Written By Marcus Rayer
During the challenging and emotional process of divorce, it can feel like there are many decisions to make and important tasks to take care of. Independent Financial Adviser, Marcus Rayer Chartered ALIBF, has put together a ‘Financial Planning and Divorce’ Checklist to hopefully give you a head start on your financial planning through divorce.
Marcus himself has experienced divorce, not just in a financial planning capacity, but also as a divorcee himself. He is supportive and sympathetic to both sides of the situation and, as a parent, Marcus knows how children can further add to the complexities of a separation.
❏ Assets
A major part of divorce is the division of assets, so understanding what you had as a couple and what you will have after divorce is key in planning for your financial future.
❏ Budgeting
There may be many things to fund and budget for throughout the divorce process, such as professional advice from solicitors and/or financial planners.
❏ Children
If you are a parent, it is always a good idea to make arrangements for parenting plans, child maintenance and even education costs as early as you can to ensure a smooth as possible transition for the whole family.
❏ Debt
Consider any debts or liabilities you have that may carry forward, and whose name these are in. This can include things such as personal loans, car finance, mortgages etc.
❏ Estate Planning
After any major life event, it is important to review and update your estate planning arrangements where necessary to ensure these reflect your current wishes. Following a divorce, this could include updating the beneficiaries on your will, employee benefits, pensions or protection policies.
❏ Filing & Admin
Gather your important documents, arrange any change of address/redirects, update passwords and review any insurance policies that are perhaps joint with your ex-partner, or that cover assets you will no longer possess post-divorce.
❏ Guidance
You may wish to seek further support to help you through this difficult period, from free resources such as Citizens Advice, emotional support from counselling, or an Independent Financial Adviser to guide you through the financial complexities.
❏ Housing
Assess your affordability of keeping the family home, any additional properties and the possibility of renting if needed. We have specialist mortgage advisers we can introduce you to that are experienced with divorcing/separating couples who can provide you with further support.
❏ Investments
Whether you wish to scale back on your investments or pension contributions or start to build up your investment pot, it is wise to regularly review your investment strategy on a regular basis and especially following any major life change.
Getting on top of your financial plans can help reduce the stress a further financial burden could bring. Should you or a family member require any further support or advice regarding a divorce or separation, please do not hesitate to get in touch with one of our Independent Financial Advisers on 0117 450 1300.
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Written By Marcus Rayer
