As we come to the close of Financial Planning Week 3-10 Oct (yes, I know, they didn’t start it on a Monday or end it on a Friday!) but it is still a good opportunity to raise the profile of a profession that doesn’t get the limelight it deserves. Some people confuse financial planners with mortgage advisors or insurance salesman. Yes, some also provide those services. But planners do just that – they help you to plan ahead using cashflow forcasting, and create a vision of how your...
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“But it’s just not romantic!” Cry the ladies, when the words ‘Pre-Nup’ or ‘Living Together Agreement’ are uttered. Well it’s not romantic fighting over the assets either, if you are one of the 50% (if you include cohabiting couples) who will separate at some point and need to split the house, the savings, the pensions, and anything else they or the lawyers see fit to divide. And here’s the thing – I worked out once that your are about 7 times more likely to leave a relationship alive...
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When divorcing, sometimes the children’s educational futures are not taken into account – especially if the children are still very young. But by discussing long-term plans for the children’s education early on in the divorce process, the financial implications could well impact on how a couple decide to split their assets. A good education can be invaluable, but it may also require significant investment – and long-term planning. In 2016, the average cost to parents of...
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Is a 50-50 uncomplicated divorce split really as simple as you think it should be? Financial Planner Paula Ryan answers that question: Certainly if you are looking to sort out the divorce finances yourselves, it may be worth having a quick ‘coffee chat’ with me, so we can look at the tax implications, the best way to split the assets, and also looking at the pensions. It’s not always as simple as splitting pensions half and half. It might not look as if you have that much in the...
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There seems to be an increase in the number of divorcees accusing their spouses as being narcissistic, and it could be that the term is being used more widely because these days, it’s so easy to find a list on the internet of “How to spot if your spouse is a narcissist” – though many of the traits and ‘tell-tale signs” are not that far from behaviour most of us might demonstrate on a bad day! But perhaps the apparent rise in this style of behaviour is a reflection of our times, and the...
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To have and to hold Arranging insurance for married couples should arguably go hand in hand with saying “I do”. Financial matters are perhaps not the first consideration when getting married. But it is vitally important to review current financial arrangements and establish new plans at the start of a significant new stage of life. Perhaps the first and most obvious thing to consider is wedding insurance, given that even a simple ceremony and reception will cost many thousands of pounds –...
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What are the key classic errors men often make and how to avoid them Sussex-based family mediator Julia Warnes offers some guidance for men when divorcing: “I would say the most common mistake is often not obtaining advice at the earliest opportunity and often waiting until the process can be thrust upon them. I am aware that sometimes they might not want to be the bad guy and make the decision that it is the end of the relationship, rather waiting for the decision to be made for them. Or if...
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As a Chartered Financial Planner, I often help women who are dealing with divorce, and in this particular case, I helped a woman who wanted to complete a divorce in an amicable fashion – but was also worried about her retirement in years to come. Would she have enough money to live off and maintain her quality of life? And how would working with me be useful to her? What exactly is the role of a divorce Financial Planner? At first, the lady concerned (let’s call her “Andrea”) didn’t...
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“I’m going to my mother’s!” (and slamming the door) doesn’t let you off the hook if the marital home has a mortgage on it and you decide to get a divorce. If your name is on the mortgage, you are as liable as your spouse for the payments. So getting divorce financial advice early on is a good idea. What’s yours is his and what’s his, is yours – including debts and mortgages. And if the payments are not made, your credit history will be damaged. So getting to a place of financial...
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According to the Mirror, lawyers estimate that the average cost of a UK divorce is – in real terms – £70,243 and rising – with the average person losing out on £4,686 of their salary, with an added £5,089 on finding alternative accommodation, £8,926 in legal fees and £51,543 in paying off debt and sharing assets. Of course, if the divorce starts to get ‘out of hand’ – then legal fees can begin to soar. I spoke recently with a mother who has had to borrow over...
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A recent question came up in our Secret Facebook Group about what is the best online divorce provider. It’s a good question to ask, because the feedback I have had from many people who have used them, is that the quality of the service can vary enormously. But I notice the real problem they have, is that their expectations about what a divorce actually involves, are often way out of kilter. The person asking the question in this case seemed very much in control of the process and was...
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In his interview with Suzy Miller of the Alternative Divorce Guide, Charlie Reading, of Chartered Financial Planning firm Efficient Portfolio, talks about securing your financial future after divorce, and how to prepare for and deal with the financial impact of divorce. The financial impact of divorce can be very demanding, especially as it comes at a time when the emotional stress is already high. Taking the time to plan financially helps ensure that your divorce runs as smoothly as...
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Suzy Miller of the Alternative Divorce Guide interviewed Nigel Rowland, a financial services expert about the effect divorce can have on your health – and how to protect yourself from the possible financial fallout during and after this difficult time. Divorce Has Lasting Impact on Health. It is no surprise to anyone who has experienced it themselves, to discover that Divorce can have lasting repercussions on health: *studies show that even for those who remarry, the risk of disease is...
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Sam Whybrow believes we all need a ‘business plan’ for our own lives, so that our finances will empower us to live the lives we dream of – not hold us back, hiding our true potential. But to create such a ‘business plan’ for your life, you need specialist financial guidance to be proactive not reactive with your finances – and Sam explains how to access that support. What is the service that you provide? In effect, I act a as Finance Director for my clients, creating a...
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When Getting Divorced Keep A Record Of All Your Possessions If you’re looking for decluttering and help in the home – contact Suzy Miller Email: suzy@startingovershow.com Divorce is often described as a bereavement. Accepting change can be difficult, coming to terms with the loss of a relationship, the home and sentimental possessions can soon fuel our emotions, resulting in aggression, bullying...
