Divorce Solicitors Under Fire?
Divorce lawyers in the UK may have to consider paying out compensation to hundreds of thousands of disgruntled divorcees.
By: Elite Communications on behalf of Divorce LifeLine
Date: 24 July 2012
Divorce lawyers in the UK may have to consider paying out compensation to hundreds of thousands of disgruntled divorcees. This is because possibly as many as half of all divorce settlements in the UK since December 2000* may have had the pension undervalued when the divorce settlement was reached.
Around 750,000 people may be entitled to claim thousands of pounds from their former divorce lawyers if the solicitors undervalued the pension of their client’s former spouse.
This is according to Divorce LifeLine, a specialist divorce and pension consultancy which has been investigating this situation.
Tony Derbyshire, Founding Partner, Divorce LifeLine, explains: “As pensions are such complex financial assets, calculating the true value of a pension in a divorce settlement is difficult. It is easy undervalue the pension without the expert advice of an actuary or independent financial advisor (IFA) and it seems most divorce lawyers have failed to seek this advice.
“The information that we have obtained reveals cause for concern. In the vast majority of the cases we have seen so far this year, the divorce solicitors should have had the pension valued by a professional such as an actuary or an independent financial advisor, as part of the divorce settlement process, but they did not.
“In the event that the former spouses’ pension was undervalued, Divorce LifeLine pursues a case on the divorcee’s behalf, against their former solicitors. This whole process does not involve the former spouse at all.
“Most of our clients are unaware of just how much money they are entitled to and also of the assistance available to pursue their claim.”
“When a client contacts Divorce LifeLine, they are provided with a discreet service and their former spouse is not involved at all in the process. Where claims can not be pursued, or if Divorce LifeLine does not recover anything, then it does not cost their client anything and there is no fee to pay for any of the investigative work carried out by Divorce LifeLine and its team of professionals. Charges for successful claims are 15% of what is recovered.”
For further information please telephone Divorce LifeLine on: 01483 449612 or please visit www.divorcelifeline.co.uk
* Since a major change in the law in December 2000, Pension Sharing has become allowed. This means a Pension Provider can be told that a percentage of the pension of their Member can be allocated to the Members’ former spouse.
24 Bury Fields
Surrey GU2 4AZ
44 (0) 1483 449612