Quickie Divorce May Create Pension Wealth Gap
Published / Last Updated on 11/03/2022
One month ago, we issued a video called “Quick Divorce Starts in April 2022” explaining that new faster, ‘no fault’ online divorce proceedings will start in April 2022.
These may now present financial issues for divorcing parties when they reach retirement. We therefore issue the following warning if you choose to use a ‘no fault, quickie divorce’.
Currently 1 in 3 divorces have no financial settlement with even less having pension sharing orders. This may currently leave many people with financial issues now but also in retirement.
The new ‘quickie divorce’ may now push the number of divorces without any financial agreement to 1 in 4 or 1 in 5 divorces.
The result being that even fewer divorces will have pension sharing orders attached to the divorce leaving hundreds of thousands of people with little or no security in retirement and create a huge pensions wealth gap or retirement income inequality between the working partner and the non-working or family/homemaker with much smaller pension and work rights built up.
Even with a quickie divorce you should take advice on a financial settlement and pension sharing on divorce.
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