April 25, 2018 | Posted by : J Morris
Dividing up assets during divorce can be a sticking point for even the most amicable of couples. It can be difficult to come to an agreement over financial settlements, particularly if there are complicated issues such as multiple properties, businesses, or personal investments, but a few basic ground rules apply to the division of assets:
As a general rule, the value of all assets will be placed into a joint ‘pot’ which will then be divided between the couple according to the needs of each party. Assets may include property, vehicles, savings, the contents of bank accounts and investments as well as personal items.
Spouses are required to declare ...
August 25, 2017 | Posted by : J Morris
Divorce rates for the over 60s are increasing, and for this age-bracket in particular it’s likely that pensions will play a significant part of the pot of assets to be divided during separation.
According to a report from the International Longevity Centre, the number of ‘silver-splitters’ increased by 85% between 1990 and 2012, with an estimated 22,000 divorces predicted by 2037 for the over 60s age-group.
Financial experts are concerned that many women of this age are failing to take their partner’s pension into account when negotiating divorce settlements, impacting significantly on their post-retirement income and resources. When accounting for individual and joint assets it’s vital to include pensions in financial negotiations as ...
August 18, 2017 | Posted by : J Morris
Family law organisation Resolution recently published a report in partnership with the Personal Finance Society highlighting the need for collaboration between financial advisors and family law professionals.
The report reveals that there is only one financial specialist accredited in family law for every 5,000 people seeking divorce each year – a total of just 42 advisors in the UK.
National chair of Resolution Nigel Shepherd explains the rationale behind the study:
“We know from talking to financial planners and advisers who are already Resolution members that the world of financial advice is changing.
“What clients want is sound guidance and trusted support. This is especially true in times of change or upheaval, and they do ...