You may not have considered whether your retirement plans are affected by a divorce or separation. However, if you have been outside the workforce or have a low income, then not having your spouse’s pension to contribute to the household income when you retire could have a significant impact on your lifestyle.
Pensions that have been accumulated during a marriage can be viewed by the courts as belonging to both parties unless good reason can be given as to why they shouldn’t be.
Ensure that you know what your current pension provision is and whether you are up to date with your national insurance credits for your state pension. Consider seeking the appropriate legal and professional financial guidance on this matter to mitigate the impact on your plans for retirement. Contact us for more information on how we can help.