There’s been a number of articles in the news this week about divorce and one that struck a chord was this piece about how the financial impact of divorce can last for decades and carry on into older age: http://www.abc.net.au/news/2018-07-26/divorce-financial-impact-affecting-older-women/10037520
Whilst the research was carried out by the Australian Institute of Family Studies, the same applies here in the UK. Back in March 2017, the Chartered Insurance Institute (CII) launched a report called “Risk, exposure and resilience to risk in Britain today” (http://www.cii.co.uk/media/7461333/risks_in_life_report.pdf).
The research emphasised that divorce and separation are a significant financial risk to women left “vulnerable” by joint decisions made while they were in a long-term relationship.
The average divorced woman has less than a third of the pension wealth of the average divorced man, while 10% more divorced women expect to rely on the state pension than men, 41% of whom have an occupational pension.
If you are going through a separation or divorce, you will have a lot on your mind about what the future holds and where you go from here and may feel totally overwhelmed by everything you have to consider.
One vitally important thing to think about is how the breakdown of your relationship affects you in terms of your assets, estate and, most importantly, any children that you may have. There will be areas that need dealing with immediately to maintain stability such as bills and mortgage payments. However, once these are taken care of, it is time to look to your longer-term financial future and seek advice from a professional Independent Financial Adviser.
We specialise in advising clients going through divorce and separation. We can discuss the best way to split assets for separating couples and consider the tax and legal consequences. We are an accredited member of Resolution, an organisation of 6,500 family lawyers and other professionals in England and Wales, who believe in a constructive, non-confrontational approach to family law matters.
No separation or divorce is the same, each individual has their own specific requirements, aims and financial objectives. We are empathetic to your needs and treat your situation with respect and sensitivity. Divorce and separation can be financially complex but we speak in plain English and explain everything comprehensively. We encourage you to ask as many questions as you need to until you are comfortable and feel able to make an informed decision as to how you wish to progress.
If you feel you could benefit from talking to an Independent Financial Adviser, please contact Hamnett Wealth Management on 0114 235 3500 for a free initial review meeting.
