The pandemic over the past 20 months has taken its toll in different ways. For many this has included relationship breakdowns and sadly we have seen a rise in divorce and separation with our own clients.
We’ve also spoken to some highly regarded North East solicitors who specialise in divorce to find out what their experience has been recently. Their thoughts echo that of ours.
It’s clearly unavoidable but the breakdown of long-term relationships and potential divorce in later life is one of the biggest risks to your financial future.
Here at RL Wealth we are launching a campaign, which will include a series of articles, blogs and case studies highlighting the issues you need to consider if you are facing divorce in later life. Real financial planning is essential for those looking to find financial fairness and to have a “good” divorce.
Our campaign of articles will cover:
- What happens when one becomes two – the effect of funding 2 households on your long term planning.
- Why it’s important to consider getting financial help at the same time as you approach a solicitor. Being realistic about how you will divide your assets will avoid stress later on. We’ll be sharing a case study to show you how we’ve helped a couple in their 50’s plan.
- The family home. Is keeping it your best move?
- What about income – getting an understanding of where you will find the income you need from splitting your assets. Will you have to work longer?
- Pensions – you might not realise but these could be your largest asset! Pensions should come into the conversation at a similar time to the family home. We’ll explain how pension sharing/splitting and earmarking works.
- The income gap – why women often end up with less income post divorce?
It’s not just about finance, this all makes a difference to people’s overall wellbeing.
We’ll also be looking at a real case study to show how this type of planning can really help move things along fairly.
Please feel free to share with those you know who are facing relationship breakdown/divorce at the moment.
Please get in touch if you want any advice on financial planning upon divorce.