Advisers should be early call in divorce cases

The paper from Cardena Private Wealth noted the importance of a client calling the financial adviser after seeking legal advice in the case of a divorce or separation.

It noted obtaining financial advice in such circumstances is important, yet many clients attest with regret their decision not to obtain the guidance of an adviser earlier in the separation process.

The paper noted that the adviser can help focus on setting up the newly separated individual for the future and tackling the longer-term money issues – including preservation of wealth strategies and meeting retirement and lifestyle aspirations.

Cardena director Iain Reid said the motivation behind producing the white paper was his experience of clients simply not knowing where to turn for assistance when dealing with financial issues and the allocation of assets in the case of a divorce or separation.

“When a marriage or relationship ends, many people find themselves in a vulnerable position, mainly emotionally, but also dealing with the anguish of how to survive financially,” Mr Reid said.

“It’s not unusual that during the course of the marriage/relationship the finances were managed by the other spouse/partner, and now the individual has to simultaneously pick up the pieces and take the reins to manage an appropriate outcome from the divorce settlement.”

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].