We can’t make it painless but we can help you through it
Getting Divorced. It’s devastating and can be a rollercoaster of emotions – from stages of denial, grief and pain – to anger, profound anxiety or even a sense of panic. The worst part is, in the middle of this turmoil you are suddenly expected to make sense of financial affairs (that your ex-spouse may have controlled) and make long term decisions about your financial future (and maybe that of your children too).
For women facing divorce, this can be particularly difficult. You may not know what your husband’s financial situation is – and he may not be keen to tell you. Worse still, if you’ve never had to manage the family finances, knowing how and what to do may seem overwhelming.
If any of this sounds familiar, the good news is, you don’t have to go through it alone and engaging a Certified Financial Planner could make all the difference both now and to your future.
Someone you can trust
At a time of such huge emotional turmoil, it is really important to have someone you trust looking out for you. Someone who understands you and what you are going through and someone who can decipher the financial jargon. But also someone who isn’t caught up in the raw emotion of the divorce and can guide you to the best possible outcome both now and long term. This is where your Financial Planner steps in.
Help understanding the assets
Once the divorce process has started your ex-husband (or wife) will have to tell you what his/her assets and income are. But with complex finances such as investments, business assets, pensions and unconventional income streams, it can be very difficult to understand what it all means and what it’s all worth both now and, maybe more importantly, what its worth in the future.
A Financial Planner can not only explain this to you in straight forward language, but can also tell you what the real implications are for you. If you are not convinced your ex is being straight with you, a Financial Planner can spot what might be missing and work with your legal advisers to make sure you get the full picture.
Making sure you get a fair deal
You may have heard phrases like “50 / 50 division of the assets”, “pension splitting” and “pension sharing”. But a 50/50 split of a pension won’t necessarily mean you’ll end up with an equal income when you retire and while some investments may look like they are worth the same, a little digging often reveals they are not.
In many cases your solicitor will not be able to provide this important, extra level of expertise and financial understanding and having the advice of a Financial Planner at this stage is really important.
A helping hand as you start to manage your finances
You may also have some tough decisions to make, such as what happens to the family home, whether you need to alter your work plans and how you invest any assets you receive. A huge part of dealing with this is knowing how much you will need to live comfortably both now and in the future and then managing your assets to achieve that.
At Magenta, we can help you through each stage and take some of the stress and pressure away from you.
You really don’t have to face it alone
Magenta’s Certified Financial Planners will be able to liaise with your legal team and understand the complications some divorce cases can involve. More importantly, our small team are human beings who understand what you are going through and will be sensitive to your needs. We can’t make your divorce painless but we can help you get what you need when it comes to your finances. Talk to us when you are ready, but in a divorce situation usually, the sooner the better.