Why women face long-term financial risks in divorce
Many women have taken career breaks, worked part-time, or relied on their spouse’s income and resulting pension provision for retirement. Then, when it comes to separating, there is often a focus on retaining the family home, overlooking other significant assets like a pension - but with limited time to rebuild savings, the pension is arguably more important than the split of a family home.
There is also an increased risk of other assets that are not immediately visible. Research suggests that around one in three married people believe they would hide money from their spouse in the event of divorce. Without proper investigation and full financial disclosure, pensions, savings and other income streams can be missed or undervalued.
Overlooking pensions can cost you
An example reported in the Sunday Times recently, illustrated the risk. A woman in her late sixties divorced after a long marriage and accepted a larger share of the family home, without making any claim on her former husband’s pension. She later discovered that the pension was providing a substantial monthly income and that a modest adjustment to the property settlement could have secured her a share of that pension and it’s income after her retirement. Instead, she now struggles to manage on her own income, with little scope to improve her financial position.
Many clients either do not seek advice early enough or rely on general guidance found online. Divorce settlements are highly fact-specific, particularly where pensions and later-life finances are concerned. Generic information or AI-generated advice cannot replace bespoke legal advice. If you do not know what questions to ask, you may not realise what should be disclosed, investigated or taken into account at all.
Seeking advice on divorce pensions and later-life finances is crucial
An experienced family solicitor will ensure that full financial disclosure is obtained, that pension arrangements are properly identified and valued, and that the long-term consequences of any proposed settlement are clearly explained. This enables informed decisions that protect financial security both now and in retirement.
Every divorce is different. Early, specialist legal advice is essential to achieving a fair outcome and safeguarding your standard of living later in life.
Contact Carol Christofi
