Getting Divorced and Worried About Your Finances?

This article was originally published on Juno Wealth’s website. Juno Wealth was acquired by Progeny in February 2019.

We can help make your divorce less painful

Getting divorced is devastating and can be such a rollercoaster of emotions from denial, grief and pain to anger, profound anxiety or even a sense of panic. And in the middle of this quagmire of emotions, you’re suddenly expected to make sense of your ex’s finances and make long term decisions about your financial future. And maybe that of your children too.

There isn’t anything much harder for many women facing divorce. You may not know what your husband’s financial situation is (and he may not be keen to tell you) but even if you do, the information he provides may seem like a foreign language. Worse still, if you’ve never had to manage the family finances, knowing how and what to do may seem impossible.

If any of this sounds familiar, the good news is, you don’t have to go through it alone and engaging a Chartered and Accredited Financial Planner could make all the difference both now and to your future.

Someone you can trust

At a time of such huge emotional turmoil, it’s really important to have someone looking out for you. Someone who really understands your family finances however complicated they are. Someone who also understands you and what you are going through. But someone who isn’t caught up in the raw emotion of the divorce and can guide you to what is the best possible outcome for you both now and long term, and that’s where your Financial Planner and Independent Financial Adviser steps in.

Helping you to understand your assets

Once the divorce process has started your ex-husband will have to tell you what his assets and income are. But with complex finances such as investments, business assets, pensions and unconventional income streams it can be very difficult to understand what it all means and what it’s all worth, both now and in the future.

A Financial Planner can not only explain this to you in straight forward language but can also tell you what the real implications are for you. What’s more if you’re not convinced your husband is being straight with you, a Financial Planner can spot what’s missing and what doesn’t add up and work with your solicitor to make sure you get the full picture of your ex’s assets.

Making sure you get a fair deal

You may have heard phrases like “50/50 division of the assets”, “pension splitting” and “pension sharing”. But a 50/50 split of a pension doesn’t necessarily mean you’ll end up with an equal income when you retire and while some investments may look like they’re worth the same, a little digging often reveals they are not. In many cases your legal team will not be able to provide this important, extra level of expertise and financial understanding and having the advice of a Financial Planner at this stage is really important.

A helping hand as you start to manage your finances

You may also have some tough decisions to make, such as what happens to the family home, whether you need to go back to work and how you invest any assets you’ve received. A huge part of dealing with this is knowing what you need to live on comfortably both now and in the future and then managing your assets in a way that helps you achieve that. And at Juno Wealth that’s something we excel at.

You really don’t have to face it alone

Tracey Evans is an experienced Chartered and Accredited Financial Planner. An Independent Financial Adviser (IFA) who has a thorough understanding of the legal process. But just as importantly she’s a human being who understands what you’re going through. She can’t make getting divorced painless, but she can help you get what you need and achieve peace of mind when it comes to your finances.

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

Past performance is not indicative of future results and the value of investments can fall as well as rise. No representation is made that the stated results will be replicated.

Tracey Evans

Associate Director, Wealth

Tracey is passionate about helping clients to see their ‘big picture’ and has been doing so for nearly 30 years.

Learn more about Tracey Evans