising clients where one party might be more financially savvy than the other and not understanding the repercussions of waiving rights to pensions, particularly if those involved are in significant emotional turmoil.
This insightful and interesting discussion explores the options around advising clients on pensions when divorcing, drawing on Natalie’s experience in practice.
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