Recent research published by Legal & General has revealed that 29% of women said they would waive their rights to a share of their partner’s pension on divorce, compared with just 19% of men.
As a result, women could be finding themselves increasingly short-changed in divorces where the pension is considered a valuable asset for future financial security.
As we have previously discussed, women are more likely than men to experience financial difficulties after divorce and the refusal to accept a pension settlement as part of their divorce is likely to contribute to this.
Since the beginning of the coronavirus pandemic, applications for divorce and enquiries to our family law team here at Farleys have rocketed. As we head into a third national lockdown and couples are cooped up in their homes once again, this is only likely to increase, so it is important that both parties in divorce are fully informed about their financial settlement options and the impact of these going forward.
Statistics show that one in four divorces occur after the age of 50 which should put a greater focus on how both parties are to fund their later life, including retirement, once the divorce process is complete. With women typically living longer than men, they will need to consider whether there is the financial provision to stretch over that time.
Further research shows that, in the year following a divorce, women will see their household income drop by an average of a third, whereas men are only likely to see an 18% drop.
If you are considering divorce, it is important you seek professional advice at the earliest opportunity in order to discuss your options. A family lawyer will walk you through the divorce process and explain any particular considerations you will need to make based on your own circumstances.
Farleys Solicitors has a team of specialist family lawyers with extensive experience of dealing with a wide range of divorces from straightforward applications to the complex and high value. We work alongside pensions experts to ensure our clients receive the most appropriate settlement. Our experts can offer a case management meeting to discuss your needs. Call the team today on 0845 287 0939 or send your enquiry online.