By Rachel Efetha, Chartered Financial Planner based in Bedford, Bedfordshire.
The first working Monday of the new year has been dubbed ‘Divorce Day’ as it sees an increasing number of married couples starting to make enquiries about ending an already unhappy marriage which has had an increasing strain over the festive period. Getting divorced is never easy.
Here we are, a few weeks on from ‘Divorce Day’ and many people are going through the early stages of putting things into motion to end their marriages. They’ve probably employed the services of a Family Solicitor to deal with the legal side of things, but are likely to not have given a second thought to how an Independent Financial Adviser can help them in the proceedings.
How we can help with your divorce settlement.
If you are going through a divorce right now, how can Anstee & Co help you?
- Help you with budgeting and cash flow forecasting to come up with a suitable amount of maintenance to ask for, and to ascertain ‘How long will the money last?’
- Remortgaging your home to buy your spouse out, or arranging a mortgage on your own to buy a property
- What effect might divorce have on employer benefits? What would be the cost of replacing lost benefits such as life cover, critical illness cover and private medical insurance
- Ensuring that maintenance payments are protected against the death or illness of the person making the payments through insurance. Furthermore, it is important to do this before the divorce is finalised as insurable interest does not exist on the life of an ex-partner. It is equally important for both parties to ensure that life assurance is in place, not just for the receiver of maintenance payments. Also, if the payer dies without protection for maintenance payments, their estate could be faced with a claim for the continuation of payments, potentially jeopardising the financial security of a second spouse/children
- Financial education for a spouse who has not been used to dealing with the family finances
Don’t underestimate the pension value when getting divorced.
Pension issues – these are vast and can include-
- How to assess the value of each party’s pension rights
- What split would be needed to achieve equality of income for the parties in retirement
- Investigating safeguarded rights under pensions and whether splitting pensions would mean that you lose valuable guarantees under a pension plan
- How best to share pension benefits where the scheme holds complicated investments, such as commercial property
- Identifying errors or omissions in the information provided by Final Salary schemes
- Which pension product would be appropriate to act as the receiving scheme for a spouse receiving pension benefits
- How should a spouse who will lose pension benefits as a result of the divorce rebuild the value of their own pension following the divorce?
How Anstee & Co can help you with your divorce.
As you can see, there are many issues that we can help you with. It is important to engage a financial adviser to help you through the entire process, rather than at the end when there might be a lump sum settlement or a pension sharing order that you don’t know what to do with.
Everyone’s financial situation is different. To see how we can help you, why not contact us today. The first meeting is at our expense and without obligation. Why not arrange a meeting today.
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- London, Pall Mall, Greater London
Our team of Independent Financial Advisers live and make use of meeting rooms in-
- Bedford, Bedfordshire
- Market Harborough, Leicestershire
- Northampton, Towcester, Thrapston and Wellingborough all in Northamptonshire
Meetings can also be arranged at your home or place of work.
As we said to start with, getting divorced is never easy but we are here to make it easier.
Finally, if you have any thoughts or comments about this article, “Getting divorced? Will a financial adviser help you get the best deal?”, then please let us know.