Are you getting the financial settlement you need from a divorce?
A quick Google search shows that 42% of marriages in the UK end in divorce, but with the additional pressures that COVID-19 has presented the nation, this figure is likely to increase.
What has always concerned me about the divorce process is how few people seek financial advice at this difficult time. Legal & General’s recent study published 4th January 2021 confirmed my fears with only 3% of people seek specialist advice, even though the divorce settlement may be the biggest financial decision they will make in their lives.
In my opinion, this figure is so low because people are unable to think about anything other than the bare minimum required of them at such an emotional time. Dealing with important subjects such as pensions and mapping out their financial future are complex and extremely daunting aspects of a divorce that many just cannot contemplate at such a challenging time. The problem this causes is that people often choose short-term stability (for example, staying in the family home) over longer-term financial security, which may be the costliest mistake they could make.
That is why I have made the decision to specialise in divorce financial planning. As the daughter of divorced parents, I have seen first-hand the emotional and financial challenges it creates. As a result, I am now on a mission to help people through this difficult time and avoid making financial mistakes they live to regret.
Having a financial specialist involved helps clients establish what they need from the settlement or understand what a proposed settlement means to them and their future. Then, after divorce, it is a case of creating a clear plan to help clients achieve financial security for the rest of their lives.
The relief I see on clients’ faces once they understand their financial assets and what potential settlements mean to them is the most rewarding feature of my job. I gain real satisfaction watching clients gain the confidence to make fully informed decisions about their finances, which they never thought they would be able to do.
Divorce is challenging enough without the additional anxiety caused by financial concerns, so I would strongly encourage anyone going through such times to seek advice from a financial expert.
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