5 things to consider if a relationship breaks down
The pandemic has impacted on almost every aspect of life; sadly relationships are no exception.
According to a recent survey by University College London, a quarter of the 70,000 participants said that their relationship with their spouse or partner had deteriorated.
UK charity Citizens Advice’s website statistics appear to back this up. They show that the divorce section of their website was visited 419,359 times between July 2020 and July 2021 - 14% higher than the previous year.
Claire Wise, one of our Independent Financial Advisers, suggests three things to consider in relation to your finances, if a relationship breaks down:
Step back. Take time to be objective, rather than rushing the process through, ‘just to get it over and done with’. It’s key to clearly understand your current financial situation and cashflow. And hard as it may seem, you need to look for a financial solution that will work well for you over the short and long term, considering aspects such as tax efficiency and investment time frames.
Don’t overlook your pensions. Pensions are often a person’s second biggest asset after property, so ensure they are part of your financial planning.
Remember the process of divorce separates people, not finances. So in the same way that you would work with a lawyer to arrange the divorce, a financial adviser can help you to arrange the finances.
This article was written by Culverhouse Financial Planning Ltd.
The article outlines just some of the things you could consider in relation to your finances, should a relationship break down. It does not represent financial advice. If you would like personalised financial advice please contact a financial adviser.
Remember that the value of investments can fall as well as rise and past performance is not a guide to future performance.