The number of over-55s getting a divorce in the UK is on the rise due to the Chancellor’s changes to pension rules.
George Osborne revealed in April that British pension holders could now access their entire pension pot in one go, rather than only being able to withdraw it in steady instalments. The aim was to increase their spending power and financial freedom, but experts are warning that over-55s are now seeking a different kind of freedom.
Dubbed “silver splitter” divorces, more and more retired people are purportedly now separating from their partners in a bid to get their hands on their share of the pension funds and start a new life. This in turn will likely spark a rise in the number of divorce investigations carried out as over-55s try to ensure they take everything they are entitled to.
Pensions are likely to be the largest marital asset after the family home and can be a real bone of contention. Naturally a couple will have different incomes and typically pay different amounts into a pension pot, so deciding exactly who gets how much during divorce proceedings is rarely straightforward.
Forensic accounting services are regularly called upon within divorce investigations. Indeed, the experts at Frenkels Forensics are highly experienced when it comes to entering divorce negotiations – which are emotionally charged and filled with financial complexities – and providing detailed reports on what belongs to each party.
This level of expert guidance helps to add an objective source of information to the disputes and thus makes it more likely that a settlement can be reached, whether in or out of court.
For expert financial help in settling a divorce contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.