It is common for clients to worry about how to manage their money after a divorce.
It is an inevitable consequence of divorce that one ‘pot’ has to be shared between two people, and so less money is available to each person.
Consequently, careful consideration needs to be given to how much is needed to meet day to day expenses, to rehouse and purchase other one-off capital items, and how much pension income you will need.
Our family lawyers will help you to work out how much income you need to meet your outgoings, such as mortgage repayments, household bills etc.
We will use this information to work out what the shortfall is between your income and outgoings, and that will be the basis of any maintenance claim against your spouse.
It may be that you receive additional capital that should be used to earn interest to put towards your outgoings. We are fortunate to have assistance from Nockolds Wealth, who will be able to advise you on the amount that you will be able to earn in interest, the best investments to achieve that, and which investments will give you the flexibility in access to the money that you need.
Nockolds Wealth can also assist family clients in ensuring that their ex-spouse is sufficiently insured to cover any maintenance claim in the event of their death or ill-health.
Without this, the amount of maintenance that is received may be terminated (automatically in the event of death) or reduced (if the court agrees) and so it is sensible to agree with your ex as part of the divorce settlement that appropriate insurance will be in place and who will meet the cost of that insurance.
Our family lawyers will help you to work out how much you need to rehouse and to make any other one off purchases, such as a vehicle.
Nockolds Wealth can help us to work out how you can use that invested money to meet the cost of any one-off items and how to invest the remaining money to earn interest.
It is possible for pension values to be shared upon divorce.
When this happens, an amount is taken from one person’s pension fund or funds and placed into a pension pot which belongs to the other. The pension money then belongs to the person that has received it and is free to invest or use it as they choose.
Nockolds Wealth can assist you to identify which pension fund to invest any pension transfer amount into, as well as advise you on how much you may wish to draw from your pension, whether as capital to take advantage of tax-free withdrawals or as income.
Our clients find that it is beneficial to them to have continuity in the same firm offering advice during the divorce process, once they have received their financial settlement and for the rest of their life.
Our family lawyers are able to work closely with you and Nockolds Wealth during the divorce process, and the advice that clients receive post-divorce is then seamless.