Berwins recently hosted the Northern Family Law Conference alongside Dere Street Chambers. The event, held at our offices in the Guildhall, York, was a great opportunity to connect with other family lawyers and like-minded professionals.

One of the topics discussed was the benefits of involving an independent financial advisor (IFA) at the beginning of the separation process.

Often, clients will seek advice from an IFA once they have received their financial settlement. They may have received a lump sum, or a share of their spouse’s pension, and wish to know how best to invest this.

At Berwins, we see the benefits of involving an IFA at the outset. When resolving financial matters upon divorce, the financial needs of each party is a very important factor to be considered. The input of an IFA can be invaluable in assessing exactly what settlement would be required to ensure that needs can be met both now and in the future. Financial planning is particularly important for the client who may not have knowledge of how much their lifestyle costs if the day-to-day outgoings have always been taken care of by their spouse.

Once we know what our client needs, we can then look at the entire matrimonial pot, to consider what assets it would be most beneficial for our client to retain to achieve their specific goals. Often, we see clients who wish to retain the family home, but it’s important to consider whether this is the best, or most affordable option long-term.

There are many other benefits to working alongside an IFA throughout the divorce process – for example, an IFA can carry out a review of complex business or pension assets that might be disclosed in your spouse’s Form E, they can provide advice upon the most tax-efficient solutions and potentially mortgage advice if this is something the client requires.

Berwins’ Family team have a number of connections with local IFA’s. If you do not already have a financial advisor, and this is something you require, we can put you in touch with a professional who can help.

DISCLAIMER: The information and opinions expressed in this article does not address individual requirements and is for informational purposes only. It does not constitute any form of legal advice and should not be relied on or treated as a substitute for specific advice relevant to your particular circumstances.