January 13, 2025
Divorcing couples in the teaching profession in Ipswich and across the UK, are increasingly facing significant delays in finalising their divorce settlements due to prolonged wait times for updated pension valuations.
This bottleneck, caused by the lengthy process of obtaining updated Cash Equivalent Transfer Values (CETVs), is leaving many unable to move forward with their lives. However, the government, which described the calculations as “extremely complex” and requiring a specialised role to complete, aims to clear most of the current backlog by the end of February.
For those seeking legal advice on separation, these delays add unnecessary stress to what is already a challenging and emotional time.
Why pension valuations are crucial in divorce settlements
Pensions are often one of the most valuable assets in a divorce, alongside the family home. An accurate valuation is essential for all divorce solicitors to provide comprehensive legal advice and ensure a fair division of assets. However, delays in receiving CETVs — sometimes taking up to a year — mean that other financial matters, such as property division and relocation, are also put on hold.
This issue is particularly pressing for couples seeking divorce and separation agreements, as most capital orders for future financial arrangements can only be finalised once pension values are confirmed.
How delays impact the divorce process
- Prolonged financial uncertainty: Without an updated CETV, legal professionals cannot assess the financial situation holistically. This delays decisions about other key assets, such as the family home or savings.
- Additional time for expert analysis: Sometimes, the assistance of an expert is needed to make calculations for income in retirement. Even after receiving a CETV, pensions experts often need another 12 to 16 weeks to calculate future pension income, further delaying the timeline.
- Delays in property sales: For many separating couples, selling the family home is a necessary step. With fluctuating interest rates and house prices, delays in valuations can lead to financial uncertainty or even jeopardise planned sales.
- Emotional toll: The inability to finalise divorce settlements leaves couples in limbo, unable to move forward emotionally or financially.
Seeking legal advice in Suffolk for divorce and separation
If you’re going through a separation and divorce, it’s essential to seek professional legal advice and at Bates Wells and Braithwaite Solicitors, we are offering a free 15 minute appointment where our experienced divorce solicitors in Ipswich or Hadleigh can guide you through the complexities of financial settlements and help you navigate issues related to pensions, property, and other shared assets. We can help clients resolve matters as efficiently and quickly as possible.
Moving forward despite delays
While the delays in pension valuations are causing frustration, having a knowledgeable divorce solicitor in Ipswich by your side can make a significant difference. By addressing these challenges proactively, you can minimise the impact on your financial settlement and work towards a resolution more quickly.
For expert legal advice on divorce, separation, and financial settlements, contact Bates Wells and Braithwaite Solicitors. Let us help you take the next step towards a brighter future.