Using Financial Planning to help you with your divorce
Making the decision to divorce can be a highly emotional and painful process and agreeing a fair financial settlement can be a stressful, complex and protracted exercise.
Our team of specialist financial planners will help you assess your immediate and longer-term financial needs during your divorce, guiding you to make the best decisions possible regarding the distribution of assets for your peace of mind and financial security.
Questions we can help you answer
Lifetime financial forecasting can help answer one of the biggest and most important questions as you begin reviewing your joint assets when going through a divorce:
- What’s the best way to split our assets?
- Where will I live, and can I afford it?
- How much money will I need each month?
- Do I need to make a new Will and/or change my Lasting Power of Attorney?
- What happens on death or diagnosis of a serious illness?
- How can I plan for my retirement?
Losing your partners workplace benefits
A financial settlement invariably focuses on the values of assets and liabilities but what is often overlooked is the loss of employer sponsored benefits such as:
- Death in service life assurance
- Private medical insurance
- Use of a company car
- Discount schemes for retailers
Valuing your pensions
After a home, pension funds are often the second-largest asset owned by a couple and whilst there are several ways to split a pension, achieving a fair resolution can be a very stressful process. This is especially true when the care of children and other dependents is involved.
Pensions aren’t always as straightforward as they first appear. It’s common for individuals to have multiple pensions such as a workplace pension, personal pension, and state pension. Some offer guarantees which can make them more valuable than first thought and for others, the cash equivalent value (transfer value) may not reflect their full market value.
Where a Pensions on Divorce Expert (PODE) report has been obtained, we can work with you to help you understand how any recommendations impact your financial position post-divorce.
Lifetime financial forecasting
Lifetime financial forecasting, also commonly known as cash flow planning, is a useful tool to help you make informed decisions about your finances and make sure you stay on track to achieve your goals.
We will be able to demonstrate the impact of any proposed financial settlement on:
- Your immediate and future income/ capital requirements
- The level of risk you will need to take with your investments and pensions
- When you can expect to retire and how much you might have to live on
- What else you may need to do to make sure you don’t run out of money
The sooner you have this information the better as it means you are best placed to fully understand what the financial settlement will mean for your future.
Expert financial advice you can trust
Whilst we can help you at the start of your divorce proceedings, we can continue to add value and reassurance throughout your lifetime by regularly reviewing and updating your financial forecast to take account of changes to your personal circumstances. This will make sure you remain in the very best position to make informed decisions about your finances.
Our approach is engaging and interactive and when combined with quality financial planning advice, will give you freedom over your financial future as well as the confidence knowing you have the best chance of achieving what you want in life.
We can work with you remotely, at your home or place of work, or you can visit us in one of our nine offices.
Get in touch with us today to find out more about how we can help you with your finances following divorce proceedings.