|
Couples 'often unaware of financial implications of divorce' |
A financial expert has urged couples to make sure they understand the implications of divorce before going through with it.
Difficult economic periods can often lead to an increase in separations, but many people may be unprepared for suddenly having to stand on their own two feet financially.
Speaking to NBC, Nicole Romito of Financial Strategy Network said women who have relied on the income of their husband can be particularly vulnerable after a divorce.
"It's shocking. They're typically unaware how much divorce can affect you financially," she told the news provider.
Ms Romito advised women in this situation to gather as much financial information as possible, review their expenses and draw up a divorce budget.
She said realising that a lifestyle adjustment is necessary and reviewing settlement options with this in mind is the best strategy.
Last week, senior family law judge Lord Justice Wall warned parents that bitter divorce battles can do permanent damage to their children.
Neale Grearson, a family law partner in KCJ's Norwich office, adds: "It is vital that legal advice from a specialist family solicitor is taken by both a husband and a wife. The financial repercussions of a divorce can be severe for both and long-term planninng is vital.
"This must include taking into account fully any loss of income and pension rights - all of which a solicitor will advise on, often with the help of an Independent Financial Advisor also specialising in this type of work.
"An aspect that can easily be overlooked is delaying the decree absolute at the end of the divorce until all financial aspects are resolved. The decree absolute brings a marriage to an end and delaying this is often advisable to protect financial positions in the interim."
|
|
