In the bargain, if one of them tries to take advantage of the other by chalking out a financially unfair deal, there is considerable chance of future troubles. And if both of them are very conscious of their financial rights, then there is bound to be fireworks at home and an ugly battle at court. How would you avoid the extremes totally bypassing financial issues and spending much time and money wrangling over the same? Divorce financial planners are the people you need to approach to get it sorted out, and this article is aimed at exploring the possibilities offered by this option. Go to financial planning for more information.
What’s Divorce Financial Planning?
Did you plan your marriage? Even at your most impulsive moment, the thought that marriage would mean responsibilities and a certain degree of financial solvency must have crossed your mind. If you’ve children, you would know that bringing up the next generation requires money. You didn’t just plunge into any kind of education after school, some thought must have gone behind your academic choice, and the driving motive behind it, on retrospection, will be revealed as a speculation as to what’s best for your career. So divorce, too, like all other events on your personal calendar, needs financial planning. Your life is about to change forever, and if you don’t think of it today, you’ll only regret tomorrow.
How Does it Help?
It?€™s bad enough that you’ve to divorce. Money isn’t on your mind now. But would you have a chance to do anything at all when it does come to your mind in the future? More than 75% of divorcees in Britain have admitted that divorce affected their finances worse than sickness or bereavement. And, believe it or not, more than 12% ended up filing for bankruptcy. Divorce planning helps you in the following ways.
*It helps you plan the expenses that you would incur for the divorce proceedings.
*It helps you’ve a detailed view of where your partner and you stand economically.
*It puts your future financial planning into perspective.
*It stops you from losing out on benefits and dues.
*It is a good way to ensure financial security for your kids post-divorce. Refer to insurance for more information.
Divorce Financial Planners
Now that you know why you need to think of money, who do you turn to for advice? This is where divorce financial planners come in. They’re certified financial counsellors who may be lawyers, financial analysts, chartered accountants etc. who know about the nitty gritties involved in planning for a divorce and making sure that nobody loses out on anything. This wouldn’t only help you plan your divorce and future life, but also help you to have a more hassle-free divorce.
Services Provided
What kind of services do divorce financial planners provide?
They will offer you expert advice on dividing your existing monetary assets fairly and legally. This includes your bank accounts, investments, shares, insurances, and saleable goods.
They’ll advise you on what to do about the house, vehicle and any other property you may have.
They’ll discuss the issues of maintenance, alimony, sale of property or assets, payment of bills, what to do about credit cards, and what’s to be done in case of remarriage of either party.
They will solve the queries regarding pension benefits. This is a seriously tricky issue in the UK, and it is strongly advisable that you do not try to solve it yourself. There’s a provision to actually divide your pension benefits and follow it separately after divorce, and you need a proper guide to handle this.
They will also help you with the divorce negotiations over lump sum to be paid, child maintenance and alimony. As you know by now, all three are inextricably related issues, and you should freeze the terms for the future to make it legally binding on both parties. Child maintenance is a whole chapter by itself, and you must have a guideline agreed between the two of you no matter how much you trust each other. Remember that this is for your childs future.
The financial planners will also help you to make new wills. If you did not have one, you should ideally draw one. This isn’t morbid, just practical.
Most divorce financial planners will also help you to plan your financial future superior. Visit investments for further information.