Divorce financial planning

Making the decision to divorce can be a highly emotional, and agreeing a fair financial settlement can be a stressful and complex exercise.

Our team of divorce financial advisers will help you assess your immediate and longer-term financial needs during your separation.

Divorce financial planning helps you make the best decisions regarding the distribution of assets for your peace of mind and financial security.

We can help answer the biggest and most important questions as you begin reviewing your joint assets when going through a separation.

Some of the most common questions in divorce financial planning are:

  • 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 following a divorce. However, 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

Ongoing financial forecasting

We can help you with divorce financial planning, and provide ongoing reassurance by regularly reviewing and updating your financial forecast to take account of changes to your personal circumstances.

You’ll have freedom over your financial future as well as the confidence of knowing you have the best chance of achieving what you want in life.

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 pensions 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.

Our divorce financial advisers 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 divorce financial advice the better, as it means you are best placed to fully understand what the financial settlement will mean for your future post separation

Get in touch

Get in touch for advice about financial planning for divorce from one of our qualified financial planners.

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