Divorce

A financial adviser is a crucial lifeline when navigating the complex process of seeking and finalising a divorce, especially with so many assets, entitlements and liabilities shared between a married couple.

When considering a divorce, financial uncertainty can often hinder the procedure and impact both parties. Much like you trust a solicitor to oversee the finer legal points of a divorce, a qualified IFA should be your first port of call in this scenario to safeguard your financial well-being.

A financial adviser will help you to make informed and impactful decisions about your assets, so that your cash flow, savings and pensions remain as powerful as possible.

After a divorce, your tax liabilities will likely change to reflect your revised position and circumstances. You will, of course, lose the benefit of any joint entitlements gained through marriage, but you may also find yourself liable to pay Capital Gains Tax or, if your household income has changed dramatically, less Income Tax than you were previously.

Our qualified financial advisers will ensure that you’re made aware of your obligations and entitlements during the course of your divorce, so you face minimal stress and only precise, unambiguous choices to shape your financial future.

As with any financial assets accrued during the course of your marriage, you will likely be asked to share some percentage of your pension fund with your former spouse.

However, this is not necessarily a 50/50 split and there are multiple options to consider. Your IFA will work closely with you and your legal representatives to establish your exact liability for a pension-sharing order. Sometimes, a pension offsetting or pension attachment may be a better option – but this will depend entirely on your contributions to date and during your marriage.

There are a variety of choices when it comes to safeguarding your pension during a divorce; we’ll work closely with you to examine your circumstances , choosing the most beneficial option tailored to your pension, current circumstances and preferred retirement plans.

In much the same way that pensions can be distributed jointly between you and your former spouse, so too can savings and investments.

Critically, when it comes to ISAs, these types of savings can only be held in one person’s name so, should you choose to split the funds with your ex-partner, you should be aware that you will lose your tax-free status on all accrued funds – and this may in turn affect your income and other savings held elsewhere.

From your hard-earned savings through to your pension, monetary assets and tangible assets, such as property, our expert team of award-winning financial advisers are on hand to help. They will work with you to explain these often complicated processes, so that you’re presented with a series of simple choices with clear outcomes.

If you’re considering or actively undertaking a divorce, get in touch today to ensure that the next phase of your life is as stress-free as possible. Maximise your spending power and nest egg for the years ahead with the award-winning financial advice of Matthew Douglas – the ‘Best IFA in the East of England’.