Death & Divorce

We all experience life changing moments for good or bad. It is often these events that prompt us to seek financial advice. During the last few months, I have found myself increasingly advising women of varying ages who are going through or who have been through such events.

I’ve been speaking with customers about their finances following a divorce or the death of their spouse. Events of this nature are traumatic enough, but sadly in most cases, financial responsibilities pile on. Often, the individual must quickly learn to manage their own financial affairs and financial future for the first time in their lives.

Financial advice in 2023 is much more than it was when I started out in 2002. As well as providing financial product specific advice, financial advisers can help you map out your financial future to try and help you achieve your objectives and aspirations or, equally as important, help you realise which of your objectives is achievable.

Managing finances after divorce or death of a spouse

Following a death or divorce, having to manage your own finances for the first time can seem very daunting.  As independent financial advisers, our assistance often goes beyond the two areas mentioned above. Recently, we’ve supported clients with budgeting and arranging bank accounts in a way to understand income and expenditure. I have also helped clients with savings accounts for short term monies.

Life changing events can also leave people susceptible to scams. All firms now operate a vulnerable client policy to help protect clients from scams and fraud. We explain what fail safe checks are in place for people who has been through trauma in their lives.

Please read more about vulnerable clients in our recent blog.

The most important aspect of financial advice for someone in this position is time.

People require time to understand their options and time to have their options explained to them. They also need time to ask questions and time to make decisions.

Taking the time to slow down the advice process can really provide a great start to understanding your financial future.

If you’d like to talk to one of our independent financial advisers, please get in touch.

Categories: Updates