When life changes: looking beyond divorce
We can help you understand your current financial position so you can take control of your future.
Getting divorced is rarely straightforward. Whether this is a positive step for you or a difficult change you need to adapt to slowly, we are here to help you think through the many financial considerations and decisions you will need to make. Divorce and finances can feel like be complex, but whether your priority is separating finances before a divorce, protecting finances before a divorce or sorting finances after divorce, our expert team is here to support you.
We can help you understand your current financial position and how it might be affected by divorce and evolve over time. By taking the time to understand your personal circumstances, hopes and ambitions for the future as well as your immediate needs, our team is on hand to offer expert advice on areas such as savings, investments and pensions as well as options for a new mortgage and looking at your longer terms needs. We have tools to help you visualise the potential impact of any decision you make.
Your financial landscape
Getting a deep understanding of your financial situation might be something you have never truly considered before. We are here to help you understand your current position and identify your future needs. Creating clarity will give you the confidence to make decisions to protect your financial future.
It’s important to understand your income requirements and whether your sources of income (e.g. salary, pension, rental income, savings and investments) are likely to be impacted by your divorce. We can map out your financial plan and look at your immediate objectives and how your needs might change.
Understanding the value of your assets is important. Whether you have cash, stocks and shares, property, pensions or protection policies, it’s key to have a clear picture of your current position. We can help you organise your finances and make the best use of your assets.
It can be helpful to understand what you’re saving for. This can help you identify short-term savings goals for example, holidays or home improvements, and a longer-term accumulation plan for retirement and later life. Remember to include so-called “invisible assets” such as pensions, protection policies and trusts.
If you have mortgages or other debts, it’s helpful to understand how and if these will be cleared as part of your settlement. You may now have to look for a new home and will need to understand the best options available to you in terms of bridging finance and/or a mortgage.
You may have legal fees which need to be paid before a settlement becomes due; our private banking team may be able to support with a loan support with a loan which may be drawn over time to correspond with legal invoices.
When negotiating a financial settlement, both non-business and business assets are taken into account. Control over family business assets can be a very sensitive area at the point of divorce. There are the considerations of ongoing income or profits, but also the issue of valuation, voting rights associated with share classes, and the possible need to restructure the business or shareholder agreement.
It is beneficial to obtain tax and legal advice before transferring assets to ensure the correct tax planning strategies are in place to protect your wealth.
As well as mapping out your financial position, there may be other changes you want to make. Post-divorce, it is important to review your estate plan. You may need to make amendments to your Will, appoint a new executor and/or attorney, or change your beneficiaries. You may need to review the legacy arrangements you have in place, including:
- Will and accompanying letter of wishes
- Lasting power of attorney
- Insurance policies including death in service provided by employer
- Assets under trust
- Longer-term care provisions
Planning for the future
Once you have a clear picture of your current financial landscape and your future needs, we can start to prepare a financial plan designed to support you over the short, medium and long-term.
We will always work with you at your pace, ensuring you have the right level of support and advice at the time you need it most. We are always delighted to meet with members of your family or other advisers if you would like their support.
Your wealth needs to serve you differently at different stages of your life. Your qualified and experienced wealth planner will take a detailed look at your business and family financial needs, and use their expertise to create and implement a dynamic wealth plan that will help you grow, protect, access and pass on your wealth.
Accessing the right advice
Financial advice is just one area you might want to consider. Legal advice, mediation, tax advice and personal support advice such as counselling might be beneficial at this time. Having the right team around the table is important and we can introduce you to legal and tax specialists should you wish.
If you are going through, or have recently gone through, a divorce and would like to understand the next steps you need to take to secure your financial future, let us know and one of our wealth planners will be in touch.
Becoming a client
Take control of your finances today by completing our enquiry form. Alternatively, you can call us on the number below and one of our team will be more than happy to talk about your future.
Plan for tomorrow
We take an in-depth look at your business and personal financial needs. We use our expertise to create and implement a flexible plan that is unique to you and designed to help you protect, grow, and pass on your wealth in a tax efficient way.
Investing for the long-term
Designed to meet your income and growth goals within an agreed level of risk, we consider all aspects of your life – from your personal aims and ambitions to those of your wider family; from your business goals, if appropriate, to the legacy you want to leave.