Blog
Prenuptial Agreements: providing more certain outcomes on divorce
The court's approach to financial issues when a marriage breaks down in England and Wales: When a marriage breaks down, the divorce court has a very broad discretion and wide-ranging powers to redistribute the couple's income and assets, so as to achieve a fair...
Changes to the State Pension 2016. What it means for you.
With effect from 6th April 2016 a number of changes are taking place with regard to State Pension. Anyone who is already claiming their state pension and those who reach state pension age by this date will remain under the existing rules. This group will not be...
Don’t let this happen to you: Protect your future wealth
One of the mistakes I often see during divorce is clients wanting to settle the financial situation without consulting a solicitor. They believe (incorrectly) that a solicitor will automatically want a long drawn out court case and that solicitor fees will rocket....
A husband is for Christmas but not necessary for life!
I'm a dog lover and make regular donations to Dogs Trust, which is a charity rehoming abandoned dogs. Their catchphrase is “A dog is for life, not just for Christmas”. I thought a rather tongue in cheek similar phrase for my clients would be “A husband is for...
Pension not discussed as part of divorce.
The Scottish Widows Women and Retirement Report 2014 noted that among divorced women 84% said pensions weren't discussed or they couldn't remember them being discussed as part of any settlement. This is a similar figure to previous years. This is very worrying. Not...
How much do you need to save for retirement?
In their recent “women and retirement report 2014” Scottish Widows asked thousands of women about their plans for retirement. There was certainly good news, in that the number of women saving into a pension had increase by 10%. However, the report also highlighted...
Pension sharing: two bites of the cherry
A pension sharing order (PSO) cannot be varied at a future date. In addition, if you are awarded a PSO from your partner’s pension you cannot apply for a second PSO for the same marriage on the same pension. It’s therefore important to ensure you take good legal and...
What’s a financial clean break order?
A clean break is a court order settlement whereby a lump sum payment and/or property transfer is made with no on-going maintenance. A clean break ends the financial relationship between the two parties. Once the break occurs neither party can make a further claim...
What happens to my inheritance following my divorce?
Generally when discussing the divorce settlement all assets of the marriage are pooled and treated as joint assets. A situation may arise where one partner has received an inheritance which they have used for family purposes (eg to provide a deposit for the house...
What makes your client experience unique?
When you’re choosing a financial adviser it can be very difficult to differentiate between the services offered by the different advisers you meet. Particularly if this is an area you have little or no experience of, and where you may be lacking confidence. A really...
How will a financial adviser charge?
If you're looking to instruct a financial adviser, the cost of that advice will be something you will need to understand. There are a number of different ways an adviser may charge: A fixed fee An hourly fee As a percentage of your funds Or a mixture of the above...
What expertise should your financial adviser have?
Most financial advisers will have a very broad range of knowledge, enabling them to provide advice across various subject areas to help with general financial planning. However, dependent on your needs and circumstances you may prefer to speak to an adviser who is a...
What qualification should my financial adviser have?
In order to provide regulated financial advice in the UK, a financial adviser must hold an approved qualification covering a number of financial planning subjects. Qualifications are generally from two main professional bodies: Chartered Insurance Institute (CII) and...
Helping children feel nurtured, supported and heard through divorce, separation and break up.
Divorce is stressful for parents and children alike and although reactions will depend on a child’s age, temperament, and the circumstances surrounding the split, many children feel sad, frustrated, angry, and anxious — and it’s not uncommon for them to become naughty...
Ten inspirational quotes about divorce
The aim of the quotes below is to provide some inspiration at the low times of divorce. They are a mixture of funny, sad, and uplifting. Do let me know what your favourite quotes are, in the comments section below “Sometimes good things fall apart so better things...
How do you choose a financial adviser?
The majority of my clients are females going through divorce,and their husband has dealt with all the finances during the period of their marriage. Therefore when they are faced with having to find an adviser it's a really difficult process for them to go through....
How to protect your pension share from falls in the stock market
The previous blog “How is the value of my pension share calculated?” highlighted the process to be followed in calculating the amount of funds to be transferred on implementation of a pension share. If there is a significant fall in the stock market from the date of...
When can I access my pension?
Under current pension rules 25% of the value of a pension fund can be taken as tax free cash. The balance is used to provide income over the individual’s lifetime. Clients have often told me they weren’t keen on saving into pensions because of the restrictions on when...
How much is state pension?
The current basic state pension is £113.10 per week which is the equivalent of £5,881.20 per annum. This basic amount is increased if you also have an Additional State Pension or a Graduated Pension. The basic amount increases each year by the “triple lock“, which is...
Do you know when you will receive your state pension?
Up until 2010 women had a state pension age of 60, and men had a state pension age of 65. However, with increasing life expectancy it became very obvious the Treasury needed to make changes. It wasn’t uncommon for some individuals to be claiming state pension for a...
How is the value of your pension share calculated?
During your divorce negotiations both you and your spouse will have obtained a valuation for each of your pensions. The date of this valuation must be within 12 months of the hearing date. Clients will often rely on this figure as the value of the pension that is to...
Would you be happy to throw away your money?
Now of course we all know that if I asked this question directly the answer from everyone would be “NO”. And probably you would think that I was even mad to ask the question. And yet, I often see this being done by my clients. I am dealing with a client now who...
Should I downsize when I divorce or keep the house?
If you and your spouse have decided to split the joint assets it’s very easy to think that how you achieve that split will not affect the outcome. Will it make a difference if you remain in the house and don't take any other assets compared to if you downsize now and...
The Financial Settlement: What’s involved?
The Financial Settlement The financial settlement is a separate process to the dissolution of the marriage. Although they are often done at the same time there is no legal mechanism to compel people sort out their financial matters with the divorce. One party can...
The Divorce Process
The Divorce Process Divorce is the ending of the marriage. Sorting the finances is a separate issue. It is not unusual for the legal process to be finalised before the financial settlement. However, since some provisions cannot be altered after the Decree Absolute...
Are you entitled to a fair share of the assets on divorce?
It’s not unusual that when there are children in the marriage that the wife earns less than the husband. She may be a stay at home mum or earn a lower income simply because she works fewer hours in order to be able to cover childcare. It’s also quite usual that if...
What lifestyle will you lead after your divorce?
Following divorce it’s very likely you will want to maintain the same lifestyle as you enjoyed during your marriage. If there are sufficient funds to go round that’s likely to be the outcome. However, consider what will happen if there isn’t enough money. The same...
Alternatives to court for your divorce
As mentioned in "Should I use a solicitor for my divorce?" instructing a solicitor does not automatically mean you will end up in court with protracted, drawn out divorce proceedings. There are a number of other alternatives, and which one of these is best for you...
Should you use a solicitor for your divorce?
If you and your husband are getting on well, or you have a limited budget, you might think it’s a good idea to want to sort the divorce yourself, without instructing a solicitor. A DIY divorce will be cheaper than using a solicitor in the short term, but may infact be...
Do you bury your head in the sand regarding your finances?
I have some clients who come to me feeling almost shell shocked their husband has asked for a divorce. In many instances these women weren't even aware there was a problem in their marriage. Some clients come to me and they've known for a long time their marriage...