E35: The cost of divorce with Lynn Beattie, Harry Gates and Lydia Hunt

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Every January, lawyers see a spike in inquiries about divorce. It's such a big spike the first Monday of January is known in the profession as Divorce Day. If you've been through it, you’ll know that one of the hardest parts of divorce is having to take lots of financial decisions at what can be a really overwhelming time. But understanding all your options can make those decisions easier and better.

 

Join our host, Philippa Lamb, and our expert panel as they help you build your post-divorce life on the best possible financial foundation. 

 

• Author and Founder of Mrs Mummypenny, Lynn Beattie;
• Co-Founder at The Divorce Surgery, Harry Gates; and
• PensionBee’s Head of First Line Compliance, Lydia Hunt.

 

Episode Breakdown:

01:32 The fundamentals of divorce

07:57 Is it worth getting a prenup?

09:55 Divorce and pensions

11:22 What’s included in negotiations?

13:36 Pension splitting

15:34 What happens to assets from before the marriage?

18:05 Are liabilities included in divorce negotiations?

21:03 Children and divorce

21:49 Can a divorce agreement be amended?

23:41 Thinking long term when negotiating

26:40 Life after divorce

*In this episode we reference a report by The University of Manchester, where we say 80% of pension wealth is held by men, but the correct figure is actually 90%.

*Where we refer to the fee to apply for a divorce, we say both £583 and £593. The correct figure is £593.

 

Further reading and listening:

To learn more about finances, pensions and divorce, check out these articles, podcasts and videos from PensionBee:

• E35 transcript
• E3: The gender pension gap - with Emilie Bellet, Romi Savova and Sam Brodbeck (Podcast) 
• E14: What's the impact of your relationship status on your finances? With Ellie Austin-Williams, Paul Infield and Becky O'Connor (Podcast) 
• E28: The bank of mum and dad - what's the impact on your pension? With Mark Bogard, Rotimi Merriman-Johnson and Becky O'Connor (Podcast)
• Don't divorce your right to a decent pension
• Separation and divorce 
• Pension Sharing Order 
• Pension Attachment Orders and Earmarking
• How are finances split in a divorce?
• How long after a divorce can you claim a pension?
• What is the pension gap between men and women?
• Do I need to change my pension after I get divorced?
• The UK Pension Landscape
• What happens to my pension during a divorce? (Video)

 

Other useful resources:

• File for divorce (GOV.UK)
• New divorce laws from April 2022 (GOV.UK)
• Pre-nuptial agreements (House of Commons Library)
• Form E guidance (GOV.UK)
• Child Maintenance Service (GOV.UK)
• Divorce Day: Two thirds of divorces don't discuss pensions as part of settlement (Interactive Investor)
• Pension inequality a major issue when couples divorce, research finds (University of Manchester)

 

Catch up on the latest news, read our transcripts or watch on YouTube:

• The Pension Confident Podcast
• The Pension Confident Podcast on YouTube
  

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