Single Again (age 30-50)
Your relationship wasn’t working and you have decided to go your different ways and separate. This is a common occurrence.
You’re most likely to be re-arranging your family and deciding who lives with which parent and who is dependent on whom when it comes to care and support (and money!).
This is often a costly process; besides solicitor fees you are likely to have a higher financial burden in the future. You may also be required to relocate your home or support your children solely on your own finances. You are having to reassess what is important in life and take care of your children.
You have less disposable income but there are decisions to be made about how to split the assets between you and your partner.
There are ways you can come out of your divorce financially secure and stable. You want to be able to maintain a comfortable lifestyle after divorce and to support yourself through your journey and still live life to the full. Separation can be costly both emotionally and financially but seeking the right advice can help.
Pensions within divorce are very important but can be very complicated. These cases are often dependent on financial advice to ensure you are getting the best outcome. Settlements will require a solicitor who may not understand how to protect your finances or offer you the best outcome between you and your partner. An IFA may well be able to suggest better outcomes using their expert knowledge and approaches in conjunction with your solicitor.
It is also important to change any beneficiaries in your will or life cover and ensure they are appropriate for your new situation. You may need to take your former partner off the legal documents and may want to write in alternative beneficiaries or your children.
You must also consider the impact this will have on your retirement. You may have to provide solely for your own retirement now so you should rethink and rearrange your contributions and outlook. This may require a complete rethink of your retirement priorities and your ability to make contributions. You may have to increase your contributions and push back your retirement age to accommodate these changes.
Divorce or separation often requires a complete rethink and overhaul of your financial plans which means financial advice is crucial in ensuring you are putting yourself in the best possible position. Here at People and Business, we offer advice on a range of different issues and goals to ensure you are prepared and secured. We have a wealth of great experience in helping people through this difficult stage with professionalism and care – contact us today. Click here.