Financial advice on Divorce
Divorce is a hard and emotional time for anyone going through it.
There are many challenges, including needing to make key financial decisions – some of which can have an effect for years after the divorce settlement for both parties and their children.
Whilst the role of legal advisers is well recognised, there will almost certainly be the need for financial advice to set you on the right path towards a more secure future, both during the divorce process and afterwards.
It is very important to consider the following:
- Is the proposed settlement fair?
- Does it take into account the needs of any children and who will be looking after the children, and the costs of doing so?
- Does the settlement take into account all assets held by both parties, including property, pensions, shares, business interests, savings and investments? Have all assets been declared?
- Have you obtained proper valuations for significant assets? The real value of any pension benefits is not always well understood.
If you have doubts on any of these points it is best to take specialist advice from a divorce and family lawyer, and an approcpriately experienced financial adviser such as ourselves.
Once a settlement has been reached it is important to have a formal agreement drawn up to reflect your decision. This is done in the form of a Consent Order which once approved and sealed by the Court is a legally binding document.
Once this has been done, it is time to think about your future, and translate your life choices and objectives into real numbers. This is where we can help by creating a model reflecting your needs, objectives, and aspirations and working out how much money you will need to achieve these goals, and whether they are realistic.
This could involve selling your home and starting a new life, ensuring you and your children are covered by insurance, starting a pension, investing a lump sum, funding a change in career, and many other possibilities. We all have dreams, but sometimes it takes a life changing event such as divorce for us to seriously consider them.
We will help you assess your current financial situation, set and prioritise realistic goals for the future, and recommend strategies to help you achieve them.
How can we help you?
- Help calculate day to day living costs going forward
- Prepare a budget
- Calculate your income needs
- Calculate likely income (vs budget and need)
- Consider how you might increase your income
- Calculate whether you can afford to keep the house
- Decide where your pension share should be invested, along with other income producing investments
- Calculate what income (from pensions and otherwise) you might expect at retirement
- Review your State benefits, and whether they are fully funded
Get in touch now to talk in confidence, and let us know what stage you are at.