Divorce is a life altering event that can be extremely stressful when considering the split of marital assets and parental responsibilities. One often over-looked aspect in divorce is the loss of employer benefits your partner received and you may have benefited from including:
- death in service life assurance
- private medical insurance
- the use of a company car
- discount schemes for retailers
- company pension scheme
These benefits, providing financial security or enhancing your lifestyle, may not be available post divorce and may need to be self-funded. So, it’s important to consider which ones are important to you and include the cost in your monthly outgoings.
Questions to ask yourself to ensure you are financially secure:
- Can I repay my new mortgage and any other liabilities if I die or suffer a critical illness?
- Will I have enough income to cover all my, and my family’s monthly expenses, if I can’t work due to an accident or an illness?
- If I’m now wholly responsible for my income in retirement, do I know how much I will need and am I saving enough to achieve this?
Speaking to a financial planner can help answer many of these questions. Our financial planners use sophisticated cashflow forecasting software can help to map out your current financial situation and your long term objectives to see if you are on track or what changes you may need to make now to help achieve this.
Please get in touch with a financial planner in your local office to discuss how you can make educated, informed decisions about your financial future.
