When marriage ends, don't let financial ties bind
See an IFA to reduce the financial impact of divorce
Not as wealthy as Tom Cruise and Nicole Kidman? Not as photographed as Kate Winslett and Jim Threapleton? Whatever your circumstances, divorce can still play havoc with your finances. IFA Promotion, the organisation promoting the benefits of independent financial advice, recommends people speak to an independent financial adviser who can help put their affairs in order.
David Elms, Chief Executive of IFA Promotion said: "The end of a marriage can often create huge emotional and financial turmoil. Whether or not it's dividing up of the assets or how best to invest a lump sum received from a divorce settlement, visiting an IFA will ensure that you receive truly independent and professional advice."
IFA Promotion has put together some key questions to consider when seeking independent financial advice on dividing up of marital assets:
- What will happen to my company/personal/stakeholder pension?
- Am I entitled to a share in the property if my husband/wife is the name on the mortgage?
- Do we need to contact our insurer regarding our life insurance polices?
- How quickly can I change my will?
- Do we have to liquidise all our investments in order to divide them up?
- How do we manage our accumulated debt?
- Who is responsible for the cost of our children?
- What would happen to any assets I had previous to the marriage?
- Am I entitled to receive an income from my spouse in the future?
- Am I obliged to provide for my spouse in the future?
Elms concluded: "Whilst no couple plans to get divorced, and it might seem cynical to act ahead for the worst, financial planning from an early stage in a relationship means that, should the unthinkable happen, the financial impact would be kept to a minimum. Your local IFA will be able to advise you about pensions, life assurance, mortgages, in fact any financial matter, to help you through a very difficult time."
To speak to an IFA about financial planning people should call the IFA Promotion's free phone hotline on 0800 085 3250 or visit www.unbiased.co.uk, where details of local IFAs will be provided.
- ENDS -
For further information please contact:
| James Sharp Regional Press Officer IFA Promotion 01902 850053 |
or | Pippa Russell / Liz Willder Lansons Communications 020 7490 8828 |
|
or David Elms |
|
Notes to Editors
1. Independent Financial Adviser Promotion
Independent Financial Adviser Promotion Ltd. was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents nearly 10,000 firms of independent financial advisers across the UK and is sponsored by 32 leading financial institutions.
IFA Promotion's central belief is:
"Consumers have a right to financial advice that is independent of the providers of financial products - i.e. independent financial advice."
Furthermore independent financial advice should be:
- Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society
- Convenient. IFAs should be available in the location of the consumer's choice, wherever they live in the UK.
- Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
| AXA Sun Life Barclays Global Investors Funds BUPA Canada Life Clerical Medical Investment Group Dresdner RCM Funds (UK) Ltd. Eagle Star Family Assurance Friendly Society Ltd Friends Provident INVESCO Fund Managers Ltd Investec Asset Management Legal & General Merrill Lynch Investment Managers National Mutual National Savings Norwich Union Life |
NPI |