Making financial decisions with divorce settlement or during separation proceedings
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No minimums to access our services.We offer high-quality financial planning to individuals and their families. We can advise people going through separation and family breakdown.
Edale is a financial adviser firm that can help you overcome difficulties, hardships, and technical challenges during the divorce process and after divorce for your future. As a firm with a social purpose, we help everyone from the chief executive of a plc to a shopkeeper, by offering a free no obligation advice; booked in a few clicks.
We ensure financial advice and options are available to everyone, irrespective of their situation or complications. Our specialist advisers provide advice on pensions and financial issues on divorce. From complex asset valuation to pension and tax planning opportunities in divorce-related work. When you instruct us to work, we can charge on the time we spend on your affairs or can provide advised solutions with a focus on ongoing advice. We are flexible to support you at any stage of divorce or separation.
Specialists in divorce proceedings
There are three main parties that you may involve in your divorce related to finances. This is to provide you a guide to what each of them do for you and their role.
- A divorce solicitor will support you through the whole divorce process covering the legal side and negotiate the best settlement for you. The Law Society describes their role to “make it as simple and stress-free as possible by listening to you and discussing your options with you. Telling you where you stand and what your rights are. Helping you understand your ex-partner’s rights. Giving you trusted advice about your family, home and financial security”
- Family Finance Barrister offer advice and representation on the complete range of financial remedies arising from relationship breakdown. The General Council of the Bar, commonly known as the Bar Council, is the representative body for barristers in England and Wales.
- An independent financial advisor supports and guides you in dealing with all financial planning issues that can arise in divorce proceedings and afterwards assist with the post-divorce financial planning and management of assets. A key role is explaining finances to make you feel financially confident and secure for your future.
Dividing your financial assets can be complex. A supportive professional can be an objective financial eye (whether a difficult time, acrimonious or not).
Lawrie Chandler, Financial Adviser
Free IFA Appointment as divorcing
Financial planning and advice before, during and after divorce
Dividing up money and belongings when you separate
Get basic, practical, focused advice as needed to make financial decisions and plan investments like pensions and income for life after divorce/ separation.
The pain, heartbreak and distress involved in a divorce can make dealing with financial and asset split feel overwhelming, but it’s a procedural part of divorce proceedings and essential to get correct for financial security and comfort in later life.
Disclose all matrimonial assets on Form E
Both parties will be required to disclose all their matrimonial assets. This will occur at some stage during divorce proceedings and usually complete on Form E Financial Statement. The Form E is part of the evidence to decide how to split your financial assets with your former partner. These can often include complex investments such as unit trusts, share portfolios, share options, life insurance policies, stock options, etc. Values of these instruments can be significantly depressed and incorrectly valued, which can go undetected.
Pensions and divorce
After family homes, pensions are one of the largest financial assets of individuals. Solicitors are mandated to include pension plans in the matrimonial assets. The rules require during divorce proceedings that:
- Any pension arrangements are identified and included in the divorce settlement
- Obtain a suitable valuation of the pension assets
- Either offset, share or attach the pension assets as most suitable for their client
- Implement any pension orders
Pensions are considered in three ways in a divorce settlement:
- Off-setting
The whole pension is taken, typically by the husband, and the wife is given other assets, such as property or cash of equal value. - Pension sharing
A pension fund is split between the spouses. One party is allocated a proportion of their ex-spouse’s pension savings. Those pension savings can be transferred to another scheme, or they may be given the option to have their own scheme with the existing provider. Frequently, for a clean break, it’s optimal to transfer to another scheme with Financial Advice assistance. - Earmarking
A portion of a pension fund is attributed or ‘earmarked’ for the ex-spouse for future use. This can only be accessed when the ex-spouse, who owns the fund, crystallises their benefits.
Dealing with a pension order can be a daunting task. One of the critical parts of many of our services is that you do not need to consider your pension affairs, as we take away stress and angst for you, handling your pension affairs with compassion and the utmost integrity. A Pension Sharing Order is made by the Courts, which, with accompanying documents, details how much pension you have, but do you have the knowledge to ensure your pension share is being invested with the correct pension company and reflecting your new financial reality? We can research for you to ensure your pension rights are covered by the best scheme that meets your needs. We also offer advice on investment decisions.
For Pensions On Divorce to work, and for you to avoid a pension approach that doesn’t match your needs. A secure, independent, flexible financial future means taking advice if you are unfamiliar with investing and pensions. An independent financial adviser can give you suitable pension advice after settlement.
Private Companies and business assets in divorce
Any business that you or your spouse own or have a financial interest in will need to be disclosed and considered in your divorce settlement. A limited company is not protected from divorce. It does not matter if the firm was created before or after marriage. During divorce proceedings, a limited company is treated just like any other financial asset, which means that company shareholdings and profit are considered matrimonial assets.
How to settle financially in divorce?
The aim is to help you both achieve a financial split and settlement you are happy with. A fair settlement should come with the peace of mind that the financial matters are fair and can support you going forward. Getting advice or a review by your own independent specialist can outline how the financial split in divorce looks for you. Once there is an agreement on dividing money and property, there will need to be an application to the Court for a consent order to make it legally binding.
Should I get a financial advisor during a divorce?
Where there is a long marriage and decent financial assets, it is a good idea to get financial advice. Dividing savings and investments can be straightforward. Where there are pensions and private companies then the situation is more difficult. With pensions, there are different tax consequences and charges to consider, so it is a good idea to get financial advice. With private companies, the valuation and cash liquidity of businesses built during a marriage can be difficult to substantiate. Financial advice can assist in calculating the value of a company for assistance in the negotiation of a settlement. Where there is a mix of savings, pensions, company assets, investment properties, stock options and/or private company, it is wise to get financial advice.