Family lawyers are expecting a spike in business as the pressure cooker of life in lockdown puts a strain on relationships. Around 42% of marriages now end in divorce, but this number could rise as families fracture during the coronavirus crisis.
During a divorce, pension assets frequently get left out of settlements, leading to one partner – often the woman – being made worse off than they could or should be in later life, according to charity Age UK.
Currently, divorcing couples who do not go to court get no automatic right to know their spouse’s pension value at divorce.
Women going through divorce could be missing out on up to £5 billion every year because they don’t discuss pensions during the process.
Here are some ways to protect yourself from some of the financial consequences of divorce.
Divorced people expect to be £2,600 a year worse off when they retire than those who haven’t had a marriage (or civil partnership) breakdown, according to new research from Prudential UK.