divorce and financial planning

As well as being emotional, dividing your assets after a separation can be complex and difficult. Working closely with your solicitor, Apogee approach matters both sensitively and fairly, helping you achieve the best financial outcome with the least difficulty.

We’ll put you in control of the decision making, so you can make the most of your agreed assets and rebuild your future with confidence.

KEY SERVICES:

Information gathering and reporting

Includes valuing and reporting on all assets to be considered in the financial settlement, such as your home or other property, savings and investments, pensions, antiques and artwork, personal possessions and business assets.

Pension issues

Our advice for this complex area covers:
– All types of pension, including occupational final salary schemes, for both the scheme member and the ex-spouse.
– Understanding cash equivalent transfer values (CETV) and fair value. This might involve commissioning and reviewing an actuary’s report.
– Income equalisation calculations.
– Advising on the most suitable way of dealing with pension benefits.
– Implementation of Pension Sharing Orders.
– Advising on the various ‘At Retirement’ solutions available.

Tax planning

If assets or investments are being sold as part of the agreement (e.g. ISAs, Capital Gains Tax issues, etc.)

Replacing lost cover

Including life cover, critical illness cover and private medical insurance.

Protecting the settlement

Arranging for protection against the risk of the settlement payments stopping on death of your ex-spouse.

Protecting beneficiaries

Help with the process of amending the beneficiaries of death benefits for any retained life policies and helping with the assignment of retained plans.

Future financial planning

Helping determine whether the agreed settlement will be enough to support you. Aimed at making the best of your assets, including goal setting, investing for growth and income, providing for beneficiaries, lifetime cash flows and budgeting exercises.

Completion of all paperwork

Including Pension Sharing Annex Form P1 and other forms relating to the establishment of new arrangements.

CASE STUDY:

After 34 years of marriage, the decision to divorce presented Jane with practical decisions she had not been in the habit of making. As her husband had made most of the financial arrangements for the family, Jane did not feel confident in making the financial decisions she was now faced with.

 

WHAT WE DID:

First, we spent time getting to know Jane and her solicitor in order to understand her concerns and priorities. We helped Jane compile a detailed list of all family assets, including all of her husband’s pension schemes, which gave her a good understanding of their financial position and the different investments they owned together.

At 59, having devoted her time to raising their family, Jane did not feel she had time to make a significant difference to her own pension, and her primary concerns were securing a house to live in and having an income that would support her throughout retirement.

Because David’s defined benefit pension schemes represented a significant family asset, we applied for an actuaries report in order to verify whether or not the CETV represented fair value. As the intention was for Jane and David to equalise their income at age 65, we were


able to demonstrate that a larger share of David’s pensions than originally proposed would be required to achieve this.

It was decided that a pension sharing order would be applied to one of David’s pension arrangements and we arranged for the agreed cash equivalent amount to be transferred to a new pension plan for Jane.

Jane also retained some cash and the house in which they lived. With Jane, we established a budget and a life time cash flow forecast and a suitable investment strategy for both her pension and her other savings, to make sure that her assets were held in the most tax efficient way.

With our help, Jane took control of her financial future. She eventually stopped working at age 62 and we continue to support her in retirement.

Our Apogee Wealth Private Clients Guide
Our Service Guide
Our Apogee Wealth Owner Managed Business Guide
Our Apogee Wealth Employee Benefits Guide
Our Apogee Wealth Trustee Investment Guide
If you are interested in learning more about what Apogee has to offer contact us today on:
01565 757 811 or email us at advice@apogeewealth.co.uk

Apogee Wealth Management Ltd,

No. 1 Booths Park, Chelford Road, Knutsford,
Cheshire
WA16 8GS