There has been an 11 per cent rise over the last year in the number of pension shares being ordered by the courts in divorce hearings according to Sweet & Maxwell.
Since December 2000 divorce courts have been able to “share” a pension belonging to one spouse, splitting it in two. This process allows the recipient of the fund to have full control of the pension as it is in their sole name.
The recent rise in pension shares may well be down to the current economic climate. With property being worth less the pension fund becomes a significant asset. Previous to “sharing” the pension was simply earmarked so that when it was eventually paid out part of the sum was reserved for the other party.
If you are thinking about filing for a divorce contact Mark Freedman who will be able to advice you on the process and will look closely at any pension assets involved. Mark is recognised by independent family organisation Resolution and recommended by independent legal directory Chambers and Partners