The past year has sadly put huge strain on many relationships,with couples locked down together for months on end whilst trying to work remotely and home school their children, bringing relationships to breaking point. This brings financial challenges.
Separating your finances
When a couple divorce, they need to decide how to fairly divide financial assets such as their home, money in current and savings accounts, investments and pensions. For example, they may be entitled to a share in the sale of their property, or a portion of their ex-spouse’s pension. They may also have to make decisions about the value of maintenance payments required to maintain their and their children’s lifestyle.
Currently, however, the heightened stress and reduced financial circumstances caused by the pandemic may make coming to an agreement more difficult. If a couple
is unable to agree, they may still be able to settle out of court by hiring a trained mediator or collaborative lawyer. If not, they may have to ask a court to decide.
Talk it through
Phil Anderson Financial Services can help couples divide their assets tax-efficiently and guide individuals through how to best invest the proceeds of a settlement. We
can also help set up comprehensive protection cover and help people manage their post-divorce expenditure.
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