A pension can be a valuable source of funds when dividing assets and meeting the needs of the parties, upon divorce. It has been reported in the media that Age Concern has voiced concerns that women, in particular, are unaware of whether their husband has a pension, the value of that pension and/or that they may be entitled to a share of the pension in the event of a divorce.
It is important to note that the provisions relating to pensions apply to all petitions for divorce or nullity, filed after 1 December 2000, but not judicial separation. The same principles apply to civil partnership cases.
The Court deals with pensions in a number of ways, namely;
The Court will require an up to date CEV (Cash Equivalent Value) when considering an application for any of the above Orders. It is strongly advisable to request the CEV from the pension provider, as soon as an application is considered. Pension providers can be slow to respond to enquiries which may cause a delay in matters being resolved in a timely manner.
There are many issues to consider when dealing with the financial implications of a divorce. It is essential that you obtain the correct legal advice at any early stage, to ensure that this difficult period proceeds as smoothly as possible.