Going through a divorce or separation is particularly stressful no matter how amicable you hope it to be. Here at Hartcliff we want to help our clients to build their new future and to give them peace of mind to ensure they have their ‘ENOUGH’ to move forward with their lives and to secure a future financially for them and their children.
We are here to guide you through the transition at this difficult time in your life and to keep a level headed approach to the daunting prospects that lay ahead. Hartcliff can help you to discuss your financial circumstances to make sure everything is in order to minimise any difficulties along the way.
At Hartcliff we encourage lifetime cashflow modelling, this is a detailed look at your finances at present and what your income and expenditure, assets and liabilities could be in the future, this information will be useful in agreeing settlement figures to help you to understand what is your ‘Enough’ to be financially secure, content and happy.
Within our help guide it gives some simple bullet point actions for you to take in order for you to prepare for a meeting with your legal representative as well as Hartcliff. We will work alongside the other professionals that you may want to engage as you go through this process, i.e. divorce lawyer or mediator.
Investments carry risk. The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.
Be sure about who owns the property, is it in joint names or is it owned outright by your ex- partner? It may be that you need to protect yourself and register a home rights caution, a restriction or sever the joint tenancy. This is something your solicitor can help you with.
How much is still owing on the mortgage, contact your provider and ask for a settlement value.
Get a valuation of the property from a mutually agreed estate agent.
Seek advice from the mortgage lender with regards to the following scenarios. Paying off the mortgage, changing names on the mortgage, affordability of a mortgage should you have your own mortgage for the existing property or if you decide to purchase a different property.
Re-visit insurance policies, establish which or what should continue or whether a different policies required.
It is important to get pension statements and their up to date transfer value from the pension provider.
Final salary schemes – find out the Cash Equivalent Transfer Values with pension projections.
Hartcliff can help you with your cashflow model to forecast your ‘Enough’ to secure your financial future.
You may need advice from an Actuary to ascertain the true value of the pension and your Solicitor and Hartcliff can help you with this.
Overdrafts, loans and credit cards will need to be sorted so that you do not get tied in with any outstanding debt that your partner may not fulfil.
Having joint finances and debt may mean that your credit ratings are linked, it is important that you are clear as to what debt is yours, what debt is your partners and what debt is joint. Make sure you know what debts you will be liable for if your partner defaults on payments.
Financial disassociation is something that you may wish to consider, breaking financial ties with your ex-partner so that any bad records on their part will not be a detriment to you getting credit in the future.
Make a list of individual and joint investments and savings.
Get up to date valuations of all investment and savings accounts.
Be sure that your ex-partner is not dissipating those assets. Steps can be taken to prevent this.
List all incoming monies.
List all the outgoings that you would expect, now and in the future for you and any dependant children. Make a note of the costs of accountant, solicitors and house moving costs that might be incurred, these are all things that need to be budgeted for.
The transition to being newly single will ultimately impact on your finances and day to day expenditure, think about all the things that are essential and needed to sustain yours and your family’s lifestyle reasonably. School activities, uniforms etc. Holidays for you and the family, birthday and Christmas gifts. All these things are essential to your standard of living.
Hartcliff can do the cashflow modelling which will help to forecast where the changes in your financial circumstances will leave you in the years ahead. This is a useful tool to enable you to put forward the best case to ensure you have enough money to fulfil a reasonable lifestyle at this unsettling time and then looking forward when you have settled into your new standalone path.
It will be useful for your lawyer to have as much information as possible so that when they are advising you and negotiating settlements they will have a good understanding of your financial circumstances.
Your will in our opinion should be addressed as soon as possible. We can recommend a specialised will writer to guide you through the process and to give you peace of mind so that your concerns are addressed in a sympathetic, professional and legal manner.
Divorce can be one of the most challenging transitions in any persons life but it can also be the start of an exciting liberating new chapter in your life, Hartcliff will be there to help you through the transition and to support you as the new chapter unfolds.
If you feel you require some additional guidance at this stage, at Hartcliff we are more than happy to provide an initial telephone conversation at our cost (approx 30mins) to help you to consider your options and your next step forward.
Hartcliff is a trading name of Hartcliff Limited, which is a limited company registered in England & Wales
No. 09321837 Registered Office: Marland House, 13 Huddersfield Road, Barnsley, S70 2LW
Hartcliff Limited is an appointed representative of Sense Network Limited, which is authorised and regulated by the Financial Conduct Authority
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