Divorce Friend

Extra help

There can be many things to consider when going through a divorce or separation. Divorce Friend can help reduce the stress and worry by assisting with all the practicalities of your divorce or separation.

Need some extra help?

You may need to move house or remove a title from the deeds. You have probably considered making a new will in light of your new circumstances, to ensure your wishes are reflected correctly. Or you may need a pension fund set up to receive a share of a pension. Many people find they need to re-mortgage or take out a new mortgage and want to know how much they can borrow and whether they can afford it. This can sometimes be what an agreement hinges on.

Divorce Friend has chosen a select group of partners, who have been tried and tested for their client service, expertise and experience of dealing with people going through a divorce or separation.

On your client info list there is a check list which you can tick if you would like further information about any of the extra help we can offer you.

Remember, not only have our partner companies been tried and tested over many years, we also negotiate a discount to Divorce Friend clients. Let your divorce expert know if you would like a bespoke quote.

Pension Sharing Orders

If you have agreed to share or transfer a pension as part of the financial settlement, this can only be done as a pension sharing order through your divorce with a consent order.

The solicitor will draft an annex to the consent order which stipulates the % transfer from Pension A to Pension B. If the party that is receiving the share of the pension does not have an existing pensions fund set up that can accept the incoming pension, then you will need to open a new pension fund.

With the recent changes to the laws around pensions, this is a complex area. It is important that all factors are taken into account when deciding on the pension fund such as your age, future income, size of the transfer, whether you think you may take a lump sum and what debts you have are amongst the many factors you need to consider when choosing the best fund for your purposes. Divorce Friend have teamed up with Westminster Wealth Management LLP, who are based in London and are trusted to manage over £500 million pounds of clients’ assets.

Experts in pensions and financial planning, Westminster Wealth do not charge for the initial consultation meeting with you and will be able to advise you on your financial future, based on your new circumstances. They can also liaise directly with our solicitors to ensure the fund is set up in time for the transfer to go through with the decree absolute.

New Wills

Once your divorce goes through, there is no automatic transfer of assets to your spouse. Similarly if your divorce take a long time to agree, or if you are just separating, you may not want your assets to automatically transfer to your ex-partner, if you were to suddenly pass away.

Divorce Friend has teamed up with mylawyer.co.uk, who will discuss your case with you and can draft an interim will if you wish, until the divorce goes through a new will for when your divorce is granted.

Making wills is something that we often put off, however having mediated on many family disputes in the past, we have seen first hand the importance of making them. We can give you a quote based on whether you need a mirror will (you both still leave everything to the children) or individual wills.

Maintenance Insurance

Our friends at Hanson Wealth have developed a product specifically for couples who have separated and have child, spousal or global maintenance arrangements. In many cases the receiving party and the children are very much reliant on the maintenance to meet their needs. Many people want to safeguard against an unexpected death by making sure these payments are insured. Cover is relatively cheap, for example the monthly premium to cover £1,000 per month for 10 years for a 30 year old is only £5.52.

Such cover can be agreed between you both and written into your consent order by our solicitors. Hanson Wealth can give you advice on this complicated area with analysis of your situation for no charge or obligation. In addition we have received good feedback from the courts when such matters are added to a consent order as it shows both parents are considering all the factors and prioritising the children’s future.

Making wills is something that we often put off, however having mediated on many family disputes in the past, we have seen first hand the importance of making them. We can give you a quote based on whether you need a mirror will (you both still leave everything to the children) or individual wills.

Mortgage Advice

Many of our clients have said they cannot get a mortgage or re-mortgage from their existing lender and therefore the options they have on the housing arrangements are strictly limited. Even worse, we have seen clients who have made an application for a divorce, so approached a broker and then been turned down again, as the new company have seen the rejected initial application.

Hanson Wealth provide more than just expert mortgage advice. They are highly experienced at assessing and processing applications for couples going through major changes in their life. For example, they know which lenders use spousal or child maintenance payments as an income or tax credits. They even waive their standard fee of £125 for all Divorce Friend clients. The fee due on completion if the mortgage is just £185. Our founder has even used them for his own mortgage and found their service so good, he set up this preferential arrangement for clients.

Conveyancing

If you need to sell a property, purchase a property or transfer the title on the deeds, you will need a conveyancer to assist you. Many people use a local firm or google for the best price they can find online. You can do any of these options, but we recommend using Brethertons solicitors for your conveyancing.

This benefits clients in several ways. They are far quicker and more professional outfit than any other convenyancers we have used. They can tie in the exchange with your divorce, as they can communicate easily with the Family Law department. They will ensure that you do not get stung with a capital gain or stamp duty charge when it is not applicable during a divorce. They are another company that our founder has first hand experience of and their customer service is excellent.

Lump Sum and Financial Planning

Westminster Wealth LLP can help if you are receiving a lump sum from the settlement or just need some help with your financial planning based on your new circumstances. They can not only advice on the best places for your monies but also work out a forecast of how much income any investment is likely to give. This can be very valuable with working out a settlement.

A mediation client was intending to invest a lump sum of £100k in her savings account with her bank. This would have given her £83 per month income from interest before tax (1%). By talking to our partner at Westminster Wealth she invested the money in three tax efficient accounts and increased her monthly net income to £583 per month (7%).

This allowed her to rent nearer to where she wanted to stay and allowed an agreement to be reached, saving them time and money on a costly court fee. Westminster Wealth do not charge for their consultation, so you have nothing to lose in having a chat with them.