Applications for pension sharing orders have jumped 17% in the past year from 7,500 to 8,800 as pensions become increasingly contested in UK divorces, says Bowmore Wealth Group.
Pension pots in the UK have become more valuable with global stock markets performing strongly over the last decade.
Given their rise in value, pensions have become increasingly central to divorce proceedings, says Bowmore.
Jill Ellicott, Financial Planner at Bowmore Financial Planning, who is also a Resolution member, says: “While the classic question of “who gets the house?” has long defined the financial aspect of divorce proceedings, it is clear pensions are becoming a hotly contested issue.”
Pensions are an important asset in divorce settlements, in some cases second only to the family home. Many going through a divorce are now turning to legal routes to attempt to resolve how their pensions are split.
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