Divorce - the financial fall out
Eminent Manchester barrister Alex Kloss will be speaking at our next private client discussion seminar this Thursday at Manchester’s St James’s Club. We’re expecting a good turn out – 55 so far, and Alex’s chosen subject of ‘pre nuptial agreements – for better or worse?’ continues to interest and fascinate audiences across the professional sectors and beyond.
Again, the subject has been reignited in the media with the high profile alleged transgressions of premiership footballer Ashley Cole. No official split has been announced but already speculation is rife about how their fabulous wealth will be divided.
This morbid fascination with celebrity splits doesn’t quite equate to the sad, marriage break ups happening to average earning couples across the UK.
Emotional issues aside; whatever the sums of money involved it’s widely accepted that women coming out of divorce in the long term can be worse off financially, largely due to the fact older women are not earning and have not contributed to a personal pension. They are further disadvantaged as many have left the management of household finances to the bread winner.
Of course, there are always exceptions and regardless of your financial situation if divorce is looking likely, start to think about and list what joint investments you may have; investments, bank accounts, pensions, top up funds and value of property. Most of my clients have underestimated what they need to live off and the challenge lying ahead is to maximise the final settlement to maintain the often affluent lifestyle they were used to.
Sometimes, there’s no alternative but to re-evaluate the standard of living they require. Though, I don’t think Cheryl Cole will be facing this quandary.
I look forward to hearing Alex’s views on the issue of pre-nuptial agreements and as it’s such a hot topic I’ll be inviting him to contribute to our blog.
Posted in: General Information