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Financial Advisor Peter Greenwood is experienced in helping a wide range of clients, including those who are dealing with divorce. The new rules about pensions will make it even more critical for business owners who are experiencing family separation or divorce to get skilled advice from a financial advisor. Extraction point Business owners who extract their company’s profits to pay dividends could find freedom in pensions. Directors of profitable private companies have always been...
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Family Arbitration can rescue a mediated divorce from crumbling into a nasty expensive court battle, so should more mediators be paying attention to it as a resource for their clients? Nadia Beckett of Beckett Solicitors LLP explains the many benefits of using arbitration in a family law divorce setting. Family arbitration could become a powerful new tool in the mediator’s toolbox, as it has done over the pond in the US and Canada. It saves the client money and the arbitrator’s decision...
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What will happen if we don’t seek advice when taking pension benefits? The new pension legislation is not just something for financial experts to worry about – anyone with a pension needs to be aware that they could lose much of their future financial security to the tax man, if they don’t get the right advice. And if you are someone who has been through divorce, and relying very much on the pension arrangements for your financial stability, the last thing you need is to unwillingly give a...
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No-one knows better the true cost of divorce than those who have experienced an adversarial court-focused litigation process. Sometimes those people are the very professionals who work hard to support divorcing clients to stay away from the court and find a better solution. In this podcast interview with a Financial Advisor who has been through an acrimonious divorce, he describes the true cost of his own divorce and believes that if he had been able to use mediation then the story would...
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In this video the Alternative Divorce Guide Suzy Miller interviews Financial Consultant Lottie Kent of Riverside Financial Consultants about how a financial advisor can help you reduce your outgoings during divorce, and release finance that can be used to secure a safer future for your children: “I worked with a lady who wanted to stay in the family home, but the monthly payments were so high that she and her daughter were going to have to find another home because of the financial...
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In this video the Alternative Divorce Guide Suzy Miller interviews Financial Consultant Lottie Kent of Riverside Financial Consultants about how confusing and scary divorce can be, and why the last thing you need is to be getting stressed about your finances as well : “As the daughter of a broken marriage, I understand how hard divorce can be and I know the last thing you want to be worrying about is your finances. I appreciate going through a divorce is very confusing, stressful and...
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Simple but very useful advice from Knill James Accountants about how to make the divorce process easier. Alternative Divorce Guide Suzy Miller interviews David Martin and Suzanne Craig of Knill James Accountants and gets their ‘top tips’: Being organised is the number one Top Tip Where are the bank accounts? Where are all the bank statements – are they only online and how can you access them if you’re not the spouse in charge of the finances? Don’t forget that if...
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New mortgage rules have come into force – will it make it harder for you to get a mortgage? At Willow Private Finance we think the answer is NO! When starting over from divorce, buying a new home is often part of that process, but will these new rules make it harder? As of the 26th April 2014 new rules regarding affording your mortgage have come into effect. This means that we will have to prove to lenders that you can afford your mortgage now and if interest rates were to increase. At...
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In this video interview with financial advisor Sheila Bailey of Willow Private Finance – in my role as the Alternative Divorce Guide – I asked Sheila: “How do couples keep things amicable during divorce and how can you as a financial advisor, help them with that journey”? “When a relationship breaks down emotions generally run high, there is the possibility that tempers will also run high. There is also so much to think about – the house, the finances,...
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When I was getting divorced I had the typical advice from my friends and family: Get yourself a good female solicitor… don’t give him anything.. etc – and because I was so angry about the situation I never thought of anything else. I didn’t realise what my options were. This made the whole procedure difficult and extremely augmentative which was not great for him or me, and 13 years later we still do not talk!! As a member of The Alternative Divorce Guide, I am an...
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Life can be a handful at times… So how would you cope if the unthinkable happened? In this interview with mortgage expert Sheila Bailey of Willow Private Finance, The Alternative Divorce Guide Suzy Miller asks how someone navigating divorce needs to be acutely aware of putting financial protection in place. It’s the things you just don’t think about….. It’s not just the obvious things that need protecting. As well as the more obvious things like your...
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Don’t want to sell the house post-divorce? How to re-mortgage In this interview with mortgage expert Sheila Bailey of Willow Private Finance, The Alternative Divorce Guide Suzy Miller asks how someone navigating divorce can re-mortgage their home as an alternative to selling up. “If you are needing to buy out your Ex from the family home – or just coming to the end of your fixed rate mortgage deal, now maybe the time to look for a new mortgage. Although with so...
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Diamonds may be a girl’s best investment post-divorce Always a girl’s best friend, Diamonds join gold as a stable investment option once the divorce dust settles, as part of a solid financial plan for the future. Diamonds last forever – sadly unlike so many marriages. The good news is, diamonds remain a girl’s best friend through divorce also, as buying diamonds is not only an investment option as part of a long-term financial plan, but it feels good! Diamonds...
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Diamonds are forever – outlasting even the most long-term and stable marriage. They remain a girl’s best friend through divorce also, as buying diamonds is not only an investment option as part of a long-term financial plan, it makes investing somehow feel more glamorous! Who wants a load of gold stashed in a safe box when they can have beautiful gems to enjoy that also provide security for the future? When you find yourself in the process of getting divorced, all your world...
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Every New Year brings a bumper crop of divorce enquiries for law firms and online divorce providers in the traditional post-Xmas break up season, the true cost of rushing into an adversarial divorce is still one of the best kept secrets in town. The current difference in cost is estimated at £65,000 – money which could be better spent on university fees for the children, according to the UK’s campaigner for Alternative Divorce, Suzy Miller. Suzy Miller of Divorce in a Box,...
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