FAQs Archive - Page 2 of 2 - The Divorce IFA

I have recently divorced but the final details have not been ironed out. I am unable to afford a solicitor and my ex has sent a solicitors letter asking me to agree not to apply for his pension. For the sake of my children I feel I need to apply for this

Yes. Firstly, how are you expected to manage in retirement? What income sources will you have to support yourself? The court will look at the circumstances of the parties and decide whether this is fair. Do not be bullied in to accepting an offer you do not want. If you can provide further information on your circumstances I will guide you further.

I have 2 pensions of which I have agreed to transfer one to my wife as part of divorce settlement. I find that this is not possible and need to arrange a pension share order and make an external transfer. The idea was for my wife to take over the contribu

It is not possible for your wife to simply take over the existing pension. A pension sharing order is needed to make the transfer across to her. She will need to designate a receiving arrangement for the pension credit and decide how to invest the proceeds or if she needs an income how to draw benefits.

My daughter is divorcing her husband, they are both in their 30s can she get a cash lump sum from his pension now as there is no other assets?

Unfortunately, this is not possible. Under most pension schemes (there are exceptions in the Uniformed Services, e.g. Army, RAF, Police) the earliest a pension commencement lump sum can be paid is 55. Often the pension cannot be taken without reduction of the benefits until later, age 60 or age 65.

My husband left me 6 years ago and has now served me with a divorce petition. Once I have completed and sent the form back to court, when will the process for asking for pension sharing come into force?

You will need to apply for ancillary relief.

An application for financial relief following the presentation of a petition for divorce is described as ancillary relief. The term arises because the financial application is ‘ancillary’ to the petition. The Pension Sharing will be dealt with within this.

My wife and I divorced a couple of years ago. The sharing of all assets except my pension has been agreed. We have agreed the % split of my NHS pension. How much would it cost to obtain a court order bringing about the sharing? Are there other costs?

My understanding is that it is not too expensive to get the court paperwork prepared. I would speak to a solicitor on this aspect. As for pension sharing costs the NHS now charges £2,904. This is towards the top end of what we see in terms of pension sharing costs.

I have an AVC with Abbey Life transferred to me from my ex husband as part of a settlement, however, as Abbey Life no longer take new business I am struggling to find somewhere to put it. I don’t seem to be able to get the right advice without going to a

Yes, you will need to set up a new pension scheme to receive the transfer. I assume you do not have any other pensions. With regard to the costs of using a financial advisor I would argue you get what you pay for. I would insist on getting good value for money however.

Is it possible to claim pension sharing once the divorce has been finalised?

Yes, so long as the financial settlement has not been agreed and has previously discharged any future pension claims.

I have a pension paid to me for the last 18 years. I am in the process of getting divorced. I have been asked to supply details of my pension and have been told that even though I have been paid my pension and it was used in family expenditure i.e. it pai

The answer to this is YES. All assets form a part of the marital pot. In most instances this would mean an equal share, however, there can be occasions when the split may not be so. For example, in a short marriage.

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