Posts by Mary Waring
Prenuptial Agreements: providing more certain outcomes on divorce
The court’s approach to financial issues when a marriage breaks down in England and Wales: When a marriage breaks down, the divorce court has a very broad discretion and wide-ranging powers to redistribute the couple’s income and assets, so as to achieve a fair financial outcome between the couple. The court’s discretionary powers extend to…
Read MoreChanges to the State Pension 2016. What it means for you.
With effect from 6th April 2016 a number of changes are taking place with regard to State Pension. Anyone who is already claiming their state pension and those who reach state pension age by this date will remain under the existing rules. This group will not be affected by the changes. Those who reach state…
Read MoreDon’t let this happen to you: Protect your future wealth
One of the mistakes I often see during divorce is clients wanting to settle the financial situation without consulting a solicitor. They believe (incorrectly) that a solicitor will automatically want a long drawn out court case and that solicitor fees will rocket. Yes, of course if you instruct a solicitor your legal fees are going…
Read MoreA husband is for Christmas but not necessary for life!
I’m a dog lover and make regular donations to Dogs Trust, which is a charity rehoming abandoned dogs. Their catchphrase is “A dog is for life, not just for Christmas”. I thought a rather tongue in cheek similar phrase for my clients would be “A husband is for Christmas but not necessary for life!” At…
Read MorePension not discussed as part of divorce.
The Scottish Widows Women and Retirement Report 2014 noted that among divorced women 84% said pensions weren’t discussed or they couldn’t remember them being discussed as part of any settlement. This is a similar figure to previous years. This is very worrying. Not because I believe 84% of family lawyers failed to discuss the pension…
Read MoreHow much do you need to save for retirement?
In their recent “women and retirement report 2014” Scottish Widows asked thousands of women about their plans for retirement. There was certainly good news, in that the number of women saving into a pension had increase by 10%. However, the report also highlighted that women save 40% less than men. This is a huge difference.…
Read MorePension sharing: two bites of the cherry
A pension sharing order (PSO) cannot be varied at a future date. In addition, if you are awarded a PSO from your partner’s pension you cannot apply for a second PSO for the same marriage on the same pension. It’s therefore important to ensure you take good legal and financial advice during your divorce negotiations. …
Read MoreWhat’s a financial clean break order?
A clean break is a court order settlement whereby a lump sum payment and/or property transfer is made with no on-going maintenance. A clean break ends the financial relationship between the two parties. Once the break occurs neither party can make a further claim against the other. Without a clean break order in place either…
Read MoreWhat happens to my inheritance following my divorce?
Generally when discussing the divorce settlement all assets of the marriage are pooled and treated as joint assets. A situation may arise where one partner has received an inheritance which they have used for family purposes (eg to provide a deposit for the house purchase) and the other partner hasn’t yet received an inheritance but…
Read MoreWhat makes your client experience unique?
When you’re choosing a financial adviser it can be very difficult to differentiate between the services offered by the different advisers you meet. Particularly if this is an area you have little or no experience of, and where you may be lacking confidence. A really interesting question to ask your adviser is “What makes your…
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