February is traditionally the month of love, but, unfortunately for many couples, the beginning of the year is when they decide it is time to part. In fact, the media named 4 January 2016 as national ‘Divorce Day’* because the first working Monday of the year is when family lawyers receive a surge of enquiries about divorce.
A major sticking point is the financial settlement, as it can be so hard to agree which assets should go to which partner.
With the highest number of divorces in 2013 among men and women aged 40 to 44**, many have accumulated a large amount of wealth by this stage.
The financial settlement has often been agreed before either party visits a financial adviser, usually to help enforce a pension sharing order. However, we at Monetary Solutions are increasingly seeing people at an earlier stage.
For many people, the biggest fear is how they are going to manage financially on their own.
As all of our advisers are female, we have a high number of women approaching us for help in their divorce, although many men prefer our approach too.
With your permission, we will work closely with your solicitor. We can help you and your solicitor to see the effects of different alternative financial settlements: what opportunities you will still have, and what challenges will need to be overcome.
Whilst we can’t promise to make your ex any more co-operative, we can hold your hand through the process and help you to know how whatever settlement you agree will affect you when it’s over.
At Monetary Solutions Ltd, you can book a free initial consultation about any financial matters, so please call us on 020 8655 8488.
*Resolution website Jan 2016
**ONS Divorces in England and Wales 2013