by Tamsin Caine
When it comes to divorce, I believe that an amicable resolution is really important. Traditionally, financial planners become involved in the divorce process towards the end, implementing pension sharing orders. Whilst this is a vital part of the process, as a planner I feel we can be more useful earlier on. During the negotiations, we can offer clarity and help divorcing couples picture their new lives.
For divorcing couples, the greatest fears are often money and children.
Prior to the divorce, one spouse will usually often take responsibility for the finances. For that spouse who does not assume this role, they may feel completely out of their depth and need some additional hand holding, financial education and support. That's where financial planners come in.
Parents, who will share their children for the rest of their lives, will need to co-parent by making decisions together. The children will often divide their time between both parents. Preferably, they will need to attend their parents' evenings, sporting events, shows, etc. together. If you help your clients divorce without a fight, this is considerably easier.
As financial planners, our job is to guide, educate, plan, offer clarity and peace of mind. We do this for all of our clients. It makes us ideally placed to assist separating and divorcing clients with their fears.
We show clients how potential settlements might work for them, how tweaks in the way an offer is structured can work better for both parties. We offer clarity about their future, allowing them to begin to plan the next chapter of their lives. We also try to help clients achieve a fair settlement earlier on in the process, which helps couples progress without the need for a costly court battle.
When a couple separates, it can be difficult to see the future. It is easy to focus on the present, rather than seeing what might possibly be ahead. As we work together with our clients, we look forward to a new chapter of their lives. Whilst divorce may initially feel like an ending, it can provide the opportunity to plan a new life and choose to do things that were not possible as part of a couple, although still considering another person.
We regularly receive referrals from mediators and family lawyers, particularly those who aim to support their clients to reach an amicable solution. We also work with a number of counsellors and psychologists who can provide the emotional support to individuals.
In January 2020, we launched the Smart Divorce Podcast. In series 1, I interview specialists who can help those at the beginning of their divorce journey to understand the options available to them. I am also learning a lot in the process - meaning I can be even more help to these clients.
Tamsin Caine heads the client-facing team at Smart Financial, where a new blog on divorce is published weekly. She has over 15 years within the financial services profession and is a Certified Financial Planner, Chartered Financial Planner and a Fellow of the Personal Finance Society. Tamsin has completed a Masters in Business Management & Financial Planning at Manchester Metropolitan University. Tamsin is also a member of Resolution and sits on their Innovation Committee. She is also on the regional committee for the Personal Finance Society and the national PFS Practitioner Panel.
She is mum to two children, Charlie and Zoe. When she's not at work, Tamsin enjoys running, baking and rugby. She is the Membership Secretary of Sale FC Rugby Club, where she previously coached and was awarded the honour of being one of the Vice Presidents of the club.
