We often find that where individuals are within unhappy marriages, they feel too scared to divorce.
This can be for a variety of reasons, but often the fear that it is financially untenable to divorce will hold people back from exploring that option.
A new study by the lawyers Slater & Gordon found that around one fifth of married people feel ‘trapped’ in their marriage and would only divorce if their financial security was guaranteed.
Women are more likely than men to cite financial fears as the main reason for not getting a divorce. Men were generally most worried about the impact divorce would have on their family.
If financial worries are holding you back from making a fundamentally important decision about your life and relationship, working with a Financial Planner can help.
We have helped a number of clients who approached us long before speaking to their partner or a solicitor.
They wanted to know whether divorce was a financially viable option; would the act of separation leave them in a financially stable position, both now and in the future?
Independent financial advisers are often called into the divorce process to help with advice on the implementation of a pension sharing order.
This survey from Slater & Gordon demonstrates that it is too late to add a Financial Planner to the mix only when the divorce settlement has been decided. We need to be involved from the outset.
Developing a divorce Financial Plan provides an opportunity to truly understand your current and future financial position, both within the marriage and should you separate.
Working with a Financial Planner to develop this plan should feel less ‘final’ than seeking advice from a solicitor.
Of course a good Financial Planner will also be able to introduce you to the very best family solicitors or collaborative lawyers, from their experience working with these professionals, and ensure that should enter the divorce process fully armed with all of the financial information you need.
Do get in touch if you find yourself in this position and want to understand your options.
You can call us on 01483 274566, email hello@icl-ifa.co.uk or use our online contact form to get in touch in confidence and arrange an initial meeting, at our expense and without any obligation.
