This article was published on February 26th, 2014
One of the worlds largest life insurance and pensions company, Aegon, has raised concerns that family finances are being severely affected as a result of divorce.
MD, David Macmillan, has said “Divorce can have a life-changing impact on the finances of both parties. While retirement pots may not top the list of immediate concerns, especially if there are children involved, it does need to be addressed, particularly where the couple has been heavily reliant on one pension pot.”
Director John Wilkinson added “Many parents who are divorcing will painstakingly negotiate housing arrangements, maintenance payments and pensions, but overlook financial protection for their children in the event of a parent’s sickness or death.”
The longer your marriage is, the more likely you will have complex issues to discuss such as custody of children, dividing of assets eg property and high value items and also financial assets such as pensions, bonds, trusts and savings etc.
Divorce can be one of the most traumatic life events you ever have to go through so it’s important you get the right advice at the right time by experienced solicitors who specialise in this area. It doesn’t have to be a financial disaster, with the right support and guidance, the process can be made easier, more efficient and can help settle your financial arrangements quickly thus reducing long term costs.
If you have concerns about how divorce will affect you financially then call Thorneycroft solicitors now for an informal chat on 0800 1979 345 and get the right advice.