Specialist Financial Advice for Divorce or Separation

Making the decision to divorce or separate can result in one of the most emotionally challenging and financially complex times of your life. The decisions you make during this period may have far reaching effects in years to come. As such, it is a time when the discreet approach of a professional financial adviser is paramount.

We will work with you as your trusted adviser to help you consider your overall position during your divorce negotiations, and to achieve a fair financial settlement. This will include discussions relating to key financial areas:

The introduction of no-fault divorce

The Divorce, Dissolution and Separation Act 2020 took effect in England and Wales in April 2022. This piece of legislation has been described as the biggest change to UK divorce law in a generation. The Act essentially removed the concept of fault from the UK divorce and civil partnership dissolution processes, and sought to reduce animosity during the divorce process.

Reaching an agreement can be a complicated and drawn-out process. You will be required to disclose full details of your marital assets, which will be presented to a judge to agree an arrangement that will meet both of your needs. There may be times when the process is adversarial and you will need our full support. However, we can also work with you as a couple to ensure that your financial planning works for you both as you start new chapters in your lives.

The value of financial advice

You may be wondering why you need a financial adviser when getting a divorce or separating, as you already have a solicitor. Your solicitor will focus on the legal process of divorce. A financial adviser will help you and your solicitor best structure your financial settlement, to secure the most favourable division of assets and to ensure that the right decisions are made for you and your personal circumstances. Your financial adviser will carry out all tasks relating to this goal, including analysing future income requirements, assisting with administrative paperwork and helping ensure you have fully disclosed your financial situation.

Your Lifetime Wealth Model

The first stage of financial planning in the runup to negotiating a divorce settlement is understanding your current and future financial needs. Our Lifetime Wealth Model is our online methodology which helps you build up a clearer picture of what a settlement might deliver throughout your lifetime, and help answer questions such as:

What level of income do I need and how can that be generated?
Does it make financial sense to remain in my former marital home?
Can I continue to meet school fees?
When can I afford to retire?

Our Lifetime Wealth Model is designed to support you with your future financial decisions and, most importantly, give you valuable peace of mind.

For more information relating to financial settlements on divorce and planning your financial future, we invite you to read our guide.

An introduction to divorce and separation

Financial disclosure during divorce and separation

Disclosing your financial assets to your spouse on divorce or separation is essential to ensuring a fair settlement. If it is later proven in court that you failed to disclose all of your assets, it is likely the financial settlement will be revisited. Assets that must be disclosed include :

Property
Funds in banks and savings accounts
Insurance policies
Investment portfolios
Pensions
Any loans or liabilities

Our financial advisers can advise you on the best division of assets, assist with asset disclosure via the completion of ‘Form E’, analyse your future income requirements and assist with administrative paperwork.

Complex and multi-jurisdictional divorces

If your divorce or separation involves an international element, whether this be through holding foreign citizenship, living overseas or having assets located abroad, our PWM International team can help.

The laws governing divorce and separation will differ depending on the jurisdiction in question, therefore, specialist financial advice is of the utmost importance. Our International advisers can advise on the best jurisdiction for your divorce (if you have a choice), as the difference in outcome could be substantial. They can also assist you in locating and disclosing assets held overseas, dealing with the division of money and assets held in complex financial structures, and ensuring you have met the financial disclosure requirements of the jurisdiction you have selected.

Our practical and supportive service

At Partners Wealth Management, we understand that every client is unique and requires different levels of support. Our supportive and proactive financial advisers have the flexibility to adapt their advice to your individual circumstances and needs.

As part of our holistic financial advice service, we can:

Provide guidance relating to financial disclosure, for example completing Form E.
Analyse the assets required to meet your desired level of expenditure over your lifetime in advance of reaching a settlement.
Advise on the division of assets in divorce or separation, such as property, pensions, investments, mortgages and life policies. This can be a contentious issue, and so we are on hand to advise you on each of these areas before and after any settlement is made.
Advise on the division of pensions between you and your ex-spouse (Pension Sharing Orders).
Implement a Tax Optimisation Strategy that addresses both the payment of future tax bills and longer-term tax planning and mitigation measures.
Develop a robust and well-researched investment strategy that meets your needs. Our Investment Independence means that we can research the whole of the market and deliver a tailored investment plan that is aligned with your risk profile and income requirements.