The divorce-specific planning requirements before and during the divorce process can include:
Advise on tax consequences such as;
- Capital Gains Tax on any assets sold or transferred as part of the settlement,
- The impact on pensions if retirement benefits are taken as part of the settlement
- The loss of ISA wrappers if used as an offsetting solution.
Apply knowledge of financial products to fairly assess values of assets competently, efficiently and in a timely manner.
Explain and evaluate investments that may have options, penalties and guarantees.
This can include assessing;
- Guaranteed annuity rates,
- With-profit market value reductions,
- Whether endowment surrender values can be enhanced by selling on the traded endowment market,
- The effect of a deficit of a final salary scheme.
Help you gather together all financial data and prepare a financial audit, applying our expert knowledge to check the accuracy of all financial information gathered.
Help with the completion of legal paperwork including Form P and especially Form P1 (as P1 includes details of the options you want to take with regards to sharing existing pension schemes).
Advise on your options with pensions; helping you to assess the benefits to you of;
- On-going maintenance,
- Pension Sharing Orders
Comment on portfolio efficiency if considering offsetting (this is especially important where the matrimonial home is the principal asset).
Help to calculate the lump sum equivalent of future income through the provision of quotes for Purchase Life Annuities to help your solicitor to compare with the traditional “Duxberry” method of calculating this.
Help with the process of amending the beneficiaries of death benefits of any retained life policies and helping with assignment of retained endowments or investment bonds.
Help protect the death benefits in an occupational pension scheme in the event of death before a pension sharing order is implemented.