Figures show worryingly small proportion of divorcing couples seek financial advise
Pensions and finances can often be overlooked during divorce or separation.
The international Advisor has reported in this article, dated 28th October 2020, that only 3% of divorcing couples seek financial advice.
The research from Legal & General (L&G) also found separating couples were four times as likely to take advice from their friends.
Financial advice is essential when considering divorce or separation, considering that one of the two separating partners ‘may need to provide maintenance to their former spouse and/or their children, which could greatly impact any financial planning that was already in place’.
The article also covers concern over the division of pensions, something which can be notoriously tricky and easy to overlook. The statistics showed an alarmingly small 12% took them into consideration when dividing assets. This highlights the way in which pensions are often overlooked during divorce proceedings.