Posted March 4th, 2013
Not a good idea. Of course it may seem unfair to have to declare assets that were acquired before you got married; or assets that were solely paid for by you during the marriage, but the fact is if you aren’t up front about your finances during divorce then you are risking a spell in prison.
According to a survey by Co-operative Legal Services, 25% of those who go through divorce will hide aspects of their finances from their soon to be ex-partner. And here’s the really surprising thing about this survey – the survey was conducted online and involved around 800 divorcees and it found that women are more likely to conceal money and possessions during a divorce.
From a little research on the good ol’ worldly wide web, it looks like most divorces are initiated by women. Stats abound from anything between 55% and 91%. So what are we to glean from this? It does make for depressing reading. You could take the view that women view marriage purely as a move to make financial gain. Whereas I’ve no doubt that it’s true for some, it surely can’t be true for anything more than a minority. That would be highly cynical.
I think it points more to the fact that many people marry the wrong person and do it too quickly; and as it is often the mother whom the children will live with, you may imagine that she may feel justified in hiding financial assets from an estranged spouse. After all, she’s only doing it for the kids. Morally justifiable it may be, but it is illegal and you are putting yourself in contempt of court if you do this. The whole point of settlements is to make sure that both sides have the chance to put their lives back on track. The best way to ensure that there is a fair outcome is to be completely open and honest. If you’re made an offer you aren’t happy with then you don’t have to accept it. On the other hand if you’re made an offer that you don’t know if you should accept or you want help with negotiating then get in touch.
I am a Resolution Accredited IFA and as such I am in a position to help you get a fair settlement without risking prison!
Tags: Advice, Divorce, Financial Settlement, IFA, Resolution, Resolution Accredited, Resolution Accredited Independent Financial Adviser | Posted in Divorce, Financial Advice, Financial Planning, Pension Sharing Order, Pensions & divorce, Resolution Accreditation, Resolution Accredited IFAs |
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Posted August 15th, 2012
I am pleased to confirm that I have been re-accredited for a further five years, having recently completed the process via Resolution.
In order to qualify for re-accreditation I had to show that:
- I am a paid up affiliate member of Resolution.
- I am currently regulated by the FSA to provide Independent Financial Advice
- There are no matters affecting my competence or fitness to be held out as an accredited specialist of which Resolution should be aware.
- I have never been convicted of an offence in any court of the UK or elsewhere (other than a motoring offence not resulting in
disqualification).
- I continue to undertake a minimum of 36 cases per annum, or 150 hours family law case work each year and provide evidence of this for the preceding 12 months.
- Confirm that Resolution may approach a designated person for a reference in relation to the standard of my expertise.
I also had to provide the following documentary evidence:
- A schedule of case work for the 12 month period prior to my re-accreditation, demonstrating the 36 cases or 150 hours per annum
minimum casework required, and the name of the solicitor or mediator with whom I worked, or from whom the case was referred.
- A written reference from a referring family lawyer confirming the work carried out during the preceding 12 months, and that
the work was satisfactory.
- Details of my Continuing Professional Development (CPD) record for the preceding 5 years showing at least 8 hours of CPD in family law and practice topics for each year.
- The fee required by Resolution.
As you can see there is quite a lot involved in getting Reaccredited and we are serious about helping our clients get the best settlements possible. Don’t you owe to yourself to make sure the IFA you work with is this qualified.
If you want to talk please call 0800 092 1229 or email me – phil@white-well.co.uk
Tags: Advice, Financial Advice, Financial Planning, Financial Settlement, FSA, IFA, re - accreditation, Resolution, Resolution Accredited, Resolution Accredited Independent Financial Adviser | Posted in Uncategorized |
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Posted December 20th, 2011
I am pleased to announce that the Resolution Accredited Independent Financial Advisers (IFAs) have been given a nice gold logo to use to distinguish them from the family lawyers and this is now proudly displayed on our website.
As one of only ten advisers in the North West with this designation I am extremely proud of this qualification.
If you would like advice in respect of pensions and your divorce financial settlement or pension sharing why not call us on 0800 0921229 or email phil@thedivorceifa.co.uk.
Tags: Divorce, Financial Settlement, IFA, IFAs, Pension, Pension Sharing, Resolution, Resolution Accredited, Resolution Accredited IFA, Resolution Accredited Independent Financial Adviser | Posted in Resolution Accreditation |
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Posted January 17th, 2011
You can now search the Resolution public website for all the qualified Resolution Accredited Independent Financial Advisers (IFA) to assist you with issues such as:
- Pension Sharing
- Pension Offsetting
- Pension Attachment
- Budgeting
- Life Assurance needs
- Financial Planning
The search tool can be found here -
If you would like more information about how we advise our clients on the financial aspects of divorce, please contact us on 0800 092 1229 or email phil@thedivorceifa.co.uk
Tags: Budgeting, Financial Planning, IFA, Independent Financial Advisers, Life Assurance, Pension Attachment, Pension offsetting, Pension Sharing, Resolution, Resolution Accredited, Resolution Accredited IFA, Resolution Accredited Independent Financial Adviser | Posted in Resolution Accreditation |
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Posted September 6th, 2010
Pension sharing is a confusing and complicated part of any divorce settlement and there are many issues to be aware of before proceeding. Some examples include:
- The fairness of a cash equivalent transfer values (CETV).
- Internal transfer or external transfer?
- Moving target syndrome?
- Default options.
Therefore, it was a refreshing change to be contacted by a client this week who had received notification from her pension provider (Prudential) that she HAD to take financial advice before they would agree to accept the pension sharing order.
To avoid the pitfalls above it is important to take financial advice from a competent adviser, preferably one who is a Resolution Accredited Independent Financial Adviser (See link here). You may also wish to employ the services of an actuary that advises on pension and divorce cases.
If this is you and you are looking for financial advice on a pension sharing matter or if you require further information, please contact me on 0800 092 1229 or email advice@thedivorceifa.co.uk
Tags: Actuary, Cash Equivalent Transfer Value, CETV, Competent Adviser, Default Option, Default Options, Divorce Settlement, external transfer, Financial Advice, internal transfer, Moving Target Syndrome, Pension and divorce, Pension Provider, Pension Sharing, Pension Sharing Matter, pension sharing order, Prudential, Receiving scheme, Resolution, Resolution Accredited, Resolution Accredited Independent Financial Adviser | Posted in Pension Sharing |
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Posted July 12th, 2010
As a Resolution Accredited Independent Financial Adviser (IFA) I am often asked to provide a summary of how we can work with clients through the Collaborative Law process. Below is taken from a flyer which is provided to the lawyers at the Greater Manchester POD.
HOW THE IFA WILL WORK WITH YOU AND YOUR SOLICITOR:
IFAs will be accredited by Resolution to work in the collaborative area, having undertaken training on the technical and cultural aspects involved, and passed an examination on the subject.
The IFA acts as a ‘financial neutral’ – rather than representing one party, their role is to assist all parties in highlighting issues and providing information that enables the collaborative process to move quickly and smoothly.
In addition to their specialist technical knowledge, IFAs can outline options to parties and comment on risk factors (eg in terms of pension options) which solicitors are unable to do as they are not authorised to give financial advice.
IFA’s can attend a first meeting with the Solicitors present, so as to display to the parties how they may add value to the process. At your discretion, IFAs can subsequently meet you without your solicitor being present, so as to control total costs.
EXAMPLES OF WHERE THE IFA IS ABLE TO HELP:
• Tax efficiency and mitigation if assets or investments are being sold as part of the agreement (eg ISAs, Capital Gains Tax issues).
• Pension-sharing issues under occupational final salary schemes, for both the scheme member and the ex-spouse.
• Issues surrounding individual pensions, including retirement options.
• The cost of replacing items under an employee benefits package for the ex-spouse (eg life cover, critical illness cover, private medical insurance).
• Mortgage availability and costings in relation to the marital home.
• Assessment of endowment policies and the options going forward.
• General financial education
• Budgeting exercises and lifetime cashflow projections to determine whether the agreed settlement will be sufficient to support the financial requirements of each party over time.
If you require any further assistance, please contact us on 0800 092 1229 or email advice@thedivorceifa.co.uk
Tags: Budgeting exercises, Capital Gains Tax, Collaborative Law, critical illness cover, Employee benefits, endowment policies, Ex Spouse, Final Salary, financial education, Financial Neutral, Greater Manchester POD, IFA, ISAs, life cover, lifetime cashflow projection, marital home, Member, Mortgage, Occupational Final Salary, Pension, Pension Sharing, POD, private medical insurance, Resolution Accredited, Resolution Accredited IFA, Settlement, Solicitor, Tax efficiency | Posted in Financial Advice |
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