Extremely interested to read the below take on the roles of different advisers during a period of marital breakdown. We recently interviewed 75 family lawyers to understand how wealth managers and lawyers can work together constructively to benefit clients going through divorce. Four consistent topics arose throughout the research as areas useful for partnerships - Relationships, Budgeting, Education & Pensions.
As this article suggests, within budgeting, lawyers and financial advisers can work together to provide a secure strategy that allows the client to live comfortably within their means as an independent individual. This could be through assistance with Form E or calculations surrounding capitalising a lump sum for income purposes that take into a wider range of factors than traditionally considered.
Within education, marriages often see one party take the lead of financial decision-making and family economics. Upon marital breakdown, this can leave the other party ever more vulnerable due to the lack of knowledge. Financial advisers are well-placed to educate their clients such that they feel more empowered and at ease with financial self-governance going forward, as well as building the trust that is so vital between client and adviser alike.
Reasons to get financial advice Other times when it’s necessary to get your own adviser: Some women, particularly in older generations, may not have been part of the budgeting or bill-paying process while married. They need the education a financial planner can provide to be prepared to go out on their own.