What's an important money mistake to avoid if you're going through a divorce?

07 July 2023

Question by Melina

Answered by Lisa Caplan

Money, mistakes to avoid if you're going through a divorce.

I think the most important thing is to face the finances. Sometimes it's the first time women in particular have really grappled with this. It's hard and it's scary, but once you actually face it, it could be less difficult than you think it is and you'll feel so much better when you have.

I find it incredible that still today, sometimes people don't look at their partner's pension, which is really an important part of their finances, and you've helped your partner be able to build that up.

So that's part of the financial question. And more and more, sort of from a sort of a financial arrangement, it's not simply half and half. It starts with needs, who needs what.

So with cash flow planning and financial planning, you can get a view of what you need to support yourself over the rest of your life and possibly get a more equitable separation of the finances. It's hard. It's traumatic. But if you can, it's so much better if you look into the finances and get a grip. Don't hide away from it because you'll be so much better off if you do.

Answered by

Lisa Caplan

Director Foundation Planning

I am a chartered Financial Planner, with over 14 years of experience helping people to understand their financial position and to make good financial decisions. I offer easily accessible and digestible guidance and advice on key areas, so that you can move forward with confidence.