Menu

Thinking about divorcing?

Back to News & Views

Protecting your assets and preparing you for going forward on your own

Divorce involves many loose ends, both emotional and financial. It can generate high levels of uncertainty and financial stress, as it impacts on all areas of your life, from living arrangements to assets and pensions. That’s why financial planning through a divorce is essential to help protect your assets and prepare you for going forward on your own.

Making the right financial decisions during your divorce can be difficult. You may be worried about your future and how you will support yourself and your family. Divorce is a difficult time emotionally and financially. It is important to obtain professional financial advice to help you through this challenging period.

This will help protect your interests, ensuring that you receive a fair outcome and your future is secure. It will also enable you to have a clear understanding of your current financial situation. This includes knowing what assets and debts you have, as well as what income and expenses you have each month.

Future finances

You’ll need to be realistic about your future income and expenses. That means putting a realistic budget in place so that you can make informed decisions about your future finances.

Don’t overlook any tax implications based on any financial decisions you make. This is especially important if you are considering selling assets or transferring property.

Dividing pensions

One of the most important assets to consider is your pension. Pensions are often overlooked in divorce settlements, but they can be worth a significant amount of money. It is important to get professional advice to make sure that pensions are taken into account in any settlement.

There are several options for dividing pensions in a divorce, and the best option will depend on your individual circumstances. You may be able to keep your pension in its current form, or you may need to transfer some or all of it to your ex-partner.

Divorce settlement

Whatever you do, make sure that you obtain professional advice before making any decisions about your pension. It is one of the most important financial assets you have, and you need to make sure that it is taken care of in your divorce settlement.

With careful planning and communication, you can make the transition as smooth as possible to help you move on with your life and make a fresh start.

Here are some tips to help you make the right financial decisions during your divorce:

1. Get organised. Gather all of your financial documents, including tax returns, bank statements and investment records. This will help you and your lawyer understand your financial situation and make the best decisions for your future.

2. Make a budget. Once you have all of your financial information gathered, sit down and create a budget. Be honest with yourself about your  income and expenses. This will help you make informed decisions about your finances going forward.

3. Understand your rights. Speak with a lawyer to understand your rights and responsibilities during the divorce process. This will help you make decisions that are in your best interests.

4. Communicate with your spouse. If you have children, it is important to communicate with your spouse about financial matters. This can be difficult, but it is important to try to reach an agreement on child support and other financial issues.

5. Obtain professional financial advice. This will help ensure that you are making sound decisions with your finances during this difficult time. There are many factors to consider when going through a divorce. The advice will help you understand the financial implications of the decisions you make, and provide guidance on how best to protect your interests.

Need help making the right financial decisions during a divorce?

Making the right financial decisions during a divorce can be difficult, especially when it comes to pensions. If you have any questions about your pension or other financial assets during a divorce, please contact us.

DIVORCE SETTLEMENTS ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

Book your FREE, no obligation discussion today. Schedule Appointment

Sign Up to our mailing list - Receive regular news, tips and financial commentary from the Gemini Team.

Latest Tweets

Latest News

  • Principles of growing your money
    5 days ago

    Investing can be an intimidating and complex topic, but it doesn't have to be with professional financial advice. Understanding the basic truths of investing will help you make better decisions, regardless of how much money you may or may not have. [...]

  • Want to help give the younger generation a boost?
    5 days ago

    There's no denying that grandparents have a wealth of knowledge and life experience to offer their grandchildren, but increasingly, they're also able to provide much-needed financial support. With housing prices remaining sky-high, many homeowners are turning to the value in their homes as a way to give their grandchildren a living inheritance. [...]

  • Passing on assets tax-efficiently
    5 days ago

    Are you concerned about the impact of Inheritance Tax (IHT) on your estate? It's natural to want to leave behind a legacy for your loved ones, but without the right plan in place, a significant portion of your wealth could be subject to Inheritance Tax. With IHT affecting more and more families, it's crucial to be proactive and plan accordingly. [...]

  • Securing an income stream for the rest of your life
    1 week ago

    Are you approaching retirement age and have a pension fund that you need to decide what to do with? There are several options available to you, but one option is to buy a lifetime annuity. An annuity is a financial product that converts your pension fund into an annual pension. [...]

  • Relying on an inheritance for future financial security
    1 week ago

    With house value data now easily available to access online, it’s interesting to see that so many are using this, not just to get an idea of what their own home may be worth, but to get an idea of the sort of amount they may get in terms of parental inheritance in the future. [...]

  • Retirement matters
    1 week ago

    Pensions may not be the most exciting thing to think about, but they are an essential part of planning for your long-term future. In fact, your pension has the potential to be one of your most valuable assets, even more than your property. It's something that could make a significant difference to your lifestyle in later life. [...]

  • Professional financial advice matters
    2 weeks ago

    Financial planning is a crucial step towards achieving financial freedom and security. By taking the time to thoroughly evaluate your needs and personal goals, you'll be able to make informed decisions about how to best allocate your resources. [...]

  • I have a Will, so why do I need a Lasting Power of Attorney?
    2 weeks ago

    It is critical to consider the potential consequences of not having a Lasting Power of Attorney (LPA)  in place. Many people assume that their loved ones or close relatives will automatically have the authority to make decisions on their behalf. However, this is not the case, and without a LPA, those close to you will not have the legal authority to handle your financial affairs, health decisions and welfare. [...]

  • Financial wellbeing
    2 weeks ago

    Do you often review your finances? Or are you one of those people who just hope for the best? Although managing finances may not be the most exciting activity, keeping track of your financial wellbeing can make a significant difference to your life, both in the present and in the future. Taking control of your finances will enable you to meet your financial goals and improve your overall financial health. [...]

  • Pensions of significant value
    3 weeks ago

    Chancellor Jeremy Hunt's first proper Budget 2023, on Wednesday 15 March, brought some welcome but unexpected changes to pension tax. The changes are designed to alleviate the impact of strict pension rules, which are believed by Mr Hunt to have had a negative impact on the country's labour market. [...]

  • Giving while living
    3 weeks ago

    April brought a host of changes to the UK's tax regime, with some thresholds for taxes such as additional rate Income Tax being lowered while others, such as Corporation Tax, are increased. [...]

  • Spring Budget 2023
    3 weeks ago

    The Spring Budget 2023 was delivered by Chancellor of the Exchequer, Jeremy Hunt, on March 15. Among key changes announced were those made to pensions, aimed at making it easier for individuals to save for their retirement and encouraging retirees to return to work. [...]

Gemini Wealth Management Ltd is Authorised and regulated by The Financial Conduct Authority Registered in England & Wales No. 5919877 Registered Office: Gemini House, 71 Park Road, Sutton Coldfield, West Midlands B73 6BT The Financial Conduct Authority does not regulate tax and trust advice, will writing and some forms of buy to let mortgages. The guidance and/or advice contained in this website is subject to regulatory regime and is therefore restricted to those based in the UK.

Website by Mellow Marsh Software
© Gemini Wealth Management Ltd
Privacy Notice | Cookie Policy