When it comes to divorce, most people think achieving the best financial outcome is all about having the right lawyer in place.
In reality, also having a good Independent Financial Adviser (IFA) on your side can help ensure that you don’t end up with an unfair divorce deal and that you make the right decisions for your financial future after the settlement is agreed.
During a divorce, a level headed, clear thinking financial expert can help reassure you and guide you through all the complex financial jargon that is likely to rear its head!
A key part of the negotiation process is your adviser gathering full details of both parties’ individual and joint finances.
This usually involves going through all your bank accounts, investments and savings, credit cards, loans, mortgage (s), life insurance policies and pensions.
Once all the information is to hand the IFA will help you complete the 28-page official court financial review document known as a form E.
By helping you understand the numbers and complete paperwork, a good IFA should help speed up the process and help keep your legal costs to a minimum.
You can search for the best client-rated IFA near you by entering your postcode on VouchedFor.co.uk, the UK’s rating and review site for independent financial advisers.
If you decide not to take advice and agree with what your ex’s advisers propose, you could end up losing out – particularly with regards to complex pension and investment arrangements.
It’s worth noting that each of you can have your own IFA. Alternatively the adviser can work for both parties if it is a more amicable, collaborative divorce.
Once the divorce has been finalised and the finances redistributed as per the settlement, each party will need to plan for their future financial needs. This brings with it new challenges, particularly if you didn’t get involved with managing the finances previously.
Whether you need to arrange a new mortgage, review your life insurance needs, restructure investments and pensions or simply create a robust, holistic financial plan for your future – an IFA can help guide you to the right options.
Creating a new will is often an important one for the to do list as any existing joint will could be automatically revoked unless it includes a clause which ensures it will continue to be valid after a divorce.
It's easy just to bury your head in the sand at such an emotional time when feelings are raw, but failing to seek help from a specialist financial adviser could see you missing out on thousands of pounds during and after your divorce.
To find the best reviewed IFA near you, simply enter your postcode into VouchedFor.co.uk, the UK’s leading rating and review site for IFAs.