Divorce’s hidden impact on finances
It’s well known that a divorce settlement can lead to a reduced bank balance if a favourable settlement cannot be reached. But what about the hidden ways that a divorce can affect your bank balance?
Divorce cuts retirement income and one in five people who break up this year will end up in debt, according to a survey from the insurer Prudential.
Pensions and Divorce: a quick guide
Aside from a person’s home, generally their biggest financial asset will be their pension so it’s vital that this is not ignored when agreeing a divorce settlement.
Pensions can be dealt with in three ways and we’ll have a look at each one briefly in this article:Off-setting
Pension sharingThe Matrimonial Causes Act 1973 dictates how...