I have just listened to a #Resolution podcast about the importance of separated couples having independent financial advice and planning support at the time that they are reorganising their family finances to reflect their separated situation.

When a separating couple decide that they want to sort things out themselves and they are working around a table (#mediation or #collaborative separation process) there are a number of ways that they can be helped and assisted by an even-handed (neutral) financial adviser/planner (IFA):

1. The IFA works for both people in an even-handed way and as part of the professional team supporting their separation conversations;

2. The IFA can help the separated couple to create a full, transparent and up to date picture of family finances;

3. Both people can be helped and supported to understand what the financial information means: this is particularly crucial when one party is less financially confident than the other;

4. The IFA can help with the generation of financially realistic options to divide family assets/income and also help the separating couple to reality test these options to see what is possible and realistic and what is not;

5. The IFA can also help with tax planning issues where these crop up;

6. The IFA can help to ensure that both parties fully understand and appreciate what their settlement actually means for them in the future from a financial planning perspective;

Info and understanding to help parties to make good decisions

Both need to understand the financial discussions

Sharing financial knowledge and information

Understanding the information

Understanding what the client’s priorities and objectives are;

Cash flow forecasting

Option generation and what will work financially

Tax planning

The clients understand what the settlement means for them and the other person