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We see it time and again, women coming out of divorce in a much worse financial position than men.
New figures show women’s household incomes drop by around half in the first year after divorce.
Men’s fall by about 30 per cent.
A big reason for this is that women are far more likely to have taken time out of work, cut their hours, or juggled caring responsibilities.
That is money not earned, and pensions not built.
When couples separate, they tend to focus on the house, savings, or what is in the bank.
Pensions often do not even come up, or worse, they are deliberately waived, usually to avoid a long negotiation.
Legal and General found that nearly one in three women gave up any claim to their ex-partner’s pension.
Many did not know the value of their own pension, let alone their ex’s.
It does not help that pension sharing is not automatic. It needs a specific court order, and without proper legal advice, most people do not know to ask for it.
The Matrimonial Causes Act (the Act), which governs financial settlements, is over 50 years old.
The Law Commission recently flagged concerns, particularly around pensions. The Government has been asked to review it, but even if changes come, they will take time.
Until then, people are relying on a patchy system that gives too much discretion and not enough clarity, especially for those without legal support.
Divorce is complicated, and emotions run high, but it is vital to make the best decisions about your future, not just settle quickly to get it over with.
You only get one shot at dividing the assets, and if pensions are left out, that shortfall could follow you for life.
Our team can help you understand what you are entitled to, what is on the table, and what needs protecting. If you are thinking about divorce, or already in the middle of one, talk to us today.
Director – Head of Family Department
I qualified as a Solicitor in 2006 and now specialise in divorce, financial settlements, childcare arrangements and Pre Nuptial Agreements. I have many years’ experience as a private family lawyer having worked with two other local firms before returning to Mander Hadley, where I first undertook work experience during my university studies.
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