When more complicated assets are involved, they may need to consider engaging forensic services to compose the correct questions to ask to ensure the full position is disclosed.
Do not forget the adviser
While a lawyer or a mediator are considered the norm for many divorcing couples, only a small percentage engage with a financial adviser when getting divorced.
A recent study showed only 5 per cent of people divorcing use a financial adviser, meaning a significant number of divorcing couples are missing out on the rational, objective approach an adviser is able to provide.
As a result, people can miss out on settlements that truly reflect a fair deal and will meet their financial needs for years to come.
Bringing a financial adviser on board from an early stage can transform the divorce process and ensure the legal agreement is fair and reflective of financial needs.
Financial planners also have the benefit of understanding the complexities of pensions and investments, so can advise on the implications of actions that may not be obvious until years later.
Financial planners are also able to build cash flow forecasts to understand how someone’s finances look both now and in the future, which can be invaluable when determining how to split assets and whether an offer will meet an individual’s needs.
Lesley Mackintosh is founder of Independent Women and partner at Mazars
