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Separating from a partner can be an emotional and difficult process, but there is one aspect of the situation that should not be overlooked – the pension.
Pension arrangements are vitally important for those who are going through a divorce or separation, according to experts.
Failure to understand the full implications of the split on one’s pension can result in a “significant financial loss”, according to financial firm Close Brothers Asset Management.
The firm’s analysis revealed that one in five divorcees are unaware of the full impact of the split on their pension arrangements.
Natalie-Jane Macdonald, managing director at Close Brothers Asset Management, said: “For people going through a divorce or separation, it is vitally important to understand how pension arrangements may be affected.
“It is easy to overlook the financial implications of the split, but failure to understand the full implications can result in significant financial loss.”
The analysis also revealed that 21 percent of divorcees had lost some or all of their pension as a result of the split.
Macdonald added: “Divorce or separation is an emotionally difficult process, but it is important to take the time to understand your pension arrangements as part of the process, and if necessary, take advice from a qualified financial advisor.”
Having a clear understanding of your pension arrangements is essential for anyone who is going through a divorce or separation. The financial implications of the split can be substantial, and those who fail to understand the full implications could be in for a significant financial loss. To avoid this, it is important to take the time to understand pension arrangements and, if necessary, seek advice from a qualified financial advisor.