Collaborative Family Lawyer

"We are still friends but no longer love each other. We have four children and a business. We want to ensure that neither our children nor our business suffers from our divorce and the Collaborative route was the right choice for us to take."

Mr J

The Dangers of DIY Financial Advice

30th July 2015
Unknown unknowns are always the biggest danger when it comes to self-service financial planning.
 
When assisting divorcing couples within the Collaborative process one of the roles of the Independent Financial Adviser (IFA) / Financial Planner is to ensure that the parties make their decisions with all of the information being out in the open, full disclosure is essential both the for IFA and also the success of the Collaborative process. 
 
A skilled financial planner will be able to inform the couple of the impact of the numerous options that may be available to them. These may be very complex issues which the IFA can simplify and ensure that all parties have an understanding that is sufficient for them to come to an informed agreement.
 
The finances of a married couple can be complex and thus unravelling these and splitting them for the separating parties can be a difficult task, this is even more difficult for a couple that decide to go it alone without the input of an experienced planner. I have seen numerous settlements where through a lack of understanding the separation of assets has not been fair but this has only been realised long after the divorce has been completed.
 
Collaborative divorce provides an ideal conduit for constructive discussion, the testing of possible solutions and therefore I believe it is vital that a financial planner is involved in the discussions as early as is possible. If the planner feels there is no value they can add they will state this and then withdraw from the discussions, the couple will then be safe in the knowledge that there should not be any unknown unknowns to discover later on.
 
A list of suitably qualified financial planners can be found on the resolution website, www.resolution.org.uk
 
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