Divorce solicitors in North Wales can help deal with the financial aspects of divorce and this often includes dividing up assets such as property and cash in the bank.
There are other streams of income which fall under the category of financial settlements, and these include pensions.
Pensions are a revenue stream which could potentially yield an income for many years into the future, so they must be dealt with appropriately in the cases of divorce. There are several court orders which could be used to address the often-complex nature of pensions. One of these is the Pension Sharing Order, which is one of the most commonly used. This often divides the pension payments or dividends between two parties.
An Attachment Order is another way of dealing with the question of pensions. Pension schemes will be required to pay a specified amount directly to the named person, but this could be affected by bankruptcy. There are different types of attachment orders such as attachment for income purposes, attachment for a capital sum and attachment of death in service benefit.
Finally, solicitors in North Wales may suggest examining the option of a Pension Protection Fund Compensation. These can be in the form of paying one of the parties a single lump sum as compensation for loss of access to the benefits; this is known as offsetting.
Please make contact with us here at Bennett Smith Solicitors and let us guide you through the legal and financial processes of divorce proceedings.