Financial planning on divorce – the pitfalls and opportunities
Assessing a client's immediate and future financial needs on divorce is a minefield, but a process and conversation that can be paramount to how separating couples move forward in their lives.
Recently at a Blake Morgan event, Eliana Sydes, Financial Planner and Wealth Manager of Towry, provided an insight on how solicitors can help prepare their clients for financial discussions during divorce proceedings.
Helping us as solicitors to look at divorce from a financial planning perspective, Eliana highlighted that for many clients going through a divorce, it is the fear of the unknown that can be a significant driving force in the decision making process. If any of us were asked to draw up a life-long financial plan that attempted to cater for all unknown eventualities it would be an overwhelming task. Yet, this is the request we make of our clients and for the financially weaker party the request may be even more daunting.
It is this fear that both solicitors and financial planners, as trusted advisers, need to help our clients overcome. Eliana suggested that it is 'life after divorce' that we should help our clients focus on rather than the divorce process itself. By starting discussions from a positive, forward looking perspective, clients are more likely to engage with the discussions surrounding their financial future.
Establishing a client's future financial needs is a complex task and creating a proactive environment within which to have these conversations is key to a successful outcome. For many going through divorce proceedings, they have lost their sounding board in the shape of their former partner with whom they would normally make significant life decisions.
It is therefore our responsibility as trusted advisers to break down our client's fear of the unknown, by providing them with the necessary information to make informed decisions, assisting them with these life decisions and positively turning their focus towards their life after divorce.
Blake Morgan takes pride in working with financial planners, such as Towry, to assist our clients form the best solutions. For help with any aspect of your divorce, please contact the Blake Morgan family team. We are pleased to offer a 50% discount to new clients for an initial consultation in relation to divorce proceedings.