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Major life events

Adapting emotionally and financially during divorce

January 11th, 2024.

The first Monday of the New Year is sometimes referred to as ‘Divorce Monday’. This is due to it being one of the busiest times of the year for divorce lawyers. Following the stresses that the holiday season can sometimes bring, January can bring the desire for a fresh start for married couples and lead to the decision to legally separate.

Divorce affects everyone differently, and a marriage coming to an end is a profound life event and one that can be extremely disorientating, upsetting, and daunting.

However, there are steps that can be taken to ease the emotional and financial upheaval that accompanies the end of a marriage.

The emotional rollercoaster

Changing lifestyles and family circumstances can throw even the most resilient of individuals off balance, particularly during a divorce. It’s not uncommon for high-achieving professionals, often accustomed to steering the ship of their lives, to struggle with what can feel like a loss of control. Yet, with the decision to divorce comes a new opportunity to redefine future plans and goals.

The need for comprehensive support

Seeking professional legal advice is essential when going through a divorce to help navigate through the technical detail and allocate assets fairly. We notice a distinct need beyond the legal and financial support that you may ordinarily expect. This is particularly true for wealthy individuals and private clients who choose to be represented by a professional, especially those with significant wealth, or who lead complex lives that involve them living in more than one country.

Wealth planning

Engaging with a wealth planner from the outset is crucial to ensure a happy outcome. Wealth planners help clients to envision their future cash flow needs and to consider the lifestyle implications of their divorce settlement. Adjusting to a potentially lower standard of living necessitates careful planning, and pensions, often a significant asset, demand specialist attention for fair distribution.

Empowerment through financial literacy

In many marriages, one partner typically assumes the financial role, leaving the other to navigate uncharted fiscal waters post-divorce. Regardless of their professional expertise, we encourage clients to take the reins of their financial future. Selecting a wealth manager who can carefully and clearly explain the options, and aligns investment strategies with the client’s risk tolerance is paramount.

Choosing the right advisers

The ideal adviser transcends the role of a financial guide; they can become a confidant and ally. Clients deserve advisers who view them holistically, empathise with their unique situation, and offer emotional support during their most vulnerable moments. As a private banker and trusted adviser, our mission is to provide this comprehensive support, helping clients rebuild their lives and envision a future filled with possibilities.

For those embarking on the journey of divorce, remember that you are not alone. Our team is here to support you every step of the way. To learn more about our services and how we can assist you, please reach out to us. We eagerly await the opportunity to guide you towards a new chapter in your life.