The importance of seeking financial advice before getting a divorce
Divorce is difficult for everyone involved, emotions run high and when it comes to dividing the assets of the marriage, many people focus entirely on the home. This is understandable, especially where children are involved as parents look to limit impact of divorce on children.
What is frequently overlooked, however, is how the home will be maintained both now and in the future. The reality is that divorce will impact on your financial circumstances, with that impact ranging from meeting day-to-day living expenses, to housing and retirement; it is therefore vital that people facing divorce seek financial advice.
Family Solicitor, Victoria Cobham gives us her top tips for managing your finances during a divorce in her latest article.
- Choose a solicitor that you feel comfortable with, who you trust and who understands your goals.
- Appoint an independent financial adviser to work with you and your solicitor to quantify your financial needs early on
- It is rarely the case that both parties have a clear picture of the financial position of the other, or the needs of the other. Therefore, it can be necessary to quantify the marital assets objectively by engaging in disclosure.
- Think long term. Don’t let underlying emotions drive the process. Shift the focus from short term wins to long term gains.
- Get support, if you need counselling or coaching to help you through the process, make sure you get it. This will enable you to give clear instructions to those acting on your behalf.
- No two divorces are the same, so recognise that what friends got in their divorce(s) may be different from what you can or should expect from yours.
- Ask questions. Making sure you know what you’re getting doesn’t make you difficult, it makes you savvy
It is a misconception that engaging in financial disclosure is costly, likely to increase acrimony, or altogether unnecessary. It is, in fact, vital – especially for the financially weaker party. The implications of not getting full advice and/or not considering the impact of all assets, just to achieve a quick settlement, can be very far-reaching.
So whether you are negotiating between yourselves, engaging in mediation or utilising any other alternative dispute resolution method, seeking financial advice is vital.
Remember you don’t need to become a financial expert to be financially savvy, it’s about seeking the right advice from experts. At Mogers Drewett we have solicitors working alongside financial experts and so we can offer you all the advice you need if you are considering divorce. To get in touch please contact Victoria on 01749 342 323 or email Victoria.cobham@mogersdrewett.com . We are here to help.