The financial implications of divorce

It can be difficult to keep a clear head and think in a practical, financial frame of mind when you are in the emotional storm of a divorce.

You will be inundated with advice from well-meaning friends and loved ones but, however good their intentions are, they are not the people you should be relying on for guidance. In this blog, we look at the financial implications of divorce and how you can be best prepared. Read on to find out more.

Divorce can be one of the most challenging things you go through in life and has the power to change more than just your personal situation.

It has often been said that marriage is about love and that divorce is about money, therefore, separating emotions from financial decisions is crucial. Being supported by a highly trained and experienced team of financial specialists will help to protect your future and provide you with peace of mind.

It is important to understand how the separation will affect you financially, so that you can prepare accordingly. There are many things you may not have considered. Most couples’ immediate priorities typically surround what will happen to any children involved and the fate of the family home. However, there are many other issues which will need to be examined and addressed.

A divorce will likely involve a complete review of your finances, as well as your spouse’s. Afterwards, financial aspects will need to be coordinated and jointly-owned assets, such as properties and life policies, may need to be sold or transferred.

Additionally, people divorcing later in life have fewer years to get back on track before they begin retirement planning. Experienced financial advisors can help to create a plan to minimise disruption to personal finance and life goals.

At Chartered Wealth Management, we understand that going through divorce or separation is extremely difficult, which is why we have a team of empathetic professionals to make you feel comfortable and at ease from day one.

It may be the first time you’ve ever needed to consider financial planning or the splitting of your assets, which is why you’ll need to feel sure that you’re receiving advice you can trust, so that you can make informed choices.

We will work closely with you and your professional advisors to achieve the best possible outcome. Once your divorce has been finalised, you can begin your new life. With this comes untold possibilities, which make it more important than ever to have regular review meetings with us to keep your financial planning aligned with your circumstances.

Whatever the reasons, severing ties is never easy. The main thing to remember, however, is that divorce is not just about ending; it’s about starting over. Contact us today to start preparing for that new beginning.