LOOKING AFTER YOUR WEALTH THROUGH DIVORCE
As well as the emotional turmoil, divorce can have significant financial implications, and it’s important to take steps to protect and look after your wealth during this challenging time. In the UK, here are some considerations and strategies to help safeguard your financial interests:
- Seek legal advice: Consult with an experienced family law solicitor who specialises in divorce cases. They can provide guidance on the legal aspects of dividing assets, spousal maintenance, and child support. A solicitor will help you understand your rights, obligations, and potential outcomes, allowing you to make informed decisions.
- Gather financial information: Compile a comprehensive overview of your financial assets, including bank accounts, investments, pensions, properties, and any other valuable possessions. Ensure you have all relevant documentation and records to support your claims. This information will be crucial during the negotiation and settlement process.
- Consider mediation or collaborative law: Divorce mediation and collaborative law approaches can help resolve disputes amicably and cost-effectively. These alternative dispute resolution methods involve working with a neutral third party to facilitate negotiations and reach mutually acceptable agreements. They can help maintain better control over the outcome and preserve your wealth by minimising legal expenses.
- Assess the division of assets: Understanding how assets are likely to be divided under UK divorce law is important. The court considers various factors, including the length of the marriage, the financial needs of both parties, contributions made during the marriage, and the welfare of any children. It’s essential to work with your solicitor to analyse and present a fair and accurate assessment of your financial position.
- Protect your business interests: If you own a business, take steps to protect its value during divorce proceedings. This may involve obtaining a valuation from a professional, exploring options for buying out your spouse’s share or considering restructuring the business to safeguard your interests.
- Update your estate planning: Review and update your will, power of attorney, and beneficiary designations on financial accounts and insurance policies. Divorce can significantly impact inheritance rights and other financial arrangements, so it’s essential to ensure your documents reflect your current wishes.
- Focus on long-term financial security: We can work with you to develop a post-divorce financial plan. We can help you understand the potential long-term effects of the divorce settlement, assist with your investments, consider your retirement planning, and plan for your future financial security.
Divorce is a complex and emotionally challenging process. But we’re here to help. By being proactive, and taking steps to protect your financial interests, we’ll help you navigate the financial pitfalls and safeguard your wealth in positive way.
Will writing and legal services are not regulated by the Financial Conduct Authority.
Will writing and legal services are not part of the Quilter Financial Planning offering as they are offered by referral only. Quilter Financial Planning accept no responsibility for this aspect of our business.