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Let the experts at Punter Southall help organise your finances in ten easy steps.

Despite the emotional tidal wave you are probably experiencing at the moment, there is still a need for financial level headedness when approaching divorce. Seeking expert financial advice as early on in the process as possible can save you time and money in the long run. Although you may not yet have a clear idea of the financial settlement you may get on divorce, you need to determine the ins and outs of your current financial circumstances as soon as possible.  

Your financial checklist
To help you get the best settlement and prepare for the future, make sure you know…

1. Your own current financial expenditure and income.
2. Your spouse’s current financial expenditure and income.
3. Your current needs or income requirements (can be different from the above).
4. Your future “potential” post-divorce income requirements.
5. Points 3 and 4 in relations to the children, if you have any.
6. A standard of living assessment should also be done. You need to be clear about the type of lifestyle you have been experiencing before divorce – for example number of holidays you take each year and to where, how many times you may change your car, and what you spend on luxury items like clothes and presents etc. This not only helps you to budget for the future but will also be useful for your lawyer to help you maintain the lifestyle you have been used to during marriage.
7. An assessment of the “actual” versus “true” value of your individual and jointly held assets, such as pension schemes, ISAs, share portfolios, protection policies, endowments, bank accounts, share option schemes or indeed shares in privately owned companies, properties, trusts funds and so on. This is important to do as what you think these assets are worth may not be the case and the relative value of these may differ to each party.
8. The ability or not to be able to “split” jointly held assets – not all assets can be divided, such as life policies and this may affect the value should one party keep this rather than another.
9. The replacement value of insurance purposes. An example of this is private medical insurance – cover for a single person in the private market could be significantly more expensive than the proportionate cost of having cover as a spouse cover on your partner’s company scheme.
10. Loans and liabilities – there are often surprises! Your partner may have may have some untold debts.

“Punter Southall’s innovative approach and experience in complex divorce cases, combined with its financial advice, actuarial and asset management capability make us well placed to assist individuals and their legal advisers before, during and after the divorce process,” said Julia Whittle, head of the divorce team. “Seeking financial advice early on helps you and your spouse see some clear financial realities, which could help with an amicable divorce – or where you need to engage a lawyer then at least all the relevant information will be ready in preparation for your meeting with him/her and could save time and legal fees.”

About Punter Southall
Punter Southall Financial Management is a leading National Independent Financial Adviser providing financial planning advice and wealth management to high net worth individuals, senior executives, directors, professional partners and entrepreneurs.
It is part of the Punter Southall Group, a financial solutions group providing the rare combination of pension actuarial services and employee benefits for companies along with Independent Financial Advice for private clients. Its independent asset management team advises on over £12bn of both institutional and private client funds. This along with our research and product solutions facility provides one of the most comprehensive financial planning and solutions services in the marketplace.

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Just for you!

For a free initial financial consultation with a member of Punter Southall’s team of experts, contact Julia Whittle on 0207 024 7411 or email julia.whittle@puntersouthallgroup.com.

For more help with marriage problems and your relationship read articles in our finance section.
For more divorce help read articles in our finance section.

_{Punter Southall Financial Management is a trading name of PSFM Limited. PSFM Limited is authorised and regulated by the Financial Services Authority · FSA Registration No. 137684. Registered office: 126 Jermyn Street, London SW1Y 4UJ · Registered in England and Wales No. 2148740. A Punter Southall Group company.}