Financial Divorce Advice
Divorce can be a daunting time and although you or your legal team will have achieved the best possible financial terms, you need to focus on building a safe financial future.
Although it is always advisable to take your time over any new decisions – especially those regarding your finances – inertia can easily set in and you can find yourself losing out in the long term.
Consider what your lifestyle should be like given your new financial situation:
- When maintenance stops what will happen then?
- Do you need to supplement your income?
- Do you know what steps you need to take to continue to have the lifestyle you would like?
- Are you making the most of your settlement?
- Have you got a good long-term plan that will help you live comfortably within affordable guidelines?
We understand that most people emerging from the divorce process are bruised and cautious, which is why we offer both a “hand holding” or more distant relationship depending on what you require.
Our aim is to help guide you through this difficult time with sensitive, experienced and practical financial advice delivered by our expert team in a friendly and accessible manner. Severn Financial Services can offer advice on the following:
- Independent investment advice with pro-active asset management.
- Financial planning, budgeting, maximising income – long, medium and short-term approaches with ongoing advice.
- Cashflow, income and maintenance management – it is important to make sure you are managing your income efficiently.
- Re-balancing existing portfolios – where you have existing investments that were included in the settlement or those outside – these should be reviewed in light of your new circumstances to see if they are still appropriate.
- Pensions advice including sharing orders and re-establishing retirement provision after a clean break – if you have a pension sharing order you will need to know what to do next and what is the best route forward for you. If you don’t have one, your pension or income potential in retirement should be an important part of your financial strategy.
- Split asset administration – If assets have been divided or change of ownership agreed as part of the settlement, then this needs to be administered.
- Replacing lost benefits and protection – you will need to be able to work out the type and level of protection required and then, taking stock of any existing policies and the premium levels you can afford, make sure this is put into place with some degree of priority.