Very often as Financial Planners, we work with clients who are going through the process of divorcing, providing independent advice in respect of their financial and pension options.
More common than divorce is the failure of a relationship before marriage, often resulting in just as significant financial consequences.
Without the formal legal recognition of marriage or a civil partnership, this type of relationship breakdown can sometimes prove more challenging to deal with in terms of the separation of finances.
Commenting in the Independent on Sunday yesterday, Informed Choice chartered financial planner Martin Bamford was offering help to a reader who was left struggling after her relationship breakdown.
You can read the circumstances and article in full here.
Commenting on the need to take professional advice and take decisive action in respect of her debts, Martin said:
“Helen needs to get some peace of mind in respect of the various debts,” he added. “The solutions are unlikely to be easy – or palatable – but she needs to address these issues, rather than deferring them.”
Looking at her membership of the Civil Service Pension Scheme, Martin explained:
“Helen should review the benefits expected to emerge from this scheme at least once a year, and should also consider her state pension benefits,” he says. “Once she resolves her debt problems, it would be wise to create some additional savings, as this will put her in a stronger financial position in retirement.”
Photo credit: Flickr/sheeshoo
