Separation and divorce are difficult: there are many challenges to be faced and important decisions to be made. Separating your finances is a critical part of the process and our team of experts can work with you and your legal advisers to ensure that a fair outcome can be achieved.
Your legal adviser may have been your first port of call and he or she will be able to give you some guidance as to how your finances might be separated. However, where your combined assets as a couple include pensions, you will almost certainly benefit from consulting a Pensions on Divorce Expert (PODE).
Calculating how your finances should be separated can be done in a number of ways. For example, you might base your agreement on what resources each separating partner needs both now and in the future. This could include agreeing that one partner retains the family home in exchange for pension benefits. Alternatively, you might seek to equalise income.
Because of the range of options and the long-term impact of your choices, it is important to take into account every aspect of your financial circumstances such as your taxation status, earnings potential in the future, state pension entitlements and family commitments. This will ensure an equitable financial agreement between the separating couple.
At S&P, we have a dedicated PODE team who can provide support to separating couples.