In Chile, those who contribute to Pension Fund Administrators (AFP) can access a series of benefits such as payment for medical leaves, accident, illness and unemployment insurance. However, one of the least known benefits is divorce compensation, which can be obtained through the funds accumulated in the AFPs. This mechanism allows that in cases of separation, one of the spouses can receive financial compensation if she has suffered a financial loss due to the marriage.
The compensation for divorce with AFP funds it works in such a way that, if one of the spouses is financially harmed after the separation, the other spouse must compensate by transferring part of their pension funds. This transfer is made between the respective AFP accounts of each of those involved, thus guaranteeing that the injured spouse receives a fair share of the savings accumulated during the marriage.
To be entitled to this benefit, it is necessary to meet two basic requirements. First, people must be legally divorced. Secondly, a judge must determine that there is economic harm to one of the spouses. This court ruling is fundamental, since it establishes the need for compensation and authorizes the transfer of funds between the accounts of AFP.
Once the court dictates the financial compensation, the Superintendence of Pensions indicates that the AFP is responsible for transferring the funds. This process must be completed within 15 business days of receiving the court order. If the compensated spouse is not affiliated with the AFP system, he must create a voluntary account in his name to receive the funds.
The amount of compensation for divorce cannot exceed 50% of the mandatory contributions accumulated during the marriage, including the profitability generated by these contributions. This limitation ensures that compensation is fair and proportional to the savings accumulated by the compensated spouse during the duration of the marriage.
