As part of my job as a Divorce Lawyer I often have to help clients sort out their finances so that they can become financially independent, if at all possible, in the future. Clients often assume that this simply involves splitting the house 50/50 but it’s rarely as straightforward as that and my factsheet on Finances explains why http://www.b-legal.co.uk/factsheets/divorce-finances.aspx. It’s always imperative, therefore, that you get advice from a specialist lawyer who deals with Divorce and Family Law so that you know where you stand.
Equally there are times when I advise clients to take Financial Advice as whilst I can advise on the law, the Solicitors Regulation Authority do not allow and Solicitors are not qualified to advise on certain financial issues. Clients are sometimes reluctant to engage Independent Financial Advisers (IFAs). This can be for a number of different reasons such as: thinking they don’t have enough money to warrant advice, feeling embarrassed that they have little financial knowledge or worrying that the IFA will simply see them as a victim to make money out of. There are good and bad Financial Advisers out there just as there are good and bad lawyers out there but as long as you choose the right Adviser they can make the daunting prospect of sorting out your finances after Divorce far less scary. Your friends, family or Lawyer may be able to recommend an IFA to you.
Most IFAs, these days, do not charge for initial advice as their main aim initially is to ascertain whether they can help clients and, if so, what financial outcome is best for them. If they do think they can help clients, then they will then normally set out clearly how they will charge for any work that they do so that clients can decide what step to take next. This could involve selling your home and starting a new life or taking some of the equity out of the home, starting a pension, ensuring that you are covered by insurance, paying university fees or changing your career path.
Divorce can sometimes shatter people’s dreams of a secure financial future but good legal advice and good financial advice can stop your future becoming a nightmare.
For further information on this subject and planning for your future the following then contact Alison Whistler awhistler@b-legal.co.uk.
