˚What Is a Pension Sharing Order?
A pension sharing order is an option that is available through divorce proceedings. It gives you a court order to be able to split a pension pot or pots with an ex-spouse. A pension sharing order provides you with a clean financial separation of pension funds built up. Allowing the pot(s) to be split and managed separately depending on your own financial choices. Once a pension sharing order has been granted by the courts you can begin gaining financial advice for your share of the pension amount. This allows you to organise a new fund manager based on your new circumstances post divorce. It is advised at this stage to seek professional advice from a qualified financial advisor. If you are going through a divorce in Bournemouth or Poole you can meet with one of our qualified and regulated financial advisors in a local branch to discuss your needs and requirements in more detail.
How Is a Pension Shared in Divorce?
Pension sharing orders are provided by the courts based on your individual circumstances. They form part of the financial settlement in a divorce. Every divorce and the financial agreement are completely unique and how the pension is shared via a pension sharing order will be based on yours and your ex-spouses financial and marital circumstances. Your divorce solicitor will be able to advise you in detail on this.
Can a pension sharing order be varied?
A pension sharing order is not made until the decree nisi is granted from the courts. Once this has been granted there is a very small amount of time where the pension sharing order can be varied. As soon as the decree absolute is granted no variation in financial settlement can be varied or changed as this is the legal document detailing the agreed financial settlement from your divorce.
How long does a pension sharing order last & when should I seek financial advice?
A pension sharing order is first given at the stage of decree nisi this is at the stage when you should begin speaking to a financial advisor to ensure you are in the best position to administer and have the relevant advice and understanding of what to do with your share of your pension post the decree absolute. Once the decree absolute has been granted you have four months to instruct and complete the pension sharing order. St Barts finance ltd can help you with this and ensure that you meet these deadlines using the expertise of one of our experienced financial advisors.
How to maximise my pension post divorce?
At St Barts finance we do not just advise on your pension today we want to help you achieve your retirement goals. We do this by taking the time to understand your personal financial circumstances and your future goals. We then use this information paired with our expertise to build a solid actionable plan to help you achieve your retirement goals in the future. We carry out financial advice over a minimum of two appointments the first is to understand you and your circumstances where we will take the time to understand the type of investor you are and other factors that will affect our pension advice going forward. The second appointment allows us time to go away and prepare recommendations and investigate potential options that suit your financial needs. After this we work with you in the form of an annual financial review this is a great opportunity to understand how your pension is working for you along with aligning any changes in your personal circumstances to your goals.
How St Barts can help you with financial planning post divorce?
ST Barts is a financial advice practice with offices in Bournemouth & Poole. We help clients in Dorset and further afield with their finances. We can advise you on mortgages, insurance, savings and investments including pensions. If you are in the process of a divorce or separation and want to speak to one of our qualified advisors contact us on 01202 520 550 to arrange a no obligation consultation.
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