What is the difference between using a divorce financial adviser and solicitor?
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Is one better than the other?
andy1234
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
The services can compliment one another. A solicitor will not be in the position to help you assess the value of marital assets, in particular when it comes to valuing pension assets. This is where an IFA can assist by ensuring that the marital estate is valued accurately and they can advise you on the benefits of taking your equity from the relationship in different formats ie pure cash, property, or assets.
The combined services will tend to be used in higher net worth cases as you will need to allow for the cost of financial and legal advice and very few legal practices will have an appropriately qualified IFA in-house.
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The combined services will tend to be used in higher net worth cases as you will need to allow for the cost of financial and legal advice and very few legal practices will have an appropriately qualified IFA in-house.
Expert Financial Adviser Answer
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Keith Churchouse FPFS
answered 1 year ago
To help, I have answered this question in video format and have covered this topic further in my new book, Addicted to Wedding Cake, The Journey of Divorce.
Availble at www.addictedtoweddingcake.co.uk
Thanks, Keith.
Availble at www.addictedtoweddingcake.co.uk
Thanks, Keith.
Expert Financial Adviser Answer
Julie Bayley
answered 1 year ago
Darren is quite right, surely Solicitors & IFAs should work together.
As a firm of Chartered Financial Planners we are also recommended by the Law Society via SIFA for Solicitors & Accountants to refer their clients to us for financial planning advice
Solicitors aren't very often Pension experts & sometimes I've come across cases where a Pension Share has been put in place, where perhaps an earmarking order might have been more suitable. These are complicated areas where giving the client the correct options is vital in my opinion.
We can also utilise cash flow forecasting software with Lifestyle Planning to help the Solicitors/Barristers justify a settlement as this will show how much a spouse requires & how it should be structured.
I also think it's a good idea to put in place a protection policy as part of the maintenance order, in case of death or incapacity of the former spouse during the time this is payable. Especially in divorces involving children this can be vital.
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As a firm of Chartered Financial Planners we are also recommended by the Law Society via SIFA for Solicitors & Accountants to refer their clients to us for financial planning advice
Solicitors aren't very often Pension experts & sometimes I've come across cases where a Pension Share has been put in place, where perhaps an earmarking order might have been more suitable. These are complicated areas where giving the client the correct options is vital in my opinion.
We can also utilise cash flow forecasting software with Lifestyle Planning to help the Solicitors/Barristers justify a settlement as this will show how much a spouse requires & how it should be structured.
I also think it's a good idea to put in place a protection policy as part of the maintenance order, in case of death or incapacity of the former spouse during the time this is payable. Especially in divorces involving children this can be vital.
