Financial Planning Throughout Separation or Divorce
Alongside a family lawyer, financial planners can play a crucial role during the divorce proceedings to ensure the clients have the most desirable outcome and structure to help them build towards their next chapter in life. Often, with financial decisions that are made in an emotionally charged environment, the harsh realities are not recognised until months or years later and can set clients back on achieving their life goals.
Individuals will often approach a financial planner once the divorce settlement has finalised, however partnering with a financial planning service during the process can help form a strategy to target what’s essential to help the client reshape their life and take control of their financial future.
Solution
At Solace Financial we have created a series of steps to help ease the pressure and emotions during a divorce separation. We looked at the market and understood that many financial advisers only wish to step in and provide financial advice once all assets have been settled.
We realised at this point, that many poor financial decisions were made and that consequently sets the clients back on rebuilding their lives. Following discussions with clients who had gone through separation and with family lawyers, we have built a process that helped both teams throughout the settlement process while providing professional financial help.
We have built a series of steps that often focus on but not limited to:
- Cashflow Modelling
- Superannuation
- Investments- Cash, Shares and/or investment properties
- Structure & Strategy
- Home vs Rent
- Business
The Benefits
Clients will receive one on one time to discuss all their financial needs with a qualified financial adviser. The client and their lawyer will receive a comprehensive Statement of Advice, outlining the appropriate amounts and will provide the structure that clients need to receive in order to achieve their financial goals amidst a separation. During the divorce proceedings, clients will have ongoing financial support that allows them to gain a better understanding of their financial world. We are able to assist clients in feeling more comfortable with where they are going and provide guidance for the next financial steps in life. This helps reduce stress in clients to aid with the emotional toll of a separation.
We can help provide financial stability and peace of mind during an adverse life event that often affects an individuals emotional and financial wellbeing. This will reduce the burden on lawyers providing specialised financial advice in order to allow them to focus on their specialty and provide the best advice for clients
Frequently Asked Questions:
Q: Do you work directly with my Family Lawyer?
A: Yes, we can have an open dialogue with your Lawyer on all steps if required. Additionally, we are able to complete the meetings with your lawyer present if that is your preferred method. Alternatively, should you not have a family lawyer, we are able to provide you with a recommendation for a family lawyer that would suit your situation.
Q: What is the cost?
A: We will complete an initial phone call with you and an initial appointment free of charge (approximately 2 hours in total) to get a full understanding of your overall situation. By the end of that second meeting we will be able to provide you a price should you need and wish to proceed with further advice and help. As every situation is different and personalised we do not have a one set fee, and that is why we offer the free initial obligation free consultations.
Q: Once the settlement has finalised what happens there?
A: Once your settlement has finalised we will conduct a financial review check (included within the cost) of your overall situation, in this discussion you can then decide if you want to continue with any financial advice as you embark on the second part of your journey.
Q: What happens if I cry during our meeting?
A: I understand that this is a highly emotional time and often one that is difficult at the best of times. Having dealt with this situation on a number of occasions, I have witnessed many situations and always have a box of tissues prepared.