10 financial planning tips for divorce
By Will Grahame-Clarke, 5 Jan 18
Building up your savings and reviewing your will are among the steps Hargreaves Lansdown has recommended for individuals considering divorce.
Don’t forget pensions: In many cases, it’s one of the largest assets built up during the marriage – often largely in the name of one person.
You have a few options as to how to split it:
- pension sharing divides it into two separate pensions;
- pension offsetting trades it off against the value of other assets held by the couple;
- deferred pension sharing (not available in Scotland) arranges to share the pension at a later date; and,
- a pension attachment order (pensions earmarking in Scotland) pays an income or lump sum to the other member of the couple when the pension holder starts taking their pension.