Cheshire, United Kingdom (9th May, 2012) – Poole Alcock LLP, professional, qualified and experienced solicitors in Chester, comment on the pension sharing process during divorce.
When a couple are going through divorce and are looking to divide their assets, the Court is required to take into account the pension rights of both parties. Poole Alcock, leading solicitors in Cheshire, highlight three options available to divorcees when this is the case: Pension Offsetting, Pension Earmarking and Pension Sharing.
Both parties will need to understand the implications of each of the three methods of taking pension rights into account in a divorce settlement. The couple in question will also need to know what their pensions are approximately worth, meaning that both parties will need to ask their pension providers for valuations of their pension pots.
A spokesperson for Poole Alcock LLP commented: “The Court will ask the parties to obtain a CETV (Cash Equivalent Transfer Value) for each pension they may have. However for some pension schemes, such as ‘final salary’ or public service pensions, the CETV may not accurately reflect the true value of the benefits of the scheme.
“In cases involving a complex pension scheme, the best option may be to instruct an expert to prepare a report on the fair value of the pension. The downside to such a report is that, whilst the true ‘value’ of that pension will be ascertained, the cost of the expert valuation can be significant and this cost must be considered prior to any instruction.”
For more information on Poole Alcock LLP and their solicitors in Cheshire and across the UK, visit their website at http://www.poolealcock.co.uk/ or telephone 01260 275337.
About Poole Alcock LLP:
Poole Alcock LLP is a leading solicitor in the North West of England and provides a wide range of legal services, including legal areas such as employment law, criminal defence, probate, debt recovery, childcare, adoption and more. Established for 120 years, Poole Alcock LLP continually maintains their traditional values which they blend with modern technology to offer their clients a professional, efficient and reliable legal service.
Contact:
Chris Illingworth
Poole Alcock LLP
7 Moody Street
Congleton, Cheshire
Zip: CW12 4AN
Tel: 01260 275337
Email: cji@poolealcock.co.uk