Financial Planning and Divorce

No-one who is going through a divorce finds the process easy: it’s long, messy and almost always painful. Even if there are no children involved, divorce is a procedure that takes its toll on both sides: the acrimony, the paperwork and a significant investment of time spent with your solicitor.

It’s understandable that many people involved in a divorce want to minimise the number of meetings they attend and simply let the solicitors get on with sorting it out. Trying to cut down on meetings could be a serious mistake. Divorces are not just about broken relationships, dividing up the family home and arranging custody of the children. They’re about financial planning as well.

Even if a couple have only been married for a relatively short time their financial affairs are likely to be inextricably linked. The mortgage will almost certainly be in joint names; they could well have shared protection policies and pension benefits may need taking into account when assets are divided.

Couples who have been together for longer – and an increasing number of people are now getting divorced in later life – will find the financial situation even more complex. Pensions will certainly be an area that requires specialist financial advice as some people, particularly high-earners in final salary pension schemes, will have built up pension funds which could well be worth more than the family home.

Virtually no-one relishes going through divorce proceedings, but if you find yourself in that position, seeking professional, impartial financial advice will likely be one of the wisest decisions you make.

The first stage is to work closely with you, and your solicitor to understand the complexity of your intertwined finances, carefully considering the value, liquidity and accessibility of your joint assets and project the amount of capital and income required to maintain your lifestyle. This deep analysis can help your solicitor in their negotiations ahead, giving them the facts and figures they need to secure a positive outcome for you.

Once the negotiations have concluded we turn to you. We proceed to unwind your intertwined finances. Working closely with you to map what the future looks like to you; your goals and ambitions.

Ultimately this leads us to carefully crafting your new financial journey with a strategy aiming to help to achieve your goals. We create and implement a completely bespoke financial plan. For most of our clients, this isn’t the end, but just the start of their new financial journey, working closely with us over decades to come.

If you are – or fear that you might become – involved in divorce proceedings, then please don’t hesitate to contact us. We offer a completely free, no-obligation consultation where we can discuss your situation. Rest assured we will provide you with expert and wholly confidential advice.

Talk to us.