Financial problems can often come from a separation or divorce.
Although money may not seem a priority, we unfortunately have to think about our financial situation and consequences in the event of a separation or divorce.
The basic rate of child support is calculated at the following percentages of the net income if it is £200 or more a week. It reduces if the income is less (i.e. after tax, National Insurance, and pension contributions) than the income of the non-resident parent —
A reduced rate applies if the resident parent’s income is between £100 and £200 per week, and a lower flat rate applies if the non-resident parent’s income is less than £100 per week or he/she is receiving any of a wide range of benefits (such as Income Support, Jobseeker’s Allowance, etc.)
Divorce and pension rights
The Pensions Act 1995, and the Welfare Reform and Pensions Act 1999 set out to ensure that on a divorce, the pensions rights and the values already built up in a pension scheme were divided fairly. For example: