Can a Lifestyle Financial Planner help me through divorce?
04 October 18  /  Insights

Going through a divorce is life changing and can be both emotional and stressful, but it is important to understand the financial consequences of divorce to ensure you protect your assets and what is rightfully yours, whilst being fair, and understanding the impact this can have on your current and desired lifestyle. 

Your finances may be effected in a number of ways:

The marital home and divorce
The marital home tends to be a central focus in divorce, as it is probably one your biggest shared assets.

There are a few options to consider:

  • Buying another home
  • Arranging for one to buy the other out
  • Transfer part of the value of the property from one partner to the other
  • Selling the home and splitting the proceeds.

Savings and divorce
Savings created before the marriage may be divided differently. But, savings built up over the course of the marriage are considered marital property, even if they are in your name, and therefore can be divided in the divorce proceedings.

Investments and divorce
Joint investments will need to be divided. If you had an investment before you married and it has appreciated, it could be considered marital property. Cashing in your investments might not be the best option, because you might have to pay capital gains tax and extra charges.

Pensions and divorce
How pensions are divided on divorce depends on your circumstances. If your marriage has been less than 10 years and both of you are not near retirement age, then your pensions may not need to be divided, although their value may still be considered as part of the value of all of your assets. If you and your partner are closer to retirement, pensions are likely to play a far more important role in dividing your assets.

What will happen to my business if I get divorce?
Whilst a court can order the selling of your business, it is more likely that a court will order other assets, such as cash or property, outside of the business to the other spouse. Maintenance may have to be paid out of the profits of the business.

Other considerations

  • Will you need to pay child maintenance?
  • Have you thought about any tax considerations?
  • Do you have a prenuptial or a postnuptial agreement?

So, how can a Lifestyle Financial Planner help me through divorce?
A Lifestyle Financial Planner can offer settlement advice which is in your best interests, offering clarity at a time you need it the most, and will not let your emotions cloud your judgements.

They can show you the financial implications of the divorce, both immediately and into the future, offering guidance on how to get your finances back on track and how to minimise the effects on your desired lifestyle.    

To discuss your financial matters in divorce, speak to a member of our team on 01865 208000 or click here to request a callback